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Photovoltaic Rapid Shutdown Device Market
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Photovoltaic Rapid Shutdown Device Market

Home Energy And Power Photovoltaic Rapid Shutdown Device Market

Photovoltaic Rapid Shutdown Device Market- Global Industry Size, Share, Trend Analysis and Forecast Report, 2018-2028, Segmented By Grid Type (On-grid, Off-grid); By End-User (Residential, Commercial, Industrial); By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa);

  • Published Date: May 2022
  • Report ID: BWC22150
  • Available Format: PDF
  • Page: 209

Report Overview

Increasing investment in solar energy, rising demand for electric vehicles, increasing installation of solar panels in residential segment, and favourable government policies for renewable energy are driving the growth of the global photovoltaic rapid shutdown device market...

Global Photovoltaic Rapid Shutdown Device  Market- Industry Trends & Forecast Report 2028

The global photovoltaic rapid shutdown device market is expected to grow with a CAGR of 14.2% during the forecast period, i.e., 2022-2028. The global photovoltaic rapid shutdown device market is growing owing to increasing investment in solar energy, rising demand for electric vehicles, increasing installation of solar panels in the residential segment, and favorable government policies for renewable energy. Moreover, the emergence of virtual power plants and growing demand for reducing carbon emission is expected to present lucrative growth opportunities for the growth of the global photovoltaic rapid shutdown device market.

Photovoltaic Rapid Shutdown Device Overview:

Photovoltaic rapid shutdown device is an electrical safety requirement set for solar panel systems and is a method of de-energizing solar system DC conductors ensure a safe condition on the roof of a building during any emergency or accident. Photovoltaic rapid shutdown devices are required because if the sun is out, DC wiring from the solar system remains life, even if the inverter of a standard string inverter solar system is switched off.

Global Photovoltaic Rapid Shutdown Device Forecast and Trend

Growth Drivers

The growing demand for electric vehicles is expected to propel the growth of the global photovoltaic rapid shutdown device market

The demand for electric vehicles is surging day by day. According to the Global EV Outlook Report of 2021, 2020 has been a fruitful year for EV sales even amid the COVID-19 pandemic, registering a staggering 43% increase reaching 10 million in EV sales as against 2019. Across the EV sector, battery-led electric vehicles (BEVs) had recorded over two-thirds of the total EV sales made in 2020. Additionally, Europe registered the highest annual increase by recording 3.2 million in sales for just a year.

The growing sales of electric vehicles have led to growing investments in solar energy around the world. Residential charging, public charging, and fleet charging are the major business use cases of electric vehicle charging station infrastructure and growing number of electric vehicle owners are looking to install photovoltaic solar panels to charge their vehicles. Moreover, companies like Shell, bp, ABB, and Hyundai are looking to develop charging stations for electric vehicles. Oil & gas giant, Shell has plans to install around 500,000 charging stations within the next four years. As photovoltaic solar panels are preferred for residential and commercial applications in charging stations, the growing number of electric vehicle charging stations coupled with growing sales of electric vehicles are expected to drive the growth of the global photovoltaic rapid shutdown device market during the forecast period.

Restraint

Grid integration issues with the solar panels are expected to hamper the growth of the global photovoltaic rapid shutdown device market

Solar energy has yet to realize its full potential as a sustainable energy source and much effort remains to be made to accelerate the adoption of solar technologies. Although the cost of solar gear has dropped considerably, market hurdles and grid integration issues continue to impede further implementation. Non-hardware solar "soft costs," such as permits, financing, and customer acquisition, are becoming a higher proportion of overall solar expenditures, accounting for up to 65% of the cost of a residential PV system. The soft cost fraction of overall residential system cost has increased from 58% in 2014 to 65% presently. The direct and indirect costs of permitting and inspection are a significant factor driving this increase in the price of residential PV panels hindering the growth of the global photovoltaic rapid shutdown device market.

