Photovoltaic Switch Market
Photovoltaic Switch Market Size, Share & Trends Analysis Report by Type (Fixed, Plug-In, and Drawer Type), by Product Type (DC Disconnect Switches, AC Disconnect Switches, Transfer Switches, and Load Break Switches), and by Application (Residential Solar Systems, Commercial Solar Systems, Utility-Scale Solar Systems, Off-Grid Solar Systems and Solar PV Inverters) Forecast Period (2024-2031)
Photovoltaic switch market is anticipated to grow at a CAGR of 7.8% during the forecast period (2024-2031). Technological improvements in photovoltaic switches that lower the cost of installing solar panels and increased government incentives and policies that encourage solar energy are driving the global expansion of the photovoltaic switch market. According to the International Energy Agency (IEA), in July 2023, solar PV generation increased by a record 270TWh (up 26.0%) in 2022, reaching almost 1300TWh. China continues to lead in terms of solar PV capacity additions, with 100 GW added in 2022, almost 60.0% more than in 2021.
Market Dynamics
Increasing Adoption of Smart Grid and Energy Storage Solutions Globally
The simple integration of renewable energy sources into smart grids offers efficient energy distribution and control—and requires PV switches. The growing emphasis on decarbonization and renewable energy deployment accelerates the use of photovoltaic technology. The main factor driving the demand for PV switches globally is the growing use of energy storage and smart grid technologies. Reliable switching mechanisms are necessary for batteries and other energy storage devices to maximize energy flow and ensure system stability.
Rising Investment in Solar Energy Infrastructure
The growing investments made by countries globally in solar energy infrastructure are driving the growth of photovoltaic switches. Countries globally moving toward the trends of clean, efficient, and sustainable energy are integrating solar energy into infrastructure. Countries including the US, China, and India are increasing rooftop installations and solar farms to satisfy their renewable energy targets. European nations, including Spain and Germany, are using PV technology to update their networks. According to the International Energy Agency (IEA), in June 2024, investment in solar PV is set to grow to $500 billion as falling module prices spur new investments. In 2024, China is expected to invest the most in clean energy, with an estimated $675 billion. With $370 billion and $315 billion in clean energy investments, respectively, Europe and the US come next.
Market Segmentation
- Based on the product type, the market is segmented into DC disconnect switches, AC disconnect switches, transfer switches, and load break switches.
- Based on the type, the market is segmented into fixed, plug-in, and drawer types.
- Based on the application, the market is segmented into residential solar systems, commercial solar systems, utility-scale solar systems, off-grid solar systems, and solar PV inverters.
DC disconnect switches Segment is Projected to Hold the Largest Market Share
The demand for dependable and effective DC disconnect solutions has increased owing to the growing use of solar energy in the commercial, industrial, and residential sectors. As solar power is a mainstream energy source, the photovoltaic switch market, particularly the DC disconnect segment, is expected to maintain strong momentum. The key players provide DC disconnect switches for smoother operations for applications such as solar/PV, energy storage systems (ESS), EV charging, and others. ABB Ltd. offers OTDC switch-disconnectors that provide robust and reliable switching and isolation in a wide variety of applications. OTDC switch-disconnectors are suitable for a wide range of applications, such as EV Charging, solar/PV, Energy Storage Systems (ESS), DC data centers, marine, DC microgrids, rail, and DC distribution.
Utility-Scale Solar Systems to Hold a Considerable Market Share
The market for photovoltaic switches is expanding significantly owing to the increasing use of government-supportive policies and incentives for renewable energy sources, resulting in solar energy adoption further resulting in market expansion. High-performance and dependable PV switches are essential for effectively managing power flow in massive systems, intended to produce electricity for grid distribution. To maintain operational efficiency and safety, and manage high voltage and current levels, utility-scale solar systems require reliable switching solutions. The rising use of PV switches is facilitated by technological improvements in their designs, such as improved automation and durability. Eaton Corp. provides utility-scale solar power and comprehensive solutions for utility-scale solar power projects, including grid connectivity and energy storage requirements. Eaton grid infrastructure is future-proofed, maximizing system uptime and energy production, and optimizing energy storage systems.
Annual Solar PV Capacity Additions by Utility Scale Application Segment, 2015-2022
Source: International Energy Agency (IEA)
Regional Outlook
The global photovoltaic switch market is further segmented based on geography including Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), and the Rest of the World (the Middle East & Africa, and Latin America).
Growing Adoption of Photovoltaic Switch in Asia-Pacific
The extensive use of photoelectric switches in the industrial automation sector is driving a large expansion in the Asia-Pacific photovoltaic switch market. According to the National Survey Report of PV Power Applications in China 2022, he modified PV, distribution, and domestic installed capacity in China, which totals about 51.1 GW, or 60.0 of all alternative installations, establishes a new record, growing need for automation and efficiency across several industries is driving the development of infrastructure and the usage of renewable energy.
