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1076106

Global Photovoltaic Rapid Shutdown Device Market; By Grid Type ; By End-User ; By Region ; Trend Analysis, Competitive Market Share & Forecast, 2018-2028

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Global Photovoltaic Rapid Shutdown Device Market; By Grid Type ; By End-User ; By Region ; Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Published: May 16, 2022
Blueweave Consulting & Research Private Limited
Content info: 156 Pages
Delivery time: 2-3 business days
  • Description
  • Table of Contents
  • List of Tables

Global Photovoltaic rapid shutdown device Market on an Upward Growth Trajectory-Projected to Grow at a CAGR of 14.2% during the forecast period, i.e., 2022-2028

The global photovoltaic rapid shutdown device market is being driven by several factors including growing investment in renewables, rising demand for solar panels, and growing sales of electric vehicles…

A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global photovoltaic rapid shutdown device market is projected to grow at a CAGR of 14.2% during the forecast period (2022-2028). The global photovoltaic rapid shutdown device market is being driven by several factors including growing investment in renewables, rising demand for solar panels, and growing sales of electric vehicles. Besides this, the rise in infrastructure and rapid urbanization in emerging economies are likely to further propel the growth of the global photovoltaic rapid shutdown device (PVRSD) market during the forecast period.

Increasing investment in solar energy projects is driving the growth of the global photovoltaic rapid shutdown device (PVRSD) market

Solar energy is one of the major renewable energy sources and the investment in solar energy is growing at a brisk pace. In the United States, installations of solar power systems have grown 35-fold to an estimated 62.5GW in 2021, since 2008. According to SEIA (Solar Energy Industries Association), over 5,000 significant solar projects are present in the organization database, totaling more than 140 GW of capacity. According to the list enclosed by SEIA, over 73 GW of important solar projects is now operational in the United States and there are 237 solar projects slated for the next five years with a total value of USD 58 billion.

According to the International Energy Agency (IEA), the rapid advancement in technology means that one dollar spent on wind and solar photovoltaic (PV) deployment today produces four times more energy than it does 10 years ago. Countries like China, India, Germany, France, and others have various multi-million dollar solar investment projects lined up for the future. Photovoltaic rapid shutdown devices allow users to shut down the PV solar system quickly and prevent safety hazards and growing investment in solar projects is expected to create a growing demand for PVRSDs in the market, driving the growth of the global photovoltaic rapid shutdown devices market during the forecast period.

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Industrial Segment Dominates the Global Photovoltaic rapid shutdown device Market

Based on the end-user, the global photovoltaic rapid shutdown device market is segmented into the residential, commercial, and industrial segments. In 2021, the industrial segment dominated the market and held the largest share owing to the large share of solar installations in the residential segment. According to the the Solar Foundation (SEIA), the utility segment accounted for 60,079.6 MW (MegaWatts) solar installation in 2020, compared to the 19,123.6 MW of residential segment. Additionally, the growing investment in industrial solar power plants is also supporting the large share of the industrial segment in the global photovoltaic rapid shutdown device market.

Impact of COVID-19

The COVID-19 affected all the industries around the world and had a severe effect on the photovoltaic rapid shutdown device industry as well. The global photovoltaic rapid shutdown device market registered growth as solar installation reached 138.2 GW in 2020, an increase of 18% from 2019 levels. The market, however, was affected severely by the supply chain issues, cash-flow constraints, low availability of labor, and rapid growth of the COVID-19 cases. The market recovered as borders and markets reopened; however, the growth of the market was adversely affected by the semiconductor shortage in 2021, around the world. The market is expected to register swift growth in the coming years owing to the growing investment in the solar energy sector.

Global Photovoltaic rapid shutdown device Market: Regional insights

Based on region, the global photovoltaic rapid shutdown device market is classified into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the Asia-Pacific dominated the market and held the largest market share as the Asia-Pacific has the highest installed capacity for photovoltaic solar energy. According to the International Renewable Energy Agency (IRENA), the Asia-Pacific region has 406,283 MW installed capacity for photovoltaic solar energy. Moreover, the growing investment in solar energy is expected to support the growth of the Asia-Pacific region during the forecast period.

The Leading Players in the Global Photovoltaic rapid shutdown device Market are ABB, APsystems, and Tigo Energy. Other players operating in the market include SMA Solar Technology AG, Midnite Solar, Zerun, Fronius, Ginlong, Zhejiang Benyi Electrical Co. Ltd., Enteligent, Delta Electronics, Inc., Northern Electric Power Technology Inc., Fimer Spa, TSUNESS Co., Ltd., Trina Solar, and other prominent players.

The global photovoltaic rapid shutdown device market is a fragmented market with a number of major players operating in the market. The new companies are battling with established players to gain a significant share in the market. Collaboration, merger & acquisitions, partnerships, and launch of new projects are some of the strategies adopted by the players operating in the global photovoltaic rapid shutdown device market to gain an advantage over their competitors.