Impact of COVID-19 in the industry

The COVID-19 affected all the markets around the world and disrupted the supply chains. The global photovoltaic rapid shutdown device market was also affected by the pandemic and subsequent lockdown during the first half of 2020 as companies were unable to procure raw material for the manufacturing and demand went down. Moreover, the disrupted supply chains and labor shortage affect the solar project commissioning around the world. As the market reopened, the project commissioning started and demand for photovoltaic rapid shutdown devices picked up.

According to the International Energy Agency (IEA), China installed more than 33% more solar PVs in 2020 than in 2019; however, the global distributed PV installation dropped by 8% in 2020 from 2019. IEA further projected that the solar PV additions could register a jump of more than 10% in 2021 from 2020 levels owing to the increasing number of government initiatives. However, the market was affected by a severe shortage of semiconductors and the second wave of the COVID-19 around the world.

Global Photovoltaic Rapid Shutdown Device Market : By Grid Type

Based on grid type, the global photovoltaic rapid shutdown device market is bifurcated into on-grid and off-grid. The on-grid segment held the larger market share in 2021 and dominated the global photovoltaic rapid shutdown device market owing to a large number of industrial solar farms around the world. The solar farms are connected to the grid and have created a growing demand for photovoltaic rapid shutdown devices to shut down the panel in case of any accidents or emergencies.

Global Photovoltaic Rapid Shutdown Device Market : By End-User

The global photovoltaic rapid shutdown device market is categorized into residential, commercial, and industrial segments. The industrial segment held the largest market share in 2021 and dominated the global photovoltaic rapid shutdown device market owing to the large volume of installed solar power capacity for industrial use. For instance, China commissioned a 2,200 MW solar power plant in September 2020. Moreover, IEA states that industrial-scale photovoltaic (PV) solar panels accounted for 63% of the total PC solar installations, supporting the dominant share of the segment in the global photovoltaic rapid shutdown device market.

Photovoltaic Rapid Shutdown Device Market Share

Global Photovoltaic Rapid Shutdown Device  Market : By Region

Based on region, the global photovoltaic rapid shutdown device market is classified into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. In 2021, the Asia-Pacific region dominated the market and held the largest share owing to the highest net solar PV capacity in the world. According to the IEA (International Energy Agency), China added 38.2 GW of solar PV in 2021 and India added 10.7 GW, while other APAC countries added 14.7 GW among themselves. Moreover, rapidly growing investment in solar power plants from the Asia-Pacific countries is also supporting the dominant share of the region in the global photovoltaic rapid shutdown device market.

Competitive landscape

Some of the dominant players operating 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 companies operating in the global photovoltaic rapid shutdown device market look to launch new products & technologies, provide cost-effective services, collaborate with government & other organizations, and indulge in mergers & acquisitions to gain an advantage over other players operating in the market.

Recent Development

  • In June 2021, Tigo Energy launched Tigo TS4-A-F RSD – a rapid shutdown device, for high-power solar modules. This device can operate with a maximum current of 15 A and a maximum voltage of 90 V.  It measures 138.4 x 139.7 x 22.9mm and weighs 490g. The company claims that it require only 10 seconds for installation and features a plug-and-play support for all solar modules with a power output of up to 700 W and featuring standard MC4 connectors with an IP68 enclosure rating.

  • In August 2021, Tigo Enegry launched a new rapid shutdown and module level monitoring device - the Tigo TS4-A-S for modules up to 700W. The latest product is UL PV Rapid Shutdown System certified with leading inverters to meet NEC 2014, 2017, and 2020 rapid shutdown requirements. The company also announced that this device is perfect for solar installers who have a minimal need for optimization and desire to maximize site uptime, minimize operations and maintenance costs.

