Home solar systems help generate clean electricity from sunlight. They consist of photovoltaic panels, batteries, charge controllers and inverters. The systems provide a reliable source of electricity during power outages and reduce dependence on fossil fuels.
The global Home Solar System Market is estimated to be valued at US$ 77.42 billion in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising need for reliable power backups has accelerated the demand for home solar systems over the past few years. Frequent power outages due to grid failures, natural disasters and aging infrastructure have highlighted the need for alternate sources of electricity. Home solar systems coupled with batteries provide uninterrupted power for lighting, appliances and electronics even during outages. They offer peace of mind against disruptions and allow homeowners to operate critical systems independently of the grid. The trend is expected to continue driving higher adoption of residential solar solutions in the coming years.
Segment Analysis
The global home solar system market is dominated by the rooftop solar PV sub-segment. This is because rooftop solar panels are easy to install, more accessible, and are cost-effective for homeowners to generate solar power for their electricity needs. Rooftop solar panels have also become mainstream in the residential sector due to various government subsidies and net-metering policies promoting solar energy adoption.
Key Takeaways
The global home solar system market analysis is expected to witness high growth over the forecast period of 2024 to 2031. Rapid improvements in solar panel technology have made home solar systems more efficient and cheaper to install. This has boosted demand for residential solar energy solutions across major markets. The global Home Solar System Market is estimated to be valued at US$ 77.42 billion in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024-2031.
Regional analysis
The Asia Pacific region currently dominates the global home solar system market and is expected to grow the fastest during the forecast period. Countries like China, India, Japan and Australia have witnessed substantial growth in rooftop solar installations owing to extensive government support schemes, increased awareness about solar energy, and declining costs of solar modules. For example, Australia and India have introduced net metering policies allowing homeowners to sell excess solar power generated to the national grid.
Key players
Key players operating in the home solar system market are Amego Electric Vehicles Inc., Ampere Vehicles Pvt. Ltd, BMW Motorrad, ECCITY Motocycles, GenZe, Gogoro Inc., GOVECS GmbH, Hero Eco (Hero Electric), Honda Motor Co. Ltd., Jiangsu Xinri E-Vehicle Co., Ltd., Kumpan Electric, Piaggio & C. SpA, Sanyang Motor Co. Ltd., Silence Urban Ecomobility, Terra Motors Corp., TORROT ELECTRIC EUROPA S.A, TVS Motor Company, Vmoto Limited, and Yadea Group Holdings Ltd.
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