Wilmington, Delaware, United States, March 29, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – Solar appliances market report by TMR states that the global industry is expected to reach the value of US$ 201.3 Bn by end of 2031. The market size was worth US$ 56.3 Bn in 2022.The market statistics predict voluminous growth in the industry during the forecast period of 2023-2031.
The market research report includes all important aspects related to market growth. Key factors include growth drivers, competitive scenario, regional landscape, and emerging trends. The extensive research analysis through market surveys conducted by the expert team at TMR provides deep insights into the market and illustrates the growth trajectory over the forecast period.
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The rise in awareness about environmental concerns across the globe has created a pressing need for renewable sources of energy. Solar energy is an emission-free, sustainable, and green source of energy. Solar appliances operate on the energy produced by the sun. Energy needs can be fulfilled efficiently by using solar energy. Concurrently, the inclination of the global population toward reducing the hazardous effects of energies with emissions on the environment has opened new growth avenues for the global market.
Solar Appliances Market: Growth Drivers
- Escalating demand for sustainable renewable energy resources boosting industry growth: Global concerns about environmental issues have led to an increase in market demand for sustainable energy sources such as solar energy Furthermore, this aspect has led to an increase in sales of solar appliances such as heaters, cookers, refrigerators, and inverters.
- High adoption of energy storage systems to augment business growth: Energy storage systems are efficient in storing a vast amount of energy. The stored energy can be used when required, thus saving upon significant overhead costs. The flexibility in storing solar energy has made it popular and led to advancements such as solar trackers, which can capture the maximum amount of sunlight through solar panels. These technological innovations in energy storage systems have proved to be favorable for the growth of the solar appliances market.
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Key Findings of Solar Appliances Market
- Smart inverter sales to scale up exponentially: The product range of solar inverters includes smart inverters with the ability to match the needs of the grid by adjusting the output of solar panels. Technological advancements in solar appliances has made them more efficient and cost-effective. Smooth working of such appliances has reduced the reliance on other forms of energy. This is anticipated to create lucrative opportunities for the global business.
- Solar Photovoltaic (PV) type segment to witness robust growth: Solar PV systems are cost-efficient and sustainable. Additionally, they meet household requirements without any hassles. Thus, demand for solar PV appliances has increased considerably during the past few years. Concurrently, introduction of government subsidies and incentives to promote the usage of renewable energy resources has created revenue generation opportunities for industry growth.
- Residential end-use segment to offer lucrative scope for market development: The residential segment is expected to grow at a rapid pace owing to the rise in demand for solar appliances for household applications. The residential projects are installing solar lighting systems, heaters, and other solar appliances considering the consumer preferences that include eco-friendly features which can add value to their projects. Nevertheless, commercial spaces are also coming up with facilities that involve the application of solar gadgets. Hence, the market is expected to witness rapid growth from 2023-2031.
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Solar Appliances Market: Regional Dynamics
Asia Pacific is estimated to dominate the global market owing to the increase in cost of conventional energy resources in the region. Countries such as India and China are located in zones that receive ample sunlight. Furthermore, rise in environmental issues has led to a dire need for green energy resources. This is expected to pave the way for market progress.
The market in North America and Europe is projected to witness lucrative growth during the forecast period owing to the enactment of government norms and policies for reducing negative impacts on the ecosystem. However, the market in Latin America and the Middle East & Africa is likely to exhibit steady growth during the forecast period.
Solar Appliances Market: Competitive Landscape
Key market participants are relentlessly focusing on the development of novel technologies to incorporate solar energy systems into the mainstream. The replacement of conventional energy with sustainable energy resources needs meticulous planning and implementation. Therefore, key players are involved in extensive research and development activities. The expansion of production capacities as a result of the rise in demand has opened new growth avenues for the solar appliances market. Furthermore, the development of innovative products has led to the expansion of the product portfolio which may eventually bring immense growth opportunities for the global industry.
Some of the key players are:
- Trina Solar
- Jinko Solar
- Yingli Solar
- SMA Solar Technology
- SolarEdge
- First Solar
Solar Appliances Market: Segmentation
Type
- Solar Photovoltaic
- Solar Thermal
Appliance
- Solar Lighting
- Solar Cooker
- Solar Water Heater
- Solar Air Conditioning
- Solar Inverter
- Solar Refrigerator
- Others
End-use
- Industrial
- Commercial
- Residential
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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