Global Photovoltaic Switch Market Growth by Region 2024-2031
North America Holds a Significant Market Share
North America holds a significant share owing to the presence of photovoltaic switch-offering companies such as First Solar Inc., Hanwha Q CELLS Co., Silfab Solar Inc., Mission Solar Energy LLC, and others. According to the Solar Energy Industries Association (SEIA), in 2023, high household electricity bills and power outages have driven demand, as have changes to California’s Net Metering rules. The residential solar installed in 2023 is 7 GW. As module supply improved throughout 2023. This expansion results in the region's commitment to renewable energy and highlights the critical role of photovoltaic switches in supporting this transition. Government incentives encouraging solar power adoption, increased investment in renewable energy infrastructure, and growing demand for energy-efficient solutions in the commercial, industrial, and residential sectors are all contributing to the North American photovoltaic switch market growth.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order.
The major companies serving the photovoltaic switch market include ABB Ltd., Eaton Corp., Legrand Group, Schneider Electric, and Siemens AG among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global photovoltaic switch market. Based on the availability of data, information related to new products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Market Trends
2.2.1.1. Government Incentives and Policies Supporting Solar Energy
2.2.1.2. Technological Advancements in Photovoltaic Switches
2.2.1.3. Expanding Adoption of Smart Grid and Energy Storage Solutions
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. ABB Ltd.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Eaton Corp.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Legrand Group
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Schneider Electric SE
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Siemens AG
3.6.1. Overview
3.6.2. Financial Analysis
3.6.3. SWOT Analysis
3.6.4. Recent Developments
3.7. Key Strategy Analysis
4. Market Segmentation
4.1. Global Photovoltaic Switch Market by Type
4.1.1. Fixed
4.1.2. Plug-in
4.1.3. Drawer type
4.2. Global Photovoltaic Switch Market by Product Type
4.2.1. DC Disconnect Switches
4.2.2. AC Disconnect Switches
4.2.3. Transfer Switches
4.2.4. Load Break Switches
4.3. Global Photovoltaic Switch Market by Application
4.3.1. Residential Solar Systems
4.3.2. Commercial Solar Systems
4.3.3. Utility-Scale Solar Systems
4.3.4. Off-Grid Solar Systems
4.3.5. Solar PV Inverters
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East and Africa
6. Company Profiles
6.1. Chint Group
6.2. DEHN SE + Co KG
6.3. E-T-A Elektrotechnische Apparate GmbH
6.4. ETI Group
6.5. Fuji Electric Co., Ltd.
6.6. Hager Group
6.7. Hitachi Energy
6.8. IMO Precision Controls Ltd.
6.9. KDM Electric Co., Ltd.
6.10. Littelfuse, Inc.
6.11. LS Electric Co., Ltd.
6.12. Mersen Corporate Services SAS
6.13. Noark Electric Europe s.r.o.
6.14. OMRON Corp.
6.15. Phoenix Contact
6.16. SOCOMEC
6.17. Sungrow Power Supply Co., Ltd.
6.18. Suntree Electric Group
6.19. Weidmüller Group
6.20. Wenzhou Longqi New Energy Technology Co., Ltd.
1. Global Photovoltaic Switch Market Research And Analysis By Type, 2023-2031 ($ Million)
2. Global Fixed Photovoltaic Switch Market Research And Analysis By Region, 2023-2031 ($ Million)
3. Global Plug-In Photovoltaic Switch Market Research And Analysis By Region, 2023-2031 ($ Million)
4. Global Drawer Type Photovoltaic Switch Market Research And Analysis By Region, 2023-2031 ($ Million)
5. Global Photovoltaic Switch Market Research And Analysis By Product Type, 2023-2031 ($ Million)
6. Global DC Disconnect Photovoltaic Switches Market Research And Analysis By Region, 2023-2031 ($ Million)
7. Global AC Disconnect Photovoltaic Switches Market Research And Analysis By Region, 2023-2031 ($ Million)
8. Global Transfer Photovoltaic Switches Market Research And Analysis By Region, 2023-2031 ($ Million)
9. Global Load Break Photovoltaic Switches Market Research And Analysis By Region, 2023-2031 ($ Million)
10. Global Photovoltaic Switch Market Research And Analysis By Application, 2023-2031 ($ Million)
11. Global Photovoltaic Switch For Residential Solar Systems Market Research And Analysis By Region, 2023-2031 ($ Million)
12. Global Photovoltaic Switch For Commercial Solar Systems Market Research And Analysis By Region, 2023-2031 ($ Million)