Scope of the Report

Attribute

Details

Years Considered

Historical data – 2018-2021

Base Year – 2021

Forecast – 2022 – 2027

Facts Covered

Revenue in USD Million 

Market Coverage

North America (US, Canada), Europe (Germany, France, UK, Spain, Netherlands, Italy, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Rest of APAC), Latin America (Argentina, Brazil, Mexico, Rest of LATAM), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of MEA)

Product/Service Segmentation

By Grid Type, End-User, and Region

Key Players

Key players for APsystems, SMA Solar Technology AG, Midnite Solar, Zerun, ABB, Fronius, Ginlong, Zhejiang Benyi Electrical Co. Ltd., Tigo Energy, Enteligent, Delta Electronics, Inc., Northern Electric Power Technology Inc., Fimer Spa, TSUNESS Co., Ltd., Trina Solar, and other prominent players

 

By Grid Type

  • On-grid

  • Off-grid

By End-User

  • Residential

  • Commercia

  • Industrial

By Region

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary and Secondary Sources
    2. Quantitative Research
      1. Primary and Secondary Sources
    3. Breakdown of Primary Research Respondents
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Industry Participants
    5. Key Questionnaire asked during Primary Interviews
    6. Key Primary Responses
    7. Market Size Estimation
    8. Assumption for the Study
    9. Market Breakdown & Data Triangulation
  3. Executive Summary
  4. Global Photovoltaic Rapid Shutdown Device Market – Industry Insights
    1. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunity
      4. Challenges
    2. Recent Developments / Technical Landscape
    3. Porter’s Five Forces Analysis
    4. Value Chain Analysis
    5. Strategic Outlook
    6. Regulatory Framework
    7. Key Strategic Developments
  5. Global Photovoltaic Rapid Shutdown Device Market Overview, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Grid Type
        1. On-grid
        2. Off-grid
      2. By End-User
        1. Residential
        2. Commercial
        3. Industrial
      3. By Region
        1. North America
        2. Europe
        3. Asia-Pacific
        4. Latin America
        5. Middle East & Africa
  6. North America Photovoltaic Rapid Shutdown Device Market, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. Grid Type
      2. End-User
      3. Country
        1. U.S.
        2. Canada
  7. Europe Photovoltaic Rapid Shutdown Device Market, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. Grid Type
      2. End-User
      3. Country
        1. Germany
        2. France
        3. UK
        4. Spain
        5. Netherlands
        6. Italy
        7. Rest of Europe
  8. Asia-Pacific Photovoltaic Rapid Shutdown Device Market, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. Grid Type
      2. End-User
      3. Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of Asia-Pacific
  9. Latin America Photovoltaic Rapid Shutdown Device Market, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. Grid Type
      2. End-User
      3. Country
        1. Argentina
        2. Brazil
        3. Mexico
        4. Rest of Latin America
  10. Middle East & Africa Photovoltaic Rapid Shutdown Device Market, 2018-2030
    1. Market Size & Forecast
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. Grid Type
      2. End-User
      3. Application
      4. Country
        1. Saudi Arabia
        2. South Africa
        3. UAE
        4. Rest of Middle East & Africa
  11. Competitive Landscape
      1. List of Key Producers and Their Offerings
      2. Market Share / Ranking Analysis (2021)
      3. Competitive Benchmarking, By Operating Parameters
  12. COVID-19 Impact
  13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. APsystems
    2. SMA Solar Technology AG
    3. Midnite Solar
    4. Zerun
    5. ABB
    6. Fronius
    7. Ginlong
    8. Zhejiang Benyi Electrical Co. Ltd.
    9. Tigo Energy
    10. Enteligent
    11. Delta Electronics, Inc.
    12. Northern Electric Power Technology Inc.
    13. Fimer Spa
    14. TSUNESS Co., Ltd
    15. Trina Solar
    16. Other Prominent Players
  14. Key Strategic Recommendations

 

* Financial information of non-listed Companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth study during the final deliverable.

