Solar Array Disconnect Switches Market Size to Grow by USD 3.16 billion | Technavio – QNT Press Release

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NEW YORK, May 31, 2022 /PRNewswire/ — The solar array disconnect switches market will be driven by factors such as increasing investments in renewable energy, according to an analyst at Technavio. The global energy mix has changed significantly over the last two decades. Improvements in energy efficiency have played a key role in balancing the supply of and demand for energy. The competitive cost of electricity production and low carbon emissions from renewable sources have led to a rise in investments in renewable energy across the world. Various European countries, such as Norway, Icelandand Swedenrely on renewable sources for more than half of their total annual power demand due to the implementation of stringent emission norms. The increased focus on renewable energy sources is leading to investments in the energy industry, which will drive the growth of the market.

The solar array disconnect switches market size is expected to grow by USD 3.16 billion from 2021 to 2026. Moreover, the growth momentum of the market will accelerate at a CAGR of 16.55% during the forecast period.

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Solar Array Disconnect Switches Market: Segmentation Analysis

Segmentation by Application:

• Based on application, the market has been segmented into utility and non-utility.
• The utility segment will have significant market share growth during the forecast period.
• The shift to sustainable energy sources and the presence of agreements, such as the Paris Agreement on climate change, have fueled the demand for solar array disconnect switches in recent years.
• The rising demand for electricity due to the ever-rising population will propel the utility segment of the global solar array disconnect switches market during the forecast period.

Segmentation by Geography:

• By geography, the market has been segmented into APAC, Europe, North America, South Americaand the Middle East and Africa.
• APAC will have significant market share growth during the forecast period.
• The government initiatives and financial incentive programs such as FIT in China and Japan will drive the solar array disconnect switches market growth in APAC during the forecast period.
• Moreover, market growth in this region will be faster than the growth of the market in other regions.
• China, Vietnam, Japanand Australia are the key countries in the solar array disconnect switches market in APAC.

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Solar Array Disconnect Switches Market: Major Vendors

The solar array disconnect switches market is concentrated, and the vendors are deploying growth strategies such as mergers and acquisitions and collaboration to compete in the market. The report offers detailed information on the competencies, capacities, and products offered by major vendors, including ABB Ltd ., Bentek Corp., Bremas Ersce Spa, Eaton Corp. Plc, Mersen Corporate Services SAS, MidNite Solar Inc., ProJoy Electric Co. Ltd., Salzer Electronics Ltd., Santon International BV, Schneider Electric SE, Siemens AG, SOCOMEC Group , and SUNTREE Electric Group Co. Ltd., among others.

For more details about key vendors in the solar array disconnect switches market and their offerings, View our Sample Report

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