Solar PV Junction Box Market Anticipated for Progressive CAGR Growth During 2021-2031

 

Rising Need of Renewable Sources Proves Propitious for Global Solar PV Junction Box Market

The PV junction box plays a significant role in all the housing electric bits on a solar panel and shielding them from the environment. A quality solar panel junction box decreases corrosion at the terminals and excludes the moisture that enters the photovoltaic panel. The majority of solar junction boxes have, at least, an IP65 rating that refers to dust-proof ingress protection. Although solar manufacturers and designers seldom get a choice in junction box type, module organizations work out those obligations during manufacturing; the purpose of this enclosure is still essential to understand, particularly as it houses more smart technologies.

The electricity demand across the globe has been increasing for years, and the consumption is expected to rise in the upcoming years. Factors, such as growing economies, increasing population, and rising urbanization are contributing to a surge in electricity demand. The energy consumption in the Asia Pacific is projected to hold a major share of the demand, due to various emerging economies and developing countries, including India and China. Moreover, most of these countries are densely populated and thus, the consumption rate is high. Furthermore, sources of energy such as coal, oil, and gas have provided a majority of energy in all the electricity generation. However, it caused a significant level of pollution.

The growing environmental concerns are increasing the demand for renewable energy sources. The increase in the need for solar energy sources is anticipated to drive the demand the solar PV junction box market during the forecast period.

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COVID-19 Impact on China Affected Global Solar Industry

The COVID-19 pandemic has made a severe impact on the global economic cycle and the solar PV junction box market. The nationwide lockdown in most countries has led to a shortage of labor, transport, and availability of raw materials. The stringent regulations for trade and supply chains have resulted in a halt of several industries globally. Similar to various other industries, the solar industry has been hit hard by the crisis. Intensifying issues, including supply chain suspensions, tightening of tax equity exchanges, investors’ financial concerns, shelter-in-place plans, and sanctioning challenges are all putting enormous hardship on the industry. Without strategic government action, the spread was not possible to contain, which resulted in a decrease in economic investments and an increase in job loss. Currently, China produces almost 80% of the global solar value chain supplies. The COVID-19 crisis has severely affected the manufacturing capacities of China, and major producers came to halt with restricted trading activities with China and India.

As various countries are witnessing a decline in infection rate, the world is beginning to gradually lift some of the measures that limit production. While these rules are intentionally effective, in most nations, the energy sector is included in essential services. Therefore, lockdown actions do not significantly imply construction activities on energy projects, including renewables. Moreover, the increasing speed of production and distribution of vaccinations is contributing toward the restart of global factories in the near future. Furthermore, as the Chinese manufacturing operations seem to be back on track, it can be assumed that the ongoing resumption of the China-originated supply chain will help restart Indian solar projects as well. This is expected to improve the supply of raw materials to the global manufacturers, restoring the production capacity in the near future. 

The global manufacturers in every industry will be increasing the production resulting in increased consumption of energy. Thus, the solar PV junction box market is expected to rise in the upcoming years.

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Potting PV Junction Box to Dominate Global Solar PV Junction Box Market

Reliability is a critical element of the constant growth of photovoltaic (PV) industrial products. The competitive solar industry completely depend on the cost and the warranty. Major companies are developing local strongholds by including small and unorganized players. Leading companies such as Stäubli are developing solutions that can apply in all the sectors, including the general industry, food industry, electronics and photovoltaics, and life sciences. Various manufacturers in the solar PV junction box market are focusing on upgrading the production to make products cost-effective and enduring to provide effective solutions to the consumers.

In addition, technological advancements in products such as bifacial solar panels can further decrease the levelized cost of electricity, resulting in increased investments as compared to mono facial panels.

The present solar PV junction box market holds two types of PV junction boxes, potting PV junction box and non-potting PV junction boxes. In the potting PV junction box, the foils coming out of the solar panel are soldered to the diodes in the junction box, and the junction box is potted or filled with a type of sticky material to allow thermal transfer of heat to keep the solder joint in place and prevent it from falling. However, in the non-potting PV junction box, a simple clamping mechanism is used to attach the foil to the wires in the junction box. The potting PV junction box segment accounted for the largest share of the solar PV junction box market in 2020, and its share is anticipated to increase during the forecast period. However, the non-PV junction box segment is predicted to be a lucrative segment of the solar PV junction box market in the upcoming years. Growth in investments and favorable policies by governments for the development of solar energy around the world are anticipated to propel the solar PV junction box market during the forecasted period.

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Solar PV Junction Box Market: Overview

  • According to Transparency Market Research’s latest research report on the global solar PV junction box market for the historical period of 2020 and the forecast period of 2021 to 2031, increase in global solar energy capacity and acceptance of solar photovoltaic (PV) as a key technology are expected to boost the global solar PV junction box market during the forecast period
  • Solar PV junction box consists of diodes. Diodes keep the power flow going in one direction. They prevent the power feeding back into the solar panels when there is no sunshine.
  • In terms of revenue, the global solar PV junction box market is estimated to exceed US$ 2 Bn by 2031, expanding at a CAGR of ~8% during the forecast period. Solar photovoltaic (PV) emerged as a key technology that gradually gained acceptance between 2010 and 2019. Efficiency improvements have led to price reductions to such levels that PVs acquired the dominant position in the renewable sector on the world energy stage. This factor is projected to propel the global solar PV junction box market in the near future.

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