13. Global Photovoltaic Switch For Utility-Scale Solar Systems Market Research And Analysis By Region, 2023-2031 ($ Million)
14. Global Photovoltaic Switch For Off-Grid Solar Systems Market Research And Analysis By Region, 2023-2031 ($ Million)
15. Global Photovoltaic Switch For Solar PV Inverters Market Research And Analysis By Region, 2023-2031 ($ Million)
16. Global Photovoltaic Switch Market Research And Analysis By Region, 2023-2031 ($ Million)
17. North American Photovoltaic Switch Market Research And Analysis By Country, 2023-2031 ($ Million)
18. North American Photovoltaic Switch Market Research And Analysis By Type, 2023-2031 ($ Million)
19. North American Photovoltaic Switch Market Research And Analysis By Product Type, 2023-2031 ($ Million)
20. North American Photovoltaic Switch Market Research And Analysis By Application, 2023-2031 ($ Million)
21. European Photovoltaic Switch Market Research And Analysis By Country, 2023-2031 ($ Million)
22. European Photovoltaic Switch Market Research And Analysis By Type, 2023-2031 ($ Million)
23. European Photovoltaic Switch Market Research And Analysis By Product Type, 2023-2031 ($ Million)
24. European Photovoltaic Switch Market Research And Analysis By Application, 2023-2031 ($ Million)
25. Asia-Pacific Photovoltaic Switch Market Research And Analysis By Country, 2023-2031 ($ Million)
26. Asia-Pacific Photovoltaic Switch Market Research And Analysis By Type, 2023-2031 ($ Million)
27. Asia-Pacific Photovoltaic Switch Market Research And Analysis By Product Type, 2023-2031 ($ Million)
28. Asia-Pacific Photovoltaic Switch Market Research And Analysis By Application, 2023-2031 ($ Million)
29. Rest Of The World Photovoltaic Switch Market Research And Analysis By Region, 2023-2031 ($ Million)
30. Rest Of The World Photovoltaic Switch Market Research And Analysis By Type, 2023-2031 ($ Million)
31. Rest Of The World Photovoltaic Switch Market Research And Analysis By Product Type, 2023-2031 ($ Million)
32. Rest Of The World Photovoltaic Switch Market Research And Analysis By Application, 2023-2031 ($ Million)
1. Global Photovoltaic Switch Market Research And Analysis By Type, 2023 Vs 2031 (%)
2. Global Fixed Photovoltaic Switch Market Share By Region, 2023 Vs 2031 (%)
3. Global Plug-In Photovoltaic Switch Market Share By Region, 2023 Vs 2031 (%)
4. Global Drawer Type Photovoltaic Switch Market Share By Region, 2023 Vs 2031 (%)
5. Global Photovoltaic Switch Market Research And Analysis By Product Type, 2023 Vs 2031 (%)
6. Global DC Disconnect Photovoltaic Switch Market Share By Region, 2023 Vs 2031 (%)
7. Global AC Disconnect Photovoltaic Switch Market Share By Region, 2023 Vs 2031 (%)
8. Global Transfer Photovoltaic Switch Market Share By Region, 2023 Vs 2031 (%)
9. Global Load Break Photovoltaic Switch Market Share By Region, 2023 Vs 2031 (%)
10. Global Photovoltaic Switch Market Research And Analysis By Application, 2023 Vs 2031 (%)
11. Global Photovoltaic Switch For Residential Solar Systems Market Share By Region, 2023 Vs 2031 (%)
12. Global Photovoltaic Switch For Commercial Solar Systems Market Share By Region, 2023 Vs 2031 (%)
13. Global Photovoltaic Switch For Utility-Scale Solar Systems Market Share By Region, 2023 Vs 2031 (%)
14. Global Photovoltaic Switch For Off-Grid Solar Systems Market Share By Region, 2023 Vs 2031 (%)
15. Global Photovoltaic Switch For Solar PV Inverters Market Share By Region, 2023 Vs 2031 (%)
16. Global Photovoltaic Switch Market Share By Region, 2023 Vs 2031 (%)
17. US Photovoltaic Switch Market Size, 2023-2031 ($ Million)
18. Canada Photovoltaic Switch Market Size, 2023-2031 ($ Million)
19. UK Photovoltaic Switch Market Size, 2023-2031 ($ Million)
20. France Photovoltaic Switch Market Size, 2023-2031 ($ Million)
21. Germany Photovoltaic Switch Market Size, 2023-2031 ($ Million)
22. Italy Photovoltaic Switch Market Size, 2023-2031 ($ Million)
23. Spain Photovoltaic Switch Market Size, 2023-2031 ($ Million)
24. Rest Of Europe Photovoltaic Switch Market Size, 2023-2031 ($ Million)
25. India Photovoltaic Switch Market Size, 2023-2031 ($ Million)
26. China Photovoltaic Switch Market Size, 2023-2031 ($ Million)
27. Japan Photovoltaic Switch Market Size, 2023-2031 ($ Million)
28. South Korea Photovoltaic Switch Market Size, 2023-2031 ($ Million)
29. Rest Of Asia-Pacific Photovoltaic Switch Market Size, 2023-2031 ($ Million)
30. Latin America Photovoltaic Switch Market Size, 2023-2031 ($ Million)
31. Middle East And Africa Photovoltaic Switch Market Size, 2023-2031 ($ Million)
