Receive our newsletter – data, insights and analysis delivered to you
  1. Market Data
July 28, 2016

Report: Global solar PV BOS market value to decline to $31.6bn by 2020

Global market value of solar photovoltaic (PV) balance of system (BOS) is set to decline by approximately $10bn to $31.6bn by 2020, according to a report by GlobalData.

Global market value of solar photovoltaic (PV) balance of system (BOS) is set to decline by approximately $10bn to $31.6bn by 2020, according to a report by GlobalData.

The market increased to $48.1bn in 2015 but the expected decline is attributed to a reduction in BOS costs and limited increase in annual capacity additions.

Titled ‘Solar PV Balance of System, Update 2016 – Global Market Size, Technology Review, Cost Analysis, and Key Country Analysis to 2020’, the report reveals the Asia-Pacific will continue to lead the solar PV BOS market despite a marginal decline in its market share. The dominance of this region is primarily led by installations in China, Japan, Australia, and India.

The Asia-Pacific accounted for 57% of global market shares in 2015, with 32.3GW capacity additions. This was followed by the Americas and Europe. The Americas region is expected to be adversely effected by the expiry of ITC, accompanied by a slow decline in BOS costs and a slight increase in annual capacity additions.

Countries leading the PV BOS market in Europe include the UK, Germany, and Italy. The European market size is also forecast to shrink by 2020 due to decreasing costs and decline in annual capacity additions.

The GlobalData report states the solar PV BOS market in the MEA region is set to grow from 2016 to 2020 after registering constant growth from 2010 to 2015. The increase in the PV BOS market will be driven by the growth in South African and Israeli PV markets.

Content from our partners
Green investment: What gives Scotland multiple advantages
How Hengst helped to keep Germany’s charity “star singers” shining
How one power station prevented frequent shutdowns with three-stage air filtration

The global average solar PV BOS plant cost will continue to decline from 2016 to 2020 as a result of overall maturity of the solar PV industry, as well as the optimisation of the sectors producing BOS components.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU