PV Balance of System market to grow to USD 24bn in 2016
February 23, 2012 // Paul Buckley
PV balance of system (BoS) equipment revenues are projected to increase from $17 billion in 2011 to close to $24 billion in 2016 according to a new market report released by market analyst, IMS Research. The report found that whilst inverters will continue to be the largest part of the market, monitoring hardware, mounting structures and tracker systems will outpace the rest of the market to capture an increasing share.
The report also found that whilst inverters formed the largest part of the market, accounting for more than 40% of revenues in 2011, the fastest growing segment will be tracker systems, with revenues for these products predicted to grow by close to 30% per annum up until 2016. Falling prices for these products is expected to boost penetration, particularly in high irradiation regions, such as California, South Africa and the Middle East which are all predicted to see high growth in PV deployment over the next few years. Although the tracker market fell off a cliff at the end of 2008 when the Spanish market collapsed, its now facing a major resurgence as falling prices and more efficient motor control allows for a much more cost-effective system, added Sharma.All news
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