 

List of Figures

Fig 1    Global Photovoltaic Rapid Shutdown Device Segmentation

Fig 2    Global Photovoltaic Rapid Shutdown Device Market Value Chain Analysis

Fig 3    Global Photovoltaic Rapid Shutdown Device Market Size, By Value (USD Million), 2018-2028

Fig 4    Global Photovoltaic Rapid Shutdown Device Market Share, By Grid Type, By Value, 2018-2028

Fig 5    Global Photovoltaic Rapid Shutdown Device Market Share, By End-User, By Value, 2018-2028

Fig 6    Global Photovoltaic Rapid Shutdown Device Market Share, By Region By Value, 2018-2028

Fig 7    North America Photovoltaic Rapid Shutdown Device Market Size, By Value (USD Million), 2018-2028

Fig 8    North America Photovoltaic Rapid Shutdown Device Market Share, By Grid Type, By Value, 2018-2028

Fig 9    North America Photovoltaic Rapid Shutdown Device Market Share, By End-User, By Value, 2018-2028

Fig 10 North America Photovoltaic Rapid Shutdown Device Market Share, By Country, By Value, 2018-2028

Fig 11 Europe Photovoltaic Rapid Shutdown Device Market Size, By Value (USD Million), 2018-2028

Fig 12 Europe Photovoltaic Rapid Shutdown Device Market Share, By Grid Type, By Value, 2018-2028

Fig 13 Europe Photovoltaic Rapid Shutdown Device Market Share, By End-User, By Value, 2018-2028

Fig 14 Europe Photovoltaic Rapid Shutdown Device Market Share, By Country, By Value, 2018-2028

Fig 15 Asia-Pacific Photovoltaic Rapid Shutdown Device Market Size, By Value (USD Million), 2018-2028

Fig 16 Asia-Pacific Photovoltaic Rapid Shutdown Device Market Share, By Grid Type, By Value, 2018-2028

Fig 17 Asia-Pacific Photovoltaic Rapid Shutdown Device Market Share, By End-User, By Value, 2018-2028

Fig 18 Asia-Pacific Photovoltaic Rapid Shutdown Device Market Share, By Country, By Value, 2018-2028

Fig 19 Latin America Photovoltaic Rapid Shutdown Device Market Size, By Value (USD Million), 2018-2028

Fig 20 Latin America Photovoltaic Rapid Shutdown Device Market Share, By Grid Type, By Value, 2018-2028

Fig 21 Latin America Photovoltaic Rapid Shutdown Device Market Share, By End-User, By Value, 2018-2028

Fig 22 Latin America Photovoltaic Rapid Shutdown Device Market Share, By Country, By Value, 2018-2028

Fig 23 Middle East & Africa Photovoltaic Rapid Shutdown Device Market Size (USD Million), By Value, 2018-2028

Fig 24 Middle East & Africa Photovoltaic Rapid Shutdown Device Market Share, By Grid Type, By Value, 2018-2028

Fig 25 Middle East & Africa Photovoltaic Rapid Shutdown Device Market Share, By End-User, By Value, 2018-2028

Fig 26 Middle East & Africa Photovoltaic Rapid Shutdown Device Market Share, By Country, By Value, 2018-2028

Fig 27 Company Share Analysis, 2021

 

List of Tables

 

Table 1     Global Photovoltaic Rapid Shutdown Device Size, By Grid Type, By Value, 2018-2028

Table 2     Global Photovoltaic Rapid Shutdown Device Market Size, By End-User, By Value, 2018-2028

Table 3     Global Photovoltaic Rapid Shutdown Device Market Size, By Region By Value, 2018-2028

Table 4     North America Photovoltaic Rapid Shutdown Device Size, By Grid Type, By Value, 2018-2028

Table 7     North America Photovoltaic Rapid Shutdown Device Market Size, By End-User, By Value, 2018-2028

Table 8     North America Photovoltaic Rapid Shutdown Device Market Size, By Country, By Value, 2018-2028

Table 9     Europe Photovoltaic Rapid Shutdown Device Size, By Grid Type, By Value, 2018-2028