Recent Development

In November 2021, Enteligent announced that that its new combined rapid shutdown and optimization device - Enteligent NMax RSD with Optimization, has achieved certification from the SunSpec Alliance for panel-level rapid shutdown. Enteligent's NMax technology is controlled by microprocessor and provides panel-level power optimization only when necessary. The Enteligent NMax M900A1 has also achieved UL 1741 and FCC Class B certifications, in addition to the SunSpec certification.

In March 2021, APSmart announced a new Photovoltaic Rapid Shutdown System (PVRSS) certification to the UL 1741 standard with several new inverters from Growatt. CSA tested six unique Growatt inverter models between the ranges of 3MW to 6MW and are now certified for use with APsmart's Photovoltaic Rapid Shutdown Equipment (PVRSE). Growatt's new single-phase hybrid inverter, ideal for both new and retrofit solar, is also among the 6 inverters tested by CSA.

Don't Miss the Business Opportunity of the Global Photovoltaic Rapid Shutdown Device Market. Consult Our Analyst, Gain Crucial Insights And Facilitate Your Business Growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global photovoltaic rapid shutdown device market size & forecast. The report promises to provide recent technology trends of global photovoltaic rapid shutdown device market and industry insights which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.

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Table of Contents

1. Research Framework

  • 1.1. Research Objective
  • 1.2. Product Overview
  • 1.3. Market Segmentation

2. Research Methodology

  • 2.1. Qualitative Research
    • 2.1.1. Primary and Secondary Sources
  • 2.2. Quantitative Research
    • 2.2.1. Primary and Secondary Sources
  • 2.3. Breakdown of Primary Research Respondents
    • 2.3.1. Secondary Research
    • 2.3.2. Primary Research
  • 2.4. Breakdown of Primary Research Respondents, By Industry Participants
  • 2.5. Key Questionnaire asked during Primary Interviews
  • 2.6. Key Primary Responses
  • 2.7. Market Size Estimation
  • 2.8. Assumption for the Study
  • 2.9. Market Breakdown & Data Triangulation

3. Executive Summary

4. Global Photovoltaic Rapid Shutdown Device Market - Industry Insights

  • 4.1. DROC Analysis
    • 4.1.1. Growth Drivers
    • 4.1.2. Restraints
    • 4.1.3. Opportunity
    • 4.1.4. Challenges
  • 4.2. Recent Developments / Technical Landscape
  • 4.3. Porter's Five Forces Analysis
  • 4.4. Value Chain Analysis
  • 4.5. Strategic Outlook
  • 4.6. Regulatory Framework
  • 4.7. Key Strategic Developments

5. Global Photovoltaic Rapid Shutdown Device Market Overview, 2018-2030

  • 5.1. Market Size & Forecast
    • 5.1.1. By Value (USD Million)
  • 5.2. Market Share & Forecast
    • 5.2.1. By Grid Type
      • 5.2.1.1. On-grid
      • 5.2.1.2. Off-grid
    • 5.2.2. By End-User
      • 5.2.2.1. Residential
      • 5.2.2.2. Commercial
      • 5.2.2.3. Industrial
    • 5.2.3. By Region
      • 5.2.3.1. North America
      • 5.2.3.2. Europe
      • 5.2.3.3. Asia-Pacific
      • 5.2.3.4. Latin America
      • 5.2.3.5. Middle East & Africa

6. North America Photovoltaic Rapid Shutdown Device Market, 2018-2030

  • 6.1. Market Size & Forecast
    • 6.1.1. By Value (USD Million)
  • 6.2. Market Share & Forecast
    • 6.2.1. Grid Type
    • 6.2.2. End-User
    • 6.2.3. Country
      • 6.2.3.1. U.S.
      • 6.2.3.2. Canada

7. Europe Photovoltaic Rapid Shutdown Device Market, 2018-2030

  • 7.1. Market Size & Forecast
    • 7.1.1. By Value (USD Million)
  • 7.2. Market Share & Forecast
    • 7.2.1. Grid Type
    • 7.2.2. End-User
    • 7.2.3. Country
      • 7.2.3.1. Germany
      • 7.2.3.2. France
      • 7.2.3.3. UK
      • 7.2.3.4. Spain
      • 7.2.3.5. Netherlands
      • 7.2.3.6. Italy
      • 7.2.3.7. Rest of Europe

8. Asia-Pacific Photovoltaic Rapid Shutdown Device Market, 2018-2030

  • 8.1. Market Size & Forecast
    • 8.1.1. By Value (USD Million)
  • 8.2. Market Share & Forecast
    • 8.2.1. Grid Type
    • 8.2.2. End-User
    • 8.2.3. Country
      • 8.2.3.1. China
      • 8.2.3.2. India
      • 8.2.3.3. Japan
      • 8.2.3.4. South Korea
      • 8.2.3.5. Rest of Asia-Pacific

