LONDON--(BUSINESS WIRE)--The global solar home systems market size is poised to reach USD 587.7 million by 2023, according to a new report by Technavio, progressing at a CAGR of close to 26% during the forecast period.
“The rising demand for energy has been pushing the consumption of fossil fuels such as coal, oil, and gas. This has led to a rise in carbon emissions across the world. There is a high demand for clean energy sources, which is driving the adoption of solar, as it is considered to result in virtually zero carbon emissions. This will drive the growth of the solar home systems market during the forecast period,” says a senior analyst at Technavio. Request Free Sample Pages
The market is driven by the rising demand for energy. In addition, favorable government support is anticipated to boost the solar home systems market during the forecast period.
The global energy demand is increasing at a significant rate, owing to the growing population across the world. A large portion of the total world population lacks electricity access and a considerable section of the population with electricity access has poor quality supply. Off-grid renewable energy solutions, such as solar home systems, represent a viable electrification solution. Solar home system is rapidly scalable, environmentally sustainable, customizable according to the local conditions, as well as holds potential for empowering rural communities. The rising demand for energy access and the linked socio-economic benefits of using off-grid renewable solutions will drive the growth of the solar home systems market during the forecast period.
The market for solar appliances has expanded with support from various donor-funded and government programs, NGO projects, and private over-the-counter sales of products. For instance, with the launch of Pradhan Mantri Sahaj Bijli Har Ghar Yojana or Saubhagya scheme, the Government of India have designed a path for providing continuous power supply to the rural areas in the country. The regulations and efforts undertaken by such government agencies are expected to drive the demand for solar home systems.
The report includes detailed profiles of the leading companies & prominent vendors of the market:
The Solar home systems Market can be broadly categorized into the following product segments:
Featuring a breakdown of region-wise market shares until 2019.
Some of the key topics covered in the report include:
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Solar Encapsulation Market – Global Solar Encapsulation Market by application (crystalline silicon PV module and thin film PV module) and geography (the Americas, APAC, and EMEA).
Solar Power Market in India – Solar Power Market in India by end-users (utility and rooftop) and application (grid-connected and off-grid).
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