Home solar system incorporates photovoltaic panels and solar modules that generate electricity to power home appliances in residential areas. Home solar systems provide clean, renewable energy and help homeowners reduce their dependence on fossil fuels. The solar panels convert sunlight directly into electricity for homes, reducing electricity bills.
The global home solar system market is estimated to be valued at US$ 77.42 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Lower cost of solar power generation has opened up opportunities for increased adoption of home solar systems. Continuous decline in prices of solar panels and batteries has made solar power more affordable for residential customers. According to estimates, the levelized cost of electricity from residential solar systems has declined by around 70% over the past decade. The improving cost competitiveness of home solar solutions compared to traditional power sources is a major factor driving the demand for home solar systems. As the upfront installation costs go down further due to technological innovations, more homeowners are expected to opt for solar to meet their electricity needs and benefit from lower electricity bills over the long term. This rising demand from costumers due to declining costs represents a key growth opportunity for the global home solar system market during the forecast period.
Porter's Analysis
Threat of new entrants: Low cost of production machinery has reduced entry barriers. However, established brands have strong brand recognition and distribution networks.
Bargaining power of buyers: Buyers have high bargaining power due to availability of various brands. Buyers can negotiate on price and demand innovative features.
Bargaining power of suppliers: Suppliers of raw materials like solar panels and batteries have moderate bargaining power due to established supply relationships of manufacturers.
Threat of new substitutes: Alternate sources of energy like wind and biofuels pose potential threat. However, solar remains inexpensive and sustainable substitute.
Competitive rivalry: Intense competition among key global and regional players. Companies compete on technology, quality, pricing and service.
SWOT Analysis
Strength: Growing environmental concerns and supportive government policies and subsidies drive demand. Panels require no fuel and offer long term savings.
Weakness: High initial installation cost is a major restraint. Dependency on climate conditions and need for battery backups.
Opportunity: Rising rural electrification and off-grid applications in developing nations present new opportunities. Technological advances can further reduce costs.
Threats: Fluctuations in polysilicon prices impact costs. Fall in subsidies can dampen growth. Trade barriers affect global profit pools.
Key Takeaways
The global home solar system market scope is expected to witness high growth over the forecast period. Rapid electrification in rural areas and policy support for renewables will aid the expansion. The lucrative residential rooftop segment is projected to accelerate installation rates. 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:
Asia Pacific region dominates the market currently due to strong government initiatives in major countries like China and India. Large population, strong economic growth and supportive policies drive regional market. North America and Europe are other major regional markets.
Key players related content: 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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