The Latin America, Middle East and Africa Solar Power Equipment Market is expected to witness market growth of 14.0% CAGR during the forecast period (2021 2027).
Solar is a significant financial investment, but it takes time to achieve the break-even threshold that companies claim. The average payback period for solar panels is about seven and a half years. Solar panels are considered renovations, thus investing in solar energy systems can also certainly raise the value of a residency. In addition, according to a study by Lawrence Berkeley National Laboratory, the organization found that solar systems enhanced the value of a property by roughly $15,000 on average. Solar homes can be sold for more amount than homes without PV, despite market considerations such as power costs and system size influencing the extent of the premium.
The ultimate advantage of solar energy is that it reduces the consumer's reliance on utility-provided electricity, resulting in significant savings. However, that condition requires that a homeowner's electric bills are substantial, to begin with.
According to the data quoted by UAE government, in 2013, the UAE was ranked 3rd across the world for concentrated solar power generation. In 2014, the UAE generated approximately 140 MW of solar energy. The government predicted that meeting its renewable energy objective is expected to save between USD 1 billion and USD 3.7 billion, but now believes that the savings might be much higher given the changing prognosis for fossil fuel and renewable energy prices.
Moreover, in Abu Dhabi, the UAE is constructing the world's largest solar power facility. This facility is expected to diversify Abu Dhabi's energy industry, enhancing Abu Dhabi's entire solar power output and supporting a better environment through lower CO2 emissions. By the year 2022, the plant is expected to be completely operational. The new plant can reduce CO2 emissions by over 2.4 million metric tonnes per year, the equivalent of eliminating 470,000 cars from the road. It serves around 160,000 households in the United Arab Emirates with power. It offers one of the most cost-effective solar energy prices in the region, at AED 4.97 fils per kilowatt-hour. Abu Dhabi's solar power capacity will be increased to around 3.2 gigawatts.
The Brazil market dominated the LAMEA Solar Power Equipment Market by Country in 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $4,004.4 Million by 2027. The Argentina market is estimated to grow at a CAGR of 14.6% during (2021 - 2027). Additionally, The UAE market is expected to experience CAGR of 13.7% during (2021 - 2027).
Based on Equipment, the market is segmented into Solar Panels, Mounting, Racking, & Tracking System, and Storage System, and Others. Based on Application, the market is segmented into Utility, Residential, and Non-Residential. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Canadian Solar Inc., First Solar, Inc., Hanwha Q CELLS Co., Ltd., LONGi Green Energy Technology Co., Ltd., SunPower Corporation, Shunfeng International Clean Energy Co., Ltd., Jinko Solar Holding Co., Ltd., Trina Solar Co., Ltd., JA Solar Holdings Co., Ltd., and ABB Group.
Solar is a significant financial investment, but it takes time to achieve the break-even threshold that companies claim. The average payback period for solar panels is about seven and a half years. Solar panels are considered renovations, thus investing in solar energy systems can also certainly raise the value of a residency. In addition, according to a study by Lawrence Berkeley National Laboratory, the organization found that solar systems enhanced the value of a property by roughly $15,000 on average. Solar homes can be sold for more amount than homes without PV, despite market considerations such as power costs and system size influencing the extent of the premium.
The ultimate advantage of solar energy is that it reduces the consumer's reliance on utility-provided electricity, resulting in significant savings. However, that condition requires that a homeowner's electric bills are substantial, to begin with.
According to the data quoted by UAE government, in 2013, the UAE was ranked 3rd across the world for concentrated solar power generation. In 2014, the UAE generated approximately 140 MW of solar energy. The government predicted that meeting its renewable energy objective is expected to save between USD 1 billion and USD 3.7 billion, but now believes that the savings might be much higher given the changing prognosis for fossil fuel and renewable energy prices.
Moreover, in Abu Dhabi, the UAE is constructing the world's largest solar power facility. This facility is expected to diversify Abu Dhabi's energy industry, enhancing Abu Dhabi's entire solar power output and supporting a better environment through lower CO2 emissions. By the year 2022, the plant is expected to be completely operational. The new plant can reduce CO2 emissions by over 2.4 million metric tonnes per year, the equivalent of eliminating 470,000 cars from the road. It serves around 160,000 households in the United Arab Emirates with power. It offers one of the most cost-effective solar energy prices in the region, at AED 4.97 fils per kilowatt-hour. Abu Dhabi's solar power capacity will be increased to around 3.2 gigawatts.
The Brazil market dominated the LAMEA Solar Power Equipment Market by Country in 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $4,004.4 Million by 2027. The Argentina market is estimated to grow at a CAGR of 14.6% during (2021 - 2027). Additionally, The UAE market is expected to experience CAGR of 13.7% during (2021 - 2027).
Based on Equipment, the market is segmented into Solar Panels, Mounting, Racking, & Tracking System, and Storage System, and Others. Based on Application, the market is segmented into Utility, Residential, and Non-Residential. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Canadian Solar Inc., First Solar, Inc., Hanwha Q CELLS Co., Ltd., LONGi Green Energy Technology Co., Ltd., SunPower Corporation, Shunfeng International Clean Energy Co., Ltd., Jinko Solar Holding Co., Ltd., Trina Solar Co., Ltd., JA Solar Holdings Co., Ltd., and ABB Group.
Scope of the Study
Market Segments Covered in the Report:
By Equipment
- Solar Panels
- Mounting, Racking, & Tracking System
- Storage System
- Others
By Application
- Utility
- Residential
- Non-Residential
By Country
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Canadian Solar Inc.
- First Solar, Inc.
- Hanwha Q CELLS Co., Ltd.
- LONGi Green Energy Technology Co., Ltd.
- SunPower Corporation
- Shunfeng International Clean Energy Co., Ltd.
- Jinko Solar Holding Co., Ltd.
- Trina Solar Co., Ltd.
- JA Solar Holdings Co., Ltd.
- ABB Group
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. LAMEA Solar Power Equipment Market by Equipment
Chapter 5. LAMEA Solar Power Equipment Market by Application
Chapter 6. LAMEA Solar Power Equipment Market by Country
Chapter 7. Company Profiles
Companies Mentioned
- Canadian Solar Inc.
- First Solar, Inc.
- Hanwha Q CELLS Co., Ltd.
- LONGi Green Energy Technology Co., Ltd.
- SunPower Corporation
- Shunfeng International Clean Energy Co., Ltd.
- Jinko Solar Holding Co., Ltd.
- Trina Solar Co., Ltd.
- JA Solar Holdings Co., Ltd.
- ABB Group
Methodology
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