The global Home Solar System Market is estimated to be valued at US$ 67.20 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Residential solar systems consist of photovoltaic panels installed on the rooftops of residential buildings to generate electricity from sunlight for usage within the building. Residential solar systems provide clean energy and help reduce electricity bills by generating power on-site.
Market key trends:
One of the key drivers boosting the demand for home solar systems is declining costs of photovoltaic modules and balance of system components over the past decade. Furthermore, policies promoting the adoption of renewable energy sources through various incentives such as subsidies, tax credits and renewable energy certificates have significantly driven the home solar system installations globally. Stringent regulations regarding carbon emissions from conventional power sources is also driving the demand for clean and sustainable home solar systems. Advancements in battery technology is enabling cost effective energy storage solutions making solar power available even during night, which is expected to further accelerate the home solar system market growth during the forecast period.
Market key trends:
The home solar system market size has been witnessing rising demand due to increasing concerns about climate change and focus on renewable energy sources. Various government subsidies and policies promoting solar rooftop installations have boosted adoption of home solar panels. Further, declining costs of solar components and improving energy efficiency of solar modules are making home solar systems a viable investment for households. Technological advances like smart solar inverters and monitoring systems are also supporting the growth of this market.
SWOT Analysis
Strengths:
– Reduced electricity bills for homeowners
– Reliable and sustainable source of energy
– Government incentives and subsidies supporting adoption
Weaknesses:
– High upfront installation costs
– Dependence on weather conditions for power generation
Opportunities:
– Growing awareness about green energy and carbon reduction
– Innovations improving solar panel efficiency and energy storage
Threats:
– Uncertainty in government policies supporting renewables
– Fall in subsidies can reduce future installations
Key Takeaways
The global home solar system market is expected to witness high growth, exhibiting CAGR of 17.% over the forecast period, due to increasing focus on renewable sources of energy and rising electricity costs.
The Asia Pacific region currently dominates the market, with China, Japan, and India being major markets. In North America, the US is the fastest growing market for home solar systems. The rising adoption of rooftop solar panels is expected to drive the home solar system market in developed regions like Europe and the US over the coming years.
Key players operating in the home solar system market are SunPower Corporation, Vivint Solar, Sunrun, Tesla, LG Electronics, Panasonic Corporation, JinkoSolar, Canadian Solar, ReneSola, Trina Solar, Yingli Green Energy, SMA Solar Technology, Enphase Energy, SolarEdge Technologies, Daqo New Energy Corp, JA Solar, LONGi Green Energy Technology, Array Technologies, First Solar, REC Group.
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