Delhi NCR, May 19, 2022 (GLOBE NEWSWIRE) — The Global The photovoltaic rapid arrest device market is driven by several factors, including increasing investment in renewable energy, growing demand for solar panels, and growing sales of electric vehicles…
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consultingrevealed that the photovoltaic rapid shutdown device market is expected to grow at a CAGR of 14.2% over the forecast period (2022-2028). The global photovoltaic rapid arrest device market is driven by several factors, including increasing investment in renewable energy, growing demand for solar panels, and growing sales of electric vehicles. In addition, rising infrastructure and rapid urbanization in emerging economies are expected to further propel the growth of the global photovoltaic rapid arresting devices (PVRSD) market during the forecast period.
Increase investment in solar energy projects is driving the growth of the global photovoltaic rapid arresting devices (PVRSD) market
Solar energy is one of the main sources of renewable energy and investment in solar energy is increasing at a steady pace. In the United States, solar energy system installations have increased 35 times to approximately 62.5 GW in 2021, since 2008. According to SEIA (Solar Energy Industries Association), more than 5,000 large solar projects are present in the organization’s database, totaling more than 140 GW of capacity. According to the list attached by SEIA, more than 73 GW of major solar projects are now operational in the United States and there are 237 solar projects planned for the next five years with a total value of $58 billion.
According to the International Energy Agency (IEA), rapid advances in technology mean that a dollar spent on wind and solar photovoltaic (PV) deployment today produces four times more energy than there is. 10 years. Countries like China, India, Germany, France and others have various multi-million dollar solar investment projects planned for the future. Photovoltaic rapid shutdown devices enable users to quickly shut down the solar PV system and prevent safety hazards and the increasing investment in solar projects is expected to create an increasing demand for PVRSD in the market, driving the growth of the global photovoltaic rapid arrest devices market over the forecast period.
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The industrial segment dominates the global market for photovoltaic rapid arrest devices
Based on the end user, the global photovoltaic rapid arrest devices market is segmented into 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 Solar Foundation (SEIA), the utility segment accounted for 60,079.6 MW (megawatts) of solar installation in 2020, compared to 19,123.6 MW for the residential segment. Additionally, growing investment in industrial solar power plants is also supporting the large share of the industrial segment in the global photovoltaic rapid arrest devices market.
Impact of COVID-19
COVID-19 has affected every industry around the world and has had a severe effect on the PV Rapid Arrester Devices industry as well. The global photovoltaic rapid arrest device market has witnessed growth with solar installation reaching 138.2 GW in 2020, an increase of 18% from 2019 levels. However, the market has been severely impacted by supply chain issues, cash flow constraints, low labor availability and rapid growth in COVID-19 cases. The market recovered with the reopening of borders and markets; however, the growth of the market was affected by the shortage of semiconductors in 2021, worldwide. The market is expected to register rapid growth in the coming years owing to the increasing investment in the solar energy sector.
Please see the press release from Global Photovoltaic Rapid Shutdown Device Market: https://www.blueweaveconsulting.com/press-release/global-photovoltaic-rapid-shutdown-device-market-to-grow-at-a-cagr-of-14-2-during-the-forecast-period
Global Photovoltaic Rapid Shutdown Device Market: Regional Information
Based on region, the global photovoltaic rapid arrest devices market is classified into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, Asia-Pacific dominated the market and held the largest market share, with Asia-Pacific having the largest installed capacity of solar PV. According to the International Renewable Energy Agency (IRENA), the Asia-Pacific region has an installed capacity of 406,283 MW for solar photovoltaic energy. Additionally, increasing investment in solar energy is expected to support the growth of the Asia-Pacific region during the forecast period.
Key players in the global photovoltaic rapid arrest devices 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 leading players.
The global photovoltaic rapid shutdown devices market is a fragmented market with a number of major players operating in the market. New companies are battling with established players to gain a significant share of the market. Collaboration, mergers and acquisitions, partnerships, and initiation of new projects are some of the strategies adopted by the players operating in the global photovoltaic rapid shutdown devices market to gain an edge over their competitors.
In November 2021, Enteligent has announced that its new combination rapid shutdown and optimization device – Enteligent NMax RSD with Optimization, has achieved SunSpec Alliance certification for panel-level rapid shutdown. Enteligent’s NMax technology is microprocessor controlled and provides panel-level power optimization only when needed. The Enteligent NMax M900A1 has also achieved UL 1741 and FCC Class B certifications, in addition to SunSpec certification.
In March 2021, APSmart has announced a new Photovoltaic Rapid Shutdown System (PVRSS) certification under UL 1741 with several new inverters from Growatt. CSA has tested six unique Growatt inverter models between 3MW and 6MW and are now certified for use with APsmart’s Photovoltaic Rapid Arrest Equipment (PVRSE). Growatt’s new single-phase hybrid inverter, ideal for new and refurbished solar, is also one of the 6 inverters tested by CSA.
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The in-depth analysis of the report provides insights into the growth potential, upcoming trends, and statistics of the global Photovoltaic Rapid Arrester Devices market size and forecast. The report promises to provide the global Photovoltaic Rapid Arrest Devices market recent technology trends and industry insights which helps the decision makers to take sound strategic decisions. In addition, the report also analyzes market growth drivers, challenges, and competitive dynamics.
- In June 2021, Tigo Energy has launched Tigo TS4-AF RSD – a rapid shutdown device, for high power solar modules. This device can operate with a maximum current of 15 A and a maximum voltage of 90 V. It measures 138.4 x 139.7 x 22.9 mm and weighs 490 g. The company claims it only takes 10 seconds to install and has plug-and-play support for all solar modules with an output power of up to 700W and featuring standard MC4 connectors with a IP68 degree of protection.
- In August 2021, Tigo Energy has launched a new rapid shutdown and module level monitoring device – the Tigo TS4-AS for modules up to 700W. The latest product is UL Certified PV Rapid Shutdown System with major inverters to meet NEC 2014, 2017, and 2020 rapid shutdown requirements. The company also announced that this device is perfect for solar installers who have a minimal need for optimization and want to maximize site availability, minimize operating and maintenance costs.
By type of network
Per end user
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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