Renewable Energy is fastest growing segment fueling the growth of Home Solar System Market

The global Home Solar System Market is estimated to be valued at US$ 67.20 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Home solar systems allow homeowners to generate their own electricity by harnessing solar energy through solar panels installed on rooftops. Homeowners are able to sell excess power back to the utility grid or use it to power their homes. With growing awareness about climate change and environmental protection, people are increasingly adopting solar energy systems for their residential needs.

Market Overview:

Home solar systems consist of solar panels, mounting equipment, wiring and circuitry, batteries and inverters. These systems harness energy from the sun and convert it to electricity that powers appliances and other devices in homes. They help reduce dependence on fossil fuels and lower electricity bills by generating clean, affordable solar power. With numerous incentives and net metering policies, homeowners can recover installation costs over time while helping the environment.

Market key trends:

One of the key trends driving the growth of the home solar system market size is rising awareness about renewable energy sources. With a growing emphasis on sustainability and lower carbon emissions, more homeowners are opting for solar energy to power their homes. Additionally, supportive government policies and incentives like rebates and tax credits have encouraged higher adoption of residential solar systems. Technological advancements have also made solar panels more efficient and cost-effective. Monocrystalline and polycrystalline solar cells now deliver high performance at reduced prices. Furthermore, battery storage solutions are allowing homes to store excess solar power for usage even when the sun is not shining. This has increased the viability of home solar systems across different geographies.

Segment Analysis

The home solar system market is segmented into module, inverter, battery and balance of system. Among these, the module segment dominates the market, accounting for more than 60% share in 2023. Solar photovoltaic (PV) modules is the core hardware component in a solar power system, without which energy generation is not possible. Technological advancements in module efficiency and competitive pricing have boosted the adoption of solar modules across residential setups.

Key Takeaways

The global home solar system market is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing energy costs and supportive government policies and regulations regarding renewable energy adoption.

Regional analysis shows that Asia Pacific is currently the fastest growing as well as dominating region in the home solar system market. Countries like China, Japan, India and South Korea have conducive solar PV installation policies and availability of low-cost solar equipment, which is fueling market growth. Europe is another major regional market driven by stringent carbon reduction targets in countries like Germany, UK and Italy.

Key players operating in the home solar system market are SunPower Corporation, Vivint Solar, Sunrun, Tesla, LG Electronics, Panasonic Corporation, JinkoSolar, Canadian Solar, ReneSola, Trina Solar, Yingli Green Energy, SMA Solar Technology, Enphase Energy, SolarEdge Technologies, Daqo New Energy Corp, JA Solar, LONGi Green Energy Technology, Array Technologies, First Solar, REC Group. Among these, leading players like SunPower, Vivint, Tesla and Sunrun collectively account for over 30% share due to their strong technological capabilities and global presence across major markets.

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