Global Photovoltaic Rapid Shutdown Device Market to Grow at a CAGR of 14.2% during the forecast period
Published | 16 May 2022
The global photovoltaic rapid shutdown device market is being driven by several factors including growing investment in renewables, rising demand for solar panels, and growing sales of electric vehicles…
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global photovoltaic rapid shutdown device market is projected to grow at a CAGR of 14.2% during the forecast period (2022-2028). The global photovoltaic rapid shutdown device market is being driven by several factors including growing investment in renewables, rising demand for solar panels, and growing sales of electric vehicles. Besides this, the rise in infrastructure and rapid urbanization in emerging economies are likely to further propel the growth of the global photovoltaic rapid shutdown device (PVRSD) market during the forecast period.
Increasing investment in solar energy projects is driving the growth of the global photovoltaic rapid shutdown device (PVRSD) market
Solar energy is one of the major renewable energy sources and the investment in solar energy is growing at a brisk pace. In the United States, installations of solar power systems have grown 35-fold to an estimated 62.5GW in 2021, since 2008. According to SEIA (Solar Energy Industries Association), over 5,000 significant solar projects are present in the organization database, totaling more than 140 GW of capacity. According to the list enclosed by SEIA, over 73 GW of important solar projects is now operational in the United States and there are 237 solar projects slated for the next five years with a total value of USD 58 billion.
According to the International Energy Agency (IEA), the rapid advancement in technology means that one dollar spent on wind and solar photovoltaic (PV) deployment today produces four times more energy than it does 10 years ago. Countries like China, India, Germany, France, and others have various multi-million dollar solar investment projects lined up for the future. Photovoltaic rapid shutdown devices allow users to shut down the PV solar system quickly and prevent safety hazards and growing investment in solar projects is expected to create a growing demand for PVRSDs in the market, driving the growth of the global photovoltaic rapid shutdown devices market during the forecast period.
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Industrial Segment Dominates the Global Photovoltaic rapid shutdown device Market
Based on the end-user, the global photovoltaic rapid shutdown device market is segmented into the residential, commercial, and industrial segments. In 2021, the industrial segment dominated the market and held the largest share owing to the large share of solar installations in the residential segment. According to the the Solar Foundation (SEIA), the utility segment accounted for 60,079.6 MW (MegaWatts) solar installation in 2020, compared to the 19,123.6 MW of residential segment. Additionally, the growing investment in industrial solar power plants is also supporting the large share of the industrial segment in the global photovoltaic rapid shutdown device market.
Impact of COVID-19
The COVID-19 affected all the industries around the world and had a severe effect on the photovoltaic rapid shutdown device industry as well. The global photovoltaic rapid shutdown device market registered growth as solar installation reached 138.2 GW in 2020, an increase of 18% from 2019 levels. The market, however, was affected severely by the supply chain issues, cash-flow constraints, low availability of labor, and rapid growth of the COVID-19 cases. The market recovered as borders and markets reopened; however, the growth of the market was adversely affected by the semiconductor shortage in 2021, around the world. The market is expected to register swift growth in the coming years owing to the growing investment in the solar energy sector.
Global Photovoltaic rapid shutdown device Market: Regional insights
Based on region, the global photovoltaic rapid shutdown device market is classified into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the Asia-Pacific dominated the market and held the largest market share as the Asia-Pacific has the highest installed capacity for photovoltaic solar energy. According to the International Renewable Energy Agency (IRENA), the Asia-Pacific region has 406,283 MW installed capacity for photovoltaic solar energy. Moreover, the growing investment in solar energy is expected to support the growth of the Asia-Pacific region during the forecast period.
The Leading Players in the Global Photovoltaic rapid shutdown device Market are ABB, APsystems, and Tigo Energy. Other players operating in the market include SMA Solar Technology AG, Midnite Solar, Zerun, Fronius, Ginlong, Zhejiang Benyi Electrical Co. Ltd., Enteligent, Delta Electronics, Inc., Northern Electric Power Technology Inc., Fimer Spa, TSUNESS Co., Ltd., Trina Solar, and other prominent players.
The global photovoltaic rapid shutdown device market is a fragmented market with a number of major players operating in the market. The new companies are battling with established players to gain a significant share in the market. Collaboration, merger & acquisitions, partnerships, and launch of new projects are some of the strategies adopted by the players operating in the global photovoltaic rapid shutdown device market to gain an advantage over their competitors.
Recent Development
In November 2021, Enteligent announced that that its new combined rapid shutdown and optimization device — Enteligent NMax RSD with Optimization, has achieved certification from the SunSpec Alliance for panel-level rapid shutdown. Enteligent’s NMax technology is controlled by microprocessor and provides panel-level power optimization only when necessary. The Enteligent NMax M900A1 has also achieved UL 1741 and FCC Class B certifications, in addition to the SunSpec certification.
In March 2021, APSmart announced a new Photovoltaic Rapid Shutdown System (PVRSS) certification to the UL 1741 standard with several new inverters from Growatt. CSA tested six unique Growatt inverter models between the ranges of 3MW to 6MW and are now certified for use with APsmart’s Photovoltaic Rapid Shutdown Equipment (PVRSE). Growatt’s new single-phase hybrid inverter, ideal for both new and retrofit solar, is also among the 6 inverters tested by CSA.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global photovoltaic rapid shutdown device market size & forecast. The report promises to provide recent technology trends of global photovoltaic rapid shutdown device market and industry insights which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.
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