Chan Ye Xin Xi Wang·2025-09-19 01:24Core Viewpoint - The photovoltaic junction box is a critical component in photovoltaic power generation systems, responsible for collecting and connecting multiple photovoltaic strings, enhancing system reliability and operational convenience, and experiencing significant market growth driven by increasing demand for renewable energy solutions [1][6]. Industry Overview - The photovoltaic junction box market in China is projected to grow from 3.25 billion yuan in 2017 to 9.25 billion yuan in 2024, with a compound annual growth rate (CAGR) of 16.12% [1][6]. - The rapid expansion of photovoltaic installed capacity in China, which reached 88.7 million kilowatts in 2024, is a key driver for the junction box industry [4][6]. Industry Development Background - The global push for carbon neutrality and the increasing focus on renewable energy have led to a surge in photovoltaic power generation, benefiting the junction box market [4][6]. - In 2024, China's newly installed photovoltaic capacity is expected to be 27.7 million kilowatts, a year-on-year increase of 28% [4]. Industry Chain - The upstream of the photovoltaic junction box industry includes raw materials and components such as stainless steel, aluminum alloy, and various protective devices [5]. - The downstream applications encompass residential, commercial, agricultural photovoltaic systems, and photovoltaic power plants [5]. Industry Development Trends - The industry is moving towards greater intelligence and digitalization, integrating advanced data collection, remote monitoring, and intelligent diagnostic functions [9]. - Enhancements in efficiency and reliability are becoming core objectives for manufacturers, focusing on optimizing circuit design and using high-performance components [10]. - Environmental sustainability is increasingly integrated into the design and manufacturing processes, with a focus on recyclable materials and energy-efficient production methods [12]. Key Companies - Major companies in the photovoltaic junction box industry include Sungrow Power Supply Co., Ltd., Kstar Science & Technology Co., Ltd., and others, which are actively involved in the development and production of photovoltaic equipment [2][7]. - Sungrow reported a revenue of 22.513 billion yuan in the photovoltaic sector for the first half of 2025, reflecting a year-on-year growth of 4.84% [8]. - Kstar's revenue for the same period was 2.163 billion yuan, showing a year-on-year increase of 14.35% [8].