9. Latin America Photovoltaic Rapid Shutdown Device Market, 2018-2030

  • 9.1. Market Size & Forecast
    • 9.1.1. By Value (USD Million)
  • 9.2. Market Share & Forecast
    • 9.2.1. Grid Type
    • 9.2.2. End-User
    • 9.2.3. Country
      • 9.2.3.1. Argentina
      • 9.2.3.2. Brazil
      • 9.2.3.3. Mexico
      • 9.2.3.4. Rest of Latin America

10. Middle East & Africa Photovoltaic Rapid Shutdown Device Market, 2018-2030

  • 10.1. Market Size & Forecast
    • 10.1.1. By Value (USD Million)
  • 10.2. Market Share & Forecast
    • 10.2.1. Grid Type
    • 10.2.2. End-User
    • 10.2.3. Application
    • 10.2.4. Country
      • 10.2.4.1. Saudi Arabia
      • 10.2.4.2. South Africa
      • 10.2.4.3. UAE
      • 10.2.4.4. Rest of Middle East & Africa

11. Competitive Landscape

    • 11.1.1. List of Key Producers and Their Offerings
    • 11.1.2. Market Share / Ranking Analysis (2021)
    • 11.1.3. Competitive Benchmarking, By Operating Parameters

12. COVID-19 Impact

13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *

  • 13.1. APsystems
  • 13.2. SMA Solar Technology AG
  • 13.3. Midnite Solar
  • 13.4. Zerun
  • 13.5. ABB
  • 13.6. Fronius
  • 13.7. Ginlong
  • 13.8. Zhejiang Benyi Electrical Co. Ltd.
  • 13.9. Tigo Energy
  • 13.10. Enteligent
  • 13.11. Delta Electronics, Inc.
  • 13.12. Northern Electric Power Technology Inc.
  • 13.13. Fimer Spa
  • 13.14. TSUNESS Co., Ltd
  • 13.15. Trina Solar
  • 13.16. Other Prominent Players

14. Key Strategic Recommendations

* Financial information of non-listed Companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth study during the final deliverable.

List of Figures

Fig 1 Global Photovoltaic Rapid Shutdown Device Segmentation

Fig 2 Global Photovoltaic Rapid Shutdown Device Market Value Chain Analysis

Fig 3 Global Photovoltaic Rapid Shutdown Device Market Size, By Value (USD Million), 2018-2028

Fig 4 Global Photovoltaic Rapid Shutdown Device Market Share, By Grid Type, By Value, 2018-2028

Fig 5 Global Photovoltaic Rapid Shutdown Device Market Share, By End-User, By Value, 2018-2028

Fig 6 Global Photovoltaic Rapid Shutdown Device Market Share, By Region By Value, 2018-2028

Fig 7 North America Photovoltaic Rapid Shutdown Device Market Size, By Value (USD Million), 2018-2028

Fig 8 North America Photovoltaic Rapid Shutdown Device Market Share, By Grid Type, By Value, 2018-2028

Fig 9 North America Photovoltaic Rapid Shutdown Device Market Share, By End-User, By Value, 2018-2028

Fig 10 North America Photovoltaic Rapid Shutdown Device Market Share, By Country, By Value, 2018-2028

Fig 11 Europe Photovoltaic Rapid Shutdown Device Market Size, By Value (USD Million), 2018-2028

Fig 12 Europe Photovoltaic Rapid Shutdown Device Market Share, By Grid Type, By Value, 2018-2028

Fig 13 Europe Photovoltaic Rapid Shutdown Device Market Share, By End-User, By Value, 2018-2028

Fig 14 Europe Photovoltaic Rapid Shutdown Device Market Share, By Country, By Value, 2018-2028

Fig 15 Asia-Pacific Photovoltaic Rapid Shutdown Device Market Size, By Value (USD Million), 2018-2028

Fig 16 Asia-Pacific Photovoltaic Rapid Shutdown Device Market Share, By Grid Type, By Value, 2018-2028

Fig 17 Asia-Pacific Photovoltaic Rapid Shutdown Device Market Share, By End-User, By Value, 2018-2028

Fig 18 Asia-Pacific Photovoltaic Rapid Shutdown Device Market Share, By Country, By Value, 2018-2028

Fig 19 Latin America Photovoltaic Rapid Shutdown Device Market Size, By Value (USD Million), 2018-2028

Fig 20 Latin America Photovoltaic Rapid Shutdown Device Market Share, By Grid Type, By Value, 2018-2028

