New York, NY, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled "Home Solar System Market Share, Size, Trends, Industry Analysis Report, By Component (Solar Panel, Solar Inverter, Solar Battery, Trackers, Others); By Grid Type; By Type; By End-User; By Region; Segment Forecast, 2023- 2032" in its research database.
According to [110+ Pages] research analysis by Polaris Market Research, the global home solar system market share was valued at USD 55.28 billion in 2022 and is predicted to reach USD 274.97 billion by 2032. Also, the study states that the market reveals a robust 17.4% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032.
What is a Home Solar System? How Big Is Home Solar System Market Size and Share?
- Overview
Home solar system are discrete photovoltaic systems that provide an economical technique of applying amenity power for lighting and instruments to distant, isolated households. In rural regions, they are not attached to the grid. Home solar system can be utilized to encounter a household's energy demand realizing fundamental electric requirements. The rapidly rising demand for the home solar system market can be attributed to it offering power to innumerable households in distant locations where electrification by grid is not possible. Home solar systems function at an evaluated voltage of 12 V direct current and offer power for stunted power DC appliances such as lights, radios, and compact TVs for around three to five hours a day.
The home solar system market growth can be attributed to the fact that the market portrays a crucial element of global transformation towards renewable energy sources. While commencing costs and administrative roadblocks stay as a challenge, the environmental, economic and societal advantages of acquiring solar power are indisputable. As technological progression persists in pushing innovation in the sector together with encouraging government policies and escalating consumer consciousness, the market is confident of sustained growth, rendering an important role in configuring a more acceptable energy future.
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What are the Key Findings of the Report?
- Encouraging government policies and escalating consumer consciousness drive market growth.
- The home solar system market segmentation is primarily based on component, grid type, type, end-user, and region.
- Asia Pacific dominated the market with the largest market share in 2022.
Who are the Top Producers of Solar?
- Canadian Solar
- Enphase Energy
- First Solar
- Hanwha Q CELLS
- JA Solar
- JinkoSolar
- LG Electronics
- Panasonic Corporation
- REC Group
- Schneider Electric
- SolarEdge Technologies
- SunPower Corporation
- Sunrun Inc.
- Trina Solar
- Vivint Solar
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Market Dynamics
- Which Factors are Driving the Market Growth?
The central driving factor of the market is the growing consciousness and categorization of renewable energy sources. The home solar system market size is expanding as worries about climate change and environmental viability increase. Homeowners are looking for eco-friendly options to traditional energy sources. The capacity for durable cost savings also appears as a captivating motivation. As solar technology progresses speedily, homeowners might be uneasy about funding, dreading probable agedness. Informed about recent advancements is important for illuminated decision-making.
Additionally, government inducements, tax credits, and commending policies further motivate the acquisition of home solar systems. The home solar system sales are soaring as advancement in solar panel effectiveness and energy repository solutions is improvising the approachability and efficacy of solar power, enacting an important part in the market's augmentation. Further, the yearning for energy autonomy and flexibility against grid collapse is pushing the demand for home solar systems.
- What are the Latest Market Trends and Opportunities?
Home solar systems significantly reduce reliance on conventional fossil fuels, causing a curtailment in greenhouse gas emissions. These systems mobilize solar energy, rendering a significant donation to a cleaner and more environmentally maintainable world. Additionally, the fitting of residential solar systems reduces dependence on grid electricity, causing reduced energy costs for homeowners. This economical perspective can cause sizeable, durable savings, rendering the acquisition of solar power an alluring and fiscally motivating option.
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Home Solar System Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 274.97 Billion |
| Market size value in 2023 | USD 64.80 Billion |
| Expected CAGR Growth | 17.4% from 2023 – 2032 |
| Forecast Year | 2023 – 2032 |
| Segments Covered | By Component, By Grid Type, By Type, By End-User, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Overview of the Top Segments
- Solar Panel Segment is Anticipated to Witness the Highest Growth
Based on components, the solar panel segment is anticipated to witness the highest growth. The home solar system market demand is on the rise due to lessened prices. The prominent trigger for the development of solar panels is reducing the prices of the technology. Progressions in manufacturing, technological efficacy, and economies of scale have notably lowered prices making solar panels more attainable and economical for homeowners.
Moreover, several governments offer inducements, tax credits, and discounts to motivate the acquisition of solar panels. These fiscal dividends balance initial tariffs, rendering solar systems an alluring and fiscally viable option for homeowners. Solar panels authorize homeowners to create their electricity lessening dependence on traditional power grids. This causes sizeable durable savings on energy prices, portraying a captivating fiscal motive for homeowners to acquire solar technology.
- The Off Grid Segment Dominated the Market
Based on grid type, off grid segment dominated the market. The home solar system market trends include this segment catering to regions without entrance to a dependable power grid. It offers self-sustenance by creating, stockpiling, and handling electricity singly. Off grid systems usually comprise solar panels, batteries for energy stockpiling, and inverters for transforming DC power to AC for household usage.
These systems are important in distant locations, rural regions, and exigency readiness. They provide energy autonomy, lessening reliance on conventional utilities. The off-grid segment tackles the energy requirements of a varied range of consumers wanting dependable and viable power solutions, rendering it an important part of the advancing market.
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Regional Landscape
Asia Pacific: This region held the largest home solar system market share, owing to elements such as growing environmental consciousness, government inducements, and ample sunlight render solar energy an alluring alternative. Speedy urbanization and an upswing in residential construction additionally push the demand for the market. Technological progressions and an aggressive market scenario have caused more attainable and economical solutions. Further, the region's proliferating middle class looks for sustainable energy sources, pushing further acquisition. With a united endeavor towards renewable energy, the Asia Pacific market is confident of comforted augmentation, bestowing notably to a global move towards cleaner and more viable energy solutions.
North America: This region witnessed a healthy CAGR owing to federal and state stimulants, environmental awareness, and the inclination for energy cost savings, which has pushed the expansion. Progression in solar technology and dwindling fitting costs have rendered solar panels growingly alluring investments for homeowners. Net metering strategies also sanction inhabitants to disburse surplus energy back to the grid, additionally increasing the interest in home solar systems.
Browse the Detail Report “Home Solar System Market Share, Size, Trends, Industry Analysis Report, By Component (Solar Panel, Solar Inverter, Solar Battery, Trackers, Others); By Grid Type; By Type; By End-User; By Region; Segment Forecast, 2023- 2032” with in-depth TOC at: https://www.polarismarketresearch.com/industry-analysis/home-solar-system-market
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Current Progresses
- In April 2023, the Pinnacle of Home Energy Storage Solutions BLUETTI unveiled the EP900 Energy Storage System (ESS) following the success of their inaugural ESS, the EP600, which was launched in 2022.
Report Answers to the Following Questions
- What is the study period of the home solar system market?
- At what CAGR is the market expected to grow?
- Which segments are covered in the report?
- Who are the market's key players?
- Which region is holding the largest home solar system market share?
Polaris Market Research has segmented the home solar system market report based on component, grid type, type, end-user, and region:
By Component Outlook
- Solar Panel
- Solar Inverter
- Solar Battery
- Trackers
- Others
By Grid Type Outlook
- Off-Grid
- On-Grid
- Hybrid
By Type Outlook
- Poly-crystalline
- Mono-crystalline
- Thin Film
- Others
By End User Outlook
- Commercial
- Residential
- Industrial
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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