Global Solar Photovoltaic (PV) Services Market, Forecast to 2025

Solar Servicing Costs to Halve by 2025, Driven by Service Practice Innovation and Technology Cost Reductions
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Published: 22 Feb 2019

The global market for solar services is forecast to increase from $8.13 billion in 2017 to $14.48 billion by 2025, driven by an aging asset base, as well as new installations. Solar growth remains strong across most regions, although the market has declined in China, due to change in regulations, which will mean lower installations in 2018 than in 2017. However, the market is growing across the rest of Asia, the Middle East, Europe, and Latin America. In North America, the market slowed in the first half of 2018, but has gradually been recovering, as the industry adapts to President Trump’s tariffs on Chinese solar products. Competition in the market is increasing. Utility companies and independent power producers (IPPs) have developed a significant amount of expertise in solar servicing and are increasingly prepared to do more of the service work themselves to minimize costs. Besides, existing participants are expanding operations to new markets, and component providers are also boosting their servicing propositions. Key new technology trends include the use of drone technology, increasing adoption of digital solar, water-free cleaning, and the adoption of string inverters to reduce maintenance costs. All these innovations have the potential to reduce CAPEX and OPEX. The research methodology is a combination of primary and secondary research. Secondary research involves desk-based research. Primary research involves interaction with market participants and getting their perspective and feedback on Frost & Sullivan’s analysis.

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