Solar Appliances Market 2023-2035 | Growth Forecast Report

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Solar Appliances Market size is expected to reach USD 200 Billion by 2035, observing nearly 15% growth rate from 2023 to 2035. In the year 2022, the industry size of solar appliances was USD 55 Billion. Solar appliances are sustainable and protect the environment while fulfilling consumer demands for electricity. The International Energy Agency (IEA) stated that in 2021 renewable electricity generation rose by almost 7%, and reached 522 TWh.

Solar appliances are technologically advanced appliances that operate on the energy from the sun. These appliances are specifically designed to use solar energy instead of electricity from the grid or other sources. In the recent period, high focus is being shifted towards the adoption of solar appliances as these products offer an efficient source of renewable energy needs while reducing reliance on fossil fuels and other non-renewable sources of energy.

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Solar Appliances Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	~15%
Base Year Market Size (2022)	~ USD 55 Billion
Forecast Year Market Size (2035)	~ USD 200 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Global Solar Appliances Sector: Growth Drivers and Challenges

Growth Drivers

Rising Need to Reduce Carbon Emission – Several studies have highlighted the importance of solar equipment to reduce the carbon footprint in the world. Thus, to curb the ever-rising carbon emission and protect the environment from climate change, the government is focusing on deploying solar appliances in every sector. Global energy-related CO2 emissions grew in 2022 by 0.9%, or 321 million tons, reaching a new high of more than 36.8 billion tons, according to the latest report.
The Surge in Adoption of Renewable Electricity – Nowadays, many countries are shifting towards adopting renewable energy owing to its energy security and environmental sustainability. Solar appliances help in generating electricity which is cost-effective, low maintenance, and energy-dependent. In 2021 renewable electricity generation rose by almost 7