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Solar energy is the leading form of renewable energy and will escalate its energy demand in the coming years. As people are focussing on sustainability, which drives the need for solar energy, solar power must be sustainable to the eco-friendly atmosphere. The certification in the solar industry helps to protect consumers from unsafe practices and protect the reputation of the industry, as improper installation may create safety risks or result in poor equipment performance. Certification is preferable to mandatory state licensing, which results in a lower cost of installation and provides a greater consumer choice.
The solar certification services market is segmented into standard and product. The standard segment is further segmented into IEC, VDE, UL, TUV, and Others. IEC segment is projected to boost market growth owing to the wide adoption of IEC standards at the regional or national level and specifically by manufacturers, trade, consumers, testing laboratories, organizations, purchasers, authorities, and other interested parties. These standards signify the best experience by industry, researchers, consumers, and regulators worldwide. The product segment is further divided into the solar module, mounting system, inverter, charge controller, batteries, and others. The solar module segment contributes to the largest market share in the global market, as a large number of players involved in providing solar module, emerges the need for providing the product as per standards and regulations.
Increasing focus on generating power from solar energy, growing awareness for adopting clean energy, and favorable government regulations in support of renewable energy are the key factors driving the growth of the solar certification services market. However, high competition owing to a large number of players providing certification restraints market growth.
Key Market Driver -
Favorable government regulations in support of renewable energy
Key Market Restraint -
Large number of players for providing certification results to high competition
Some of the leading providers of solar certification services include AIT, Archon Energy Solutions, Inc., Bureau Veritas, Certisolis, CFV Solar Test Laboratory, Inc., Chemitox, Element Materials Technology, Eliosys, ERDA, Eurofins Product Testing Service (Shanghai) Co., Ltd., Getecom GmbH, and Hi Physix.
The solar certification services market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is estimated to hold the largest market share in the global market, as the contribution from Asia Pacific countries is significantly growing owing to government initiatives for increasing solar energy and increasing investment in renewable energy. North America is also projected to increase its market revenue in the coming years. The United States is increasing its renewable power share at a substantial rate. Europe is experiencing growth owing to increasing awareness for generating renewable power and significant investment in escalating solar energy. Countries from the Middle East & Africa are also increasing its market share fo certification services owing to increasing investment in renewable energy, and government initiatives for mitigating carbon footprint drives the market growth. Hence, growing investment, supportive government initiatives, and the increasing shift of trend for clean sources of energy are the key factors propelling the growth of the solar certification services market during the projected period.
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