Fig 21 Latin America Photovoltaic Rapid Shutdown Device Market Share, By End-User, By Value, 2018-2028

Fig 22 Latin America Photovoltaic Rapid Shutdown Device Market Share, By Country, By Value, 2018-2028

Fig 23 Middle East & Africa Photovoltaic Rapid Shutdown Device Market Size (USD Million), By Value, 2018-2028

Fig 24 Middle East & Africa Photovoltaic Rapid Shutdown Device Market Share, By Grid Type, By Value, 2018-2028

Fig 25 Middle East & Africa Photovoltaic Rapid Shutdown Device Market Share, By End-User, By Value, 2018-2028

Fig 26 Middle East & Africa Photovoltaic Rapid Shutdown Device Market Share, By Country, By Value, 2018-2028

Fig 27 Company Share Analysis, 2021

List of Tables

  • Table 1 Global Photovoltaic Rapid Shutdown Device Size, By Grid Type, By Value, 2018-2028
  • Table 2 Global Photovoltaic Rapid Shutdown Device Market Size, By End-User, By Value, 2018-2028
  • Table 3 Global Photovoltaic Rapid Shutdown Device Market Size, By Region By Value, 2018-2028
  • Table 4 North America Photovoltaic Rapid Shutdown Device Size, By Grid Type, By Value, 2018-2028
  • Table 7 North America Photovoltaic Rapid Shutdown Device Market Size, By End-User, By Value, 2018-2028
  • Table 8 North America Photovoltaic Rapid Shutdown Device Market Size, By Country, By Value, 2018-2028
  • Table 9 Europe Photovoltaic Rapid Shutdown Device Size, By Grid Type, By Value, 2018-2028
  • Table 10 Europe Photovoltaic Rapid Shutdown Device Market Size, By End-User, By Value, 2018-2028
  • Table 11 Europe Photovoltaic Rapid Shutdown Device Market Size, By Country, By Value, 2018-2028
  • Table 12 Asia-Pacific Photovoltaic Rapid Shutdown Device Size, By Grid Type, By Value, 2018-2028
  • Table 13 Asia-Pacific Photovoltaic Rapid Shutdown Device Market Size, By End-User, By Value, 2018-2028
  • Table 14 Asia-Pacific Photovoltaic Rapid Shutdown Device Market Size, By Country, By Value, 2018-2028
  • Table 15 Latin America Photovoltaic Rapid Shutdown Device Size, By Grid Type, By Value, 2018-2028
  • Table 16 Latin America Photovoltaic Rapid Shutdown Device Market Size, By End-User, By Value, 2018-2028
  • Table 17 Latin America Photovoltaic Rapid Shutdown Device Market Size, By Country, By Value, 2018-2028
  • Table 18 Middle East & Africa Photovoltaic Rapid Shutdown Device Size, By Grid Type, By Value, 2018-2028
  • Table 19 Middle East & Africa Photovoltaic Rapid Shutdown Device Market Size, By End-User, By Value, 2018-2028
  • Table 20 Middle East & Africa Photovoltaic Rapid Shutdown Device Market Size, By Country, By Value, 2018-2028
  • Table 21 APsystems Business Overview
  • Table 22 APsystems Financial Analysis
  • Table 23 SMA Solar Technology AG Business Overview
  • Table 24 SMA Solar Technology AG Financial Analysis
  • Table 25 Midnite Solar Business Overview
  • Table 26 Midnite Solar Financial Analysis
  • Table 27 Zerun Business Overview
  • Table 28 Zerun Financial Analysis
  • Table 29 ABB Business Overview
  • Table 30 ABB Financial Analysis
  • Table 31 Fronius Business Overview
  • Table 32 Fronius Financial Analysis
  • Table 33 Ginlong Business Overview
  • Table 34 Ginlong Financial Analysis
  • Table 35 Zhejiang Benyi Electrical Co. Ltd., Limited Business Overview
  • Table 36 Zhejiang Benyi Electrical Co. Ltd., Financial Analysis
  • Table 37 Tigo Energy Business Overview
  • Table 38 Tigo Energy Financial Analysis
  • Table 39 Enteligent Business Overview
  • Table 40 Enteligent Financial Analysis
  • Table 41 Delta Electronics, Inc., Business Overview
  • Table 42 Delta Electronics, Inc., Financial Analysis
  • Table 43 Northern Electric Power Technology Inc., Business Overview
  • Table 44 Northern Electric Power Technology Inc., Financial Analysis
  • Table 45 Fimer Spa Business Overview
  • Table 46 Fimer Spa Financial Analysis
  • Table 47 TSUNESS Co., Ltd., Business Overview
  • Table 48 TSUNESS Co., Ltd., Financial Analysis
  • Table 49 Trina Solar Business Overview
  • Table 50 Trina Solar Financial Analysis