The Latin America, Middle East and Africa Solar Power Equipment Market would witness market growth of 14.0% CAGR during the forecast period (2021-2027).
Solar is a significant financial investment, but it takes time to achieve the break-even threshold that companies claim. The average payback period for solar panels is about seven and a half years. Solar panels are considered renovations, thus investing in solar energy systems can also certainly raise the value of a residency. In addition, according to a study by Lawrence Berkeley National Laboratory, the organization found that solar systems enhanced the value of a property by roughly $15,000 on average. Solar homes can be sold for more amount than homes without PV, despite market considerations such as power costs and system size influencing the extent of the premium.
The ultimate advantage of solar energy is that it reduces the consumer's reliance on utility-provided electricity, resulting in significant savings. However, that condition requires that a homeowner's electric bills are substantial, to begin with.
According to the data quoted by UAE government, in 2013, the UAE was ranked 3rd across the world for concentrated solar power generation. In 2014, the UAE generated approximately 140 MW of solar energy. The government predicted that meeting its renewable energy objective would save between USD 1 billion and USD 3.7 billion, but now believes that the savings might be much higher given the changing prognosis for fossil fuel and renewable energy prices.
Moreover, in Abu Dhabi, the UAE is constructing the world's largest solar power facility. This facility would diversify Abu Dhabi's energy industry, enhancing Abu Dhabi's entire solar power output and supporting a better environment through lower CO2 emissions. By the year 2022, the plant would be completely operational. The new plant can reduce CO2 emissions by over 2.4 million metric tonnes per year, the equivalent of eliminating 470,000 cars from the road. It serves around 160,000 households in the United Arab Emirates with power. It offers one of the most cost-effective solar energy prices in the region, at AED 4.97 fils per kilowatt-hour. Abu Dhabi's solar power capacity will be increased to around 3.2 gigawatts.
The Brazil market dominated the LAMEA Solar Power Equipment Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $4,004.4 Million by 2027. The Argentina market is estimated to grow at a CAGR of 14.6% during (2021 - 2027). Additionally, The UAE market would experience CAGR of 13.7% during (2021 - 2027).
Based on Equipment, the market is segmented into Solar Panels, Mounting, Racking, & Tracking System, and Storage System, and Others. Based on Application, the market is segmented into Utility, Residential, and Non-Residential. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Solar Power Equipment Market is Predict to reach $202.4 Billion by 2027, at a CAGR of 11.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Canadian Solar Inc., First Solar, Inc., Hanwha Q CELLS Co., Ltd., LONGi Green Energy Technology Co., Ltd., SunPower Corporation, Shunfeng International Clean Energy Co., Ltd., Jinko Solar Holding Co., Ltd., Trina Solar Co., Ltd., JA Solar Holdings Co., Ltd., and ABB Group.
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