The global PV combiner box market is poised to register a 5.1% CAGR, capturing a revenue share of USD 120 million in 2022, to reach USD 205 million by 2032.
The currently active market players heavily invest in Research and Development activities to diversify and differentiate their offerings and also to gain a competitive edge in the market. Multiple participants in the PV combiner box market ecosystem are responsible for global growth and market security.
| Report Attribute | Details |
|---|---|
| PV Combiner Box Market Value (2022) | USD 120 Million |
| PV Combiner Box Market Anticipated Forecast Value (2032) | USD 205 Million |
| PV Combiner Box Market Projected Growth Rate (2022 to 2032) | 5.1% |
Most organizations use PV combiner boxes to protect and boost the performance of their photovoltaic systems. Moreover, PV combiner boxes are widely used in photovoltaic power generation systems. This is because they reduce the number of cables that are required to connect the inverter with an array of solar modules.
For large photovoltaic arrays, a series of solar modules are connected in a string to build up the voltage to the inverter's specifications. By combining multiple solar modules in parallel, the output currents of the strings can be boosted to higher levels for input into the inverter.
Smart PV combiner boxes combine the output of multiple PV modules for connection to an inverter, provide surge and overcurrent protection, and monitor the single-string current and voltage, surge protective device, and breaker condition of a PV array. Commercial and utility-scale PV power plants (greater than 500kW) typically use this technology.
There are several reasons PV combiner boxes are widely used, including their flexibility, maintenance, anti-corrosion, and safety. Recognizing the PV combiner boxes' demand across different buyer segments has provided an impetus for growth in the market globally.
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The rising adoption of PV combiner boxes in large-scale grid-connected PV systems is one of the major factors driving the growth of the market owing to its flexible, efficient, and safety features. Moreover, the rising demand for ground mount and commercial rooftop-based PV combiner boxes is also turning out to be another major factor driving the growth of the PV combiner box market positively. Mechanical and electrical failure at the time of installation is the major challenge faced by most PV combiner box vendors.
Regionally, the global PV combiner box market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa (MEA), Asia Pacific excluding Japan (APEJ), and Japan. Among these regions, North America is expected to hold the largest share of the PV combiner box market and is likely to continue to flourish in its trend, owing to significant growth in technological innovations of PV combiner boxes in this region.
North America is anticipated to control a maximum market share of the global PV combiner box in 2022. Among the total market share of the global PV combiner box market, it is also predicted to maintain steady growth throughout the forecasted period.
The European countries, including the UK, Italy, and Germany, have combined to attain a global PV combiner box market share in the forecast period. Increasing demand for renewable energy sources and increasing awareness of the benefits of PV combiner boxes may be responsible for this trend.
There are several factors contributing to this growth, including increased electricity consumption, increased investment in solar power infrastructure, and supportive government policies. Huge investments and business development opportunities have been attracted to this region.
PV combiner boxes have a multifaceted ecosystem that has multiple participants responsible for the market's growth and sustainability. Emerging trends in the PV combiner box market are brought about as a result of the major players' adoption of several growth strategies, including product launches, acquisitions, and collaborations.
In July 2016, Eaton Corporation launched new Crouse-Hinds series 1500V DC combiner box for large-scale solar photovoltaic applications. This combiner box is specifically designed to help customers by minimizing system costs by reducing wiring requirements and installation time.
The prominent player operating in the PV combiner box market includes Schneider Electric, XJ Group, Eaton Corporation, Renovagyand Surpass Sun Electric, CFAT, Wuxi Longmax, Noark, Kingshore, Weidmuller, TOPBAND, Eaton, Jinting Solar, Kebite, TBEA, Huasheng Electric, EAST, Sungrow, FIBOX, Golden Highway, Guanya Power, Temaheng Energy, Tongqu Electric, and others.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.1% from 2022 to 2032 |
| Base Year for Estimation | 2022 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Application, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; The Asia Pacific excluding Japan; Japan; The Middle East and Africa |
| Key Countries Profiled | United States of America, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, GCC Countries, South Africa |
| Key Companies Profiled | Schneider Electric; XJ Group; Eaton Corporation; Renovagyand Surpass Sun Electric; CFAT; Wuxi Longmax; Noark; Kingshore; Weidmuller; TOPBAND; Eaton; Jinting Solar; Kebite; TBEA; Huasheng Electric; EAST; Sungrow; FIBOX; Golden Highway; Guanya Power; Temaheng Energy; Tongqu Electric |
| Customization | Available Upon Request |
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DC Smart PV Combiner Box
Commercial
The global PV combiner box market is set to advance at a CAGR of 5.1% from 2022 to 2032.
North America dominates the global PV combiner box market.
The future of the PV combiner box market is likely to account for USD 205 million by 2032.
The adoption of PV combiner box is likely to reach a valuation of USD 120 million in 2022.
| Market Value for 2024 | USD 37,245.54 million |
|---|---|
| Projected Market Value for 2034 | USD 64,226.39 million |
| Value-based CAGR (2024 to 2034) | 5.60% |
| Market Value (2022) | USD 13,517.8 Million |
|---|---|
| Market Value (2032) | USD 43,993.5 Million |
| Market CAGR (2022 to 2032) | 12.5% |
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