$1.39 Billion Growth in Solar Home Systems Market Size Due to Availability of Favorable Financing Options

NEW YORK, August 31, 2022 /PRNewswire/ — The latest market analysis report titled Solar Home System Market by Type and Geography – Forecasts and Analysis 2022-2026 has been added to Technavio’s catalog. The report predicts that the market will witness an acceleration in growth at a CAGR of 21.4%. Technavio classifies the global solar home systems market as part of the global renewable electricity market. Our report provides detailed insights on value chain analysis for Solar Home Systems market which vendors can leverage to gain a competitive edge during the forecast period. The data available in our value chain analytics segment can help vendors reduce costs and improve customer services over the forecast period.

The latest market research report titled Solar Home System Market by Type and Geography – Forecast and Analysis 2022-2026 has been announced by Technavio, who has been proud to partner with Fortune 500 companies for over 16 years.

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“Some of the key growth drivers for this market are the increasing availability of favorable financing options, growing demand for energy, and increasing favorable government support,” says a senior utility industry analyst at Technavio. In addition, growing support from NGOs in African and Asian countries is one of the key trends in the solar home system market that is expected to positively impact the industry during the forecast period. Various NGOs are active in Tanzaniasuch as Solar Circle, a non-profit organization that promotes access to solar energy in Tanzania, East Africa. Solar Circle also distributes solar cookers and lights in Masasi district at Southern Tanzania to meet the need for a clean and sustainable source of energy as well as to curb high rates of deforestation.

However, one of the major challenges to the growth of the global solar home systems market is the competition from alternative energy sources. In addition, efforts are being made to stimulate the growth of hydro and wind power generation. For example, the State Grid Corp. of China solved the bottleneck problems in the transmission and grid connection of wind power in the country. Additionally, offshore wind power plants result in the production of a greater amount of electricity compared to their onshore counterparts, which may hinder the adoption of solar home systems.

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Highlights of Solar Home System Market Segment

  • The growth in solar home system market share by PAYG product segment will be significant during the forecast period.

  • In the PAYG business model, companies rent solar home systems and consumers use basic mobile phones to make payments on a daily, weekly or monthly basis.

  • Thus, PAYG solar home systems are used as an effective solution to provide people, especially in African countries, with access to electricity, which will drive the growth of the segment.

Regional Analysis of the Solar Home Systems Market

  • 47% of market growth will come from Middle East and Africa during the forecast period.

  • Kenya and Uganda are the main markets for solar home systems in Middle East and Africa. The growth of the market in this region will be faster than the growth of the market in South America and APAC.

  • The introduction of numerous initiatives by the governments, such as USAID, in several countries will facilitate the growth of the solar home system market in Middle East and Africa over the forecast period.

  • Tanzania, Chinaand India will emerge as some of the major revenue-generating economies in the solar home system market in Middle East and Africa.

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Vendor analysis

  • The solar home system market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. This statistical study of the Solar Home System Market encompasses the successful business strategies deployed by the major vendors.

  • The Solar Home Systems Market forecast report offers in-depth information about key vendor profiles. The profiles include production, sustainability and outlook information for key companies.

  • To make the most of the opportunities and recover from the post-pandemic impact, market vendors are expected to focus more on growth prospects in fast-growing segments, while maintaining their positions in slow-growing segments.

  • The report analyzes the competitive landscape of the market and offers information about several vendors in the market including:

  • Bboxx Ltd.

  • Canadian Solar Inc.

  • Cygni

  • Premier Solaire Inc.

  • Hanwha Corp.

  • Fosera Solarsystems GmbH and Co. KGaA

  • JA Solar Technology Co.Ltd.

  • Kyocera Corp.

  • Lumos Global B.V.

  • Mr Kopa

  • NIWA Solar

  • Offgridsun srl

  • ovSolar Power Co. Ltd.

  • Phocos S.A.

  • Renewit Solar Ltd.

  • Schneider Electric SE

  • Sun King

  • SolarNow B.V.

  • Tata Sons Pvt. ltd.

  • Yingli Green Energy Holding Co.Ltd.

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Scope of the solar home system market

Report cover

Details

Page number

120

base year

2021

Forecast period

2022-2026

Growth momentum and CAGR

Accelerate at a CAGR of 21.4%

Market Growth 2022-2026

$1.39 billion

Market structure

Fragmented

Annual growth (%)

20.5

Regional analysis

Middle East and Africa, APAC, South America, North America and Europe

Successful market contribution

Middle East and Africa at 47%

Main consumer countries

Kenya, Uganda, Tanzania, China and India

Competitive landscape

Leading companies, competitive strategies, scope of consumer engagement

Profiled companies

Bboxx Ltd., Canadian Solar Inc., Cygni, First Solar Inc., Fosera Solarsystems GmbH and Co. KGaA, Hanwha Corp., JA Solar Technology Co. Ltd., Kyocera Corp., Lumos Global BV, M KOPA, NIWA Solar, Offgridsun srl, ovSolar Power Co. Ltd., Phocos AG, Renewit Solar Ltd., Schneider Electric SE, Sun King, SolarNow BV, Tata Sons Pvt. Ltd., and Yingli Green Energy Holding Co. Ltd.

Market dynamics

Parent market analysis, market growth drivers and barriers, analysis of fast and slow growing segments, impact of COVID-19 and future consumer dynamics, and analysis of market conditions for the forecast period.

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

Contents

1. Summary

2 Market landscape

3 Market sizing

4 Five forces analysis

5 Market Segmentation by Type

6 Customer Landscape

7 Geographic landscape

8 drivers, challenges and trends

9 Supplier landscape

10 Vendor Analysis

11 Appendix

About Us

Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s reporting library consists of over 17,000 reports and counts, spanning 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.

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Technavio (PRNewsfoto/Technavio)

Technavio (PRNewsfoto/Technavio)

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