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Electrical energy is the basic need today, and its demand is increasing all over the world. Also, the need for an alternate source for energy has gained importance, and as solar energy is renewable energy backed with the government's ambitious green energy targets, it has become a major attraction for investors. Over the last decade countries like China, Germany and USA have come up as solar powerhouses and increased the production of electricity by solar energy which in turn has helped the solar PV junction box market to grow.
Based on type, the solar PV junction box market is divided into potting PV junction box and non-potting PV junction box. The solar PV junction box market can also be segmented on the basis of application in various fields like residential, commercial, industrial, and utilities. Solar PV junction box is used along with solar panels installations, and solar installation has been more in residential applications for water heaters, battery, cell phone chargers, solar vehicles, etc.
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The major market driver for the global solar PV junction box market is the increasing demand for clean energy around the world. Many countries are now shifting towards the sources of clean energy. With the provision of government incentives and tax rebates over the installation of solar panels, solar PV is the most adopted amongst the available sources.
The key market restraint for the global solar PV junction box market is the high cost of installation of the solar panels. A certain area of land has to be given for the installation of the panels, the required amount of area increases with an increase in the amount of energy needed. Post-installation of panels the area cannot be used further for any other purpose which acts as a restraint in the growth of the solar PV junction box.
Some of the major companies that are present in the solar PV junction box market are QC Solar, Alder Enserv, Taizhou Chuangda Electronic, Ningbo Jinghua New Energy Technical, Sun Connect, Magma Photovoltaics, Targray, FPE Fischer GmbH, Mitsubishi Electric, Yukita Electric Wire, Kitani Electric Co., Ltd, ENF Ltd and Tapollop Technology Co., Ltd.
The global Solar PV Junction Box market has now been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia-Pacific dominates the solar PV junction box market. Asia-Pacific region has the largest installation of solar PV and is growing at the fastest pace worldwide. China is the largest producer of solar panels and photovoltaic energy in the Asia Pacific region as well as in the world.
Governments in India and China are promoting the use of solar PV, and it has positively influenced the solar PV junction box market. Germany is the largest solar energy producer in Europe followed by Italy, the United Kingdom, Spain, and others. The renewable energy directive by the EU is pushing the use of renewable energy like solar and wind in this region.
The USA ranks top in North America and Chile in South America for solar energy. Countries like China, Germany, USA, India, etc. are funding research and development activities in the solar PV field to enhance the performance and efficiency of solar power plants. Next breakthrough in the solar PV field is going to come from these countries. Other countries like Canada, Mexico, Brazil, Uruguay, etc. have also increased the production of solar energy at a steady rate. African continent receives maximum sunlight than any other continent on earth & African countries seem to have realized that which can be noticed by their approach towards solar energy in recent time.
Global organizations like the UN are promoting the use of solar PV in the African subcontinent. The UN provides funding for the construction of solar PV power plants not only in Africa but also worldwide. South Africa has been the most successful country in the production of solar energy in this region by far, followed by countries like Angola, Egypt, Senegal, etc. The increasing solar PV installations around the world have boosted the solar PV junction box market.
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