Table 10   Europe Photovoltaic Rapid Shutdown Device Market Size, By End-User, By Value, 2018-2028

Table 11   Europe Photovoltaic Rapid Shutdown Device Market Size, By Country, By Value, 2018-2028

Table 12   Asia-Pacific Photovoltaic Rapid Shutdown Device Size, By Grid Type, By Value, 2018-2028

Table 13   Asia-Pacific Photovoltaic Rapid Shutdown Device Market Size, By End-User, By Value, 2018-2028

Table 14   Asia-Pacific Photovoltaic Rapid Shutdown Device Market Size, By Country, By Value, 2018-2028

Table 15   Latin America Photovoltaic Rapid Shutdown Device Size, By Grid Type, By Value, 2018-2028

Table 16   Latin America Photovoltaic Rapid Shutdown Device Market Size, By End-User, By Value, 2018-2028

Table 17   Latin America Photovoltaic Rapid Shutdown Device Market Size, By Country, By Value, 2018-2028

Table 18   Middle East & Africa Photovoltaic Rapid Shutdown Device Size, By Grid Type, By Value, 2018-2028

Table 19   Middle East & Africa Photovoltaic Rapid Shutdown Device Market Size, By End-User, By Value, 2018-2028

Table 20   Middle East & Africa Photovoltaic Rapid Shutdown Device Market Size, By Country, By Value, 2018-2028

Table 21   APsystems Business Overview

Table 22   APsystems Financial Analysis

Table 23   SMA Solar Technology AG Business Overview

Table 24   SMA Solar Technology AG Financial Analysis

Table 25   Midnite Solar Business Overview

Table 26   Midnite Solar Financial Analysis

Table 27   Zerun Business Overview

Table 28   Zerun Financial Analysis

Table 29   ABB Business Overview

Table 30   ABB Financial Analysis

Table 31   Fronius Business Overview

Table 32   Fronius Financial Analysis

Table 33   Ginlong Business Overview

Table 34   Ginlong Financial Analysis

Table 35   Zhejiang Benyi Electrical Co. Ltd., Limited Business Overview

Table 36   Zhejiang Benyi Electrical Co. Ltd., Financial Analysis

Table 37   Tigo Energy Business Overview

Table 38   Tigo Energy Financial Analysis

Table 39   Enteligent Business Overview

Table 40   Enteligent Financial Analysis

Table 41   Delta Electronics, Inc., Business Overview

Table 42   Delta Electronics, Inc., Financial Analysis

Table 43   Northern Electric Power Technology Inc., Business Overview

Table 44   Northern Electric Power Technology Inc., Financial Analysis

Table 45   Fimer Spa Business Overview

Table 46   Fimer Spa Financial Analysis

Table 47   TSUNESS Co., Ltd., Business Overview

Table 48   TSUNESS Co., Ltd., Financial Analysis

Table 49   Trina Solar Business Overview

Table 50   Trina Solar Financial Analysis

 

Market Segmentation

By Grid Type

  • On-grid
  • Off-grid

By End-User

  • Residential
  • Commercia
  • Industrial

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa
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Frequently Asked Questions (FAQs):

Ans: The global photovoltaic rapid shutdown device market is expected to register a CAGR of 14.2% during the forecast period.
Ans: Increasing investment in solar energy, rising demand for electric vehicles, increasing installation of solar panels in residential segment, and favourable government policies for renewable energy are driving the growth of the global photovoltaic rapid shutdown device market.
Ans: The key players in the global photovoltaic rapid shutdown device market include APsystems, SMA Solar Technology AG, Midnite Solar, Zerun, ABB, Fronius, Ginlong, Zhejiang Benyi Electrical Co. Ltd., and other prominent players.
Ans: On-grid accounted for the largest share in the global photovoltaic rapid shutdown device market in 2021.
Ans: Industrial segment is the largest segment in the global photovoltaic rapid shutdown device market.