Solar PV Junction Box Market: Current Analysis and Forecast 2021-2027

Global Solar PV Junction Box Market was valued at US$ 1.3 Billion in 2020 and is anticipated to reach US$ 2 Billion by 2027 displaying an elevated CAGR of 6.8% over the forecast period (2021-2027).
The photovoltaic (PV) junction box is an important part of the solar panels. The junction box is the enclosure on the module where the PV strings are electrically connected. The PV junction box is typically attached at the back of the solar panel with a silicon adhesive. This wires the connectors (usually 4) together and is the output interface of the solar panels. Good quality junction boxes keep corrosion at minimal in the terminals by excluding water from coming in. The IP rating of the junction boxes matters a lot. A junction box with IP 67 rating is completely watertight. Photovoltaic junction boxes have diodes, which keep the power flow in one direction and prevent power from feeding back into the panels when there is no sunshine. The quality of PV junction box is certified (e.g., Via TUV) and regulated the heat which offers long term safety.
Key factors influencing the solar PV junction box market growth include the growing demand of electricity over the years due to industrialization in developing countries and increase per person use of electricity all over the globe. Other factors such as growing economy, increasing population and rapid urbanization are also creating a surge in the electricity demand. According to IEA's semiannual electricity report, the global electricity demand is expected to grow 5% in 2020 and 4% in 2021, driven by the global economic recovery. The joint move towards renewable energy sources around the world is promoting the use of solar panels and other renewable sources of energy to acknowledge this increasing energy crisis. Installation of solar panels is increasing at a tremendous rate leading to the growth in solar PV junction box market. The number of solar panel installations in the United States grew from 13,484 installations in 2019 to 19,221 installations in 2020.
GEESYS Technologies, Targray, Elcom International, LEONI AG, Zhejiang Zhonghuan Sunter PV Technology Co. Ltd, Hosiden Corporation, Jiangsu Tongling Electric Co., Ltd., St?ubli International AG, VRM Energy Consultancy Services Pvt Ltd., and TE Connectivity are some of the prominent players operating in the Solar PV Junction Box market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
"Amongst Type, Potting PV Junction Box segment holds the major share"
Based on type, the Solar PV Junction Box market is segmented into Potting PV Junction Box and Non-potting PV Junction Box. Amongst type, the potting PV junction box segment of the market held the significant market share in 2020. The potting PV junction method solders the foils coming out of the solar panel to the diode in the junction box. The junction box must then be potted or filled with a type of sticky material which allows thermal heat transfer, keeps the solder joint in place and prevents it from failing.
"Amongst Application, Residential Segment holds the major share"
Based on Application, the Solar PV Junction Box market is segmented into Residential, Commercial & Industrial, and Utilities. Amongst application, Residential segment accounted for considerable revenue share in 2020. Solar panels are more commonly used in homes as compared to commercial or utilities settings, and thus the higher use of Solar PV junction boxes in residential homes. While choosing a PV junction box the quality of the material being used is the key factor.
"Asia Pacific represents one of the largest markets of Solar PV Junction Box market"
For a better understanding of the market dynamics of the Solar PV Junction Box market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. Asia Pacific dominated the market in 2020 owing to increased industrialization in the region.
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- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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The photovoltaic (PV) junction box is an important part of the solar panels. The junction box is the enclosure on the module where the PV strings are electrically connected. The PV junction box is typically attached at the back of the solar panel with a silicon adhesive. This wires the connectors (usually 4) together and is the output interface of the solar panels.
Good quality junction boxes keep corrosion at minimal in the terminals by excluding water from coming in. The IP rating of the junction boxes matters a lot. A junction box with IP 67 rating is completely watertight. Photovoltaic junction boxes have diodes, which keep the power flow in one direction and prevent power from feeding back into the panels when there is no sunshine. The quality of PV junction box is certified (e.g. Via TUV) and regulated the heat which offers long term safety.
Based on type, the solar PV junction box market is segmented into potting PV junction box and non-potting PV junction box. Amongst type, the potting PV junction box segment of the market was valued at US$ XX million in 2020 and is likely to reach US$ XX million by 2027 growing at a CAGR of XX% from 2021-2027.
Based on Application, the solar PV junction box market is segmented into Residential, Commercial & Industrial, and Utilities. Amongst application, Residential segment accounted for a market valuation of US$ XX million in 2020 and is expected to reach US$ XX million by the year 2027, at a CAGR of XX% over the analyzed period.
For a better understanding of the market adoption of Solar PV Junction Box Industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific will dominate the Solar PV Junction Box market on account of increasing urbanization.
Some of the major players operating in the market include GEESYS Technologies, Targray, Elcom International, LEONI AG, Zhejiang Zhonghuan Sunter PV Technology Co. Ltd, Hosiden Corporation, Jiangsu Tongling Electric Co., Ltd., St?ubli International AG, VRM Energy Consultancy Services Pvt Ltd., and TE Connectivity. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Solar PV Junction Box Market was valued at US$ XX million in 2020 and is projected to expand significantly with a CAGR of XX% from 2021-2027F to US$ XX million in 2027. The Solar PV Junction Box Market is expected to witness a boost on account of its high adoption in the Asia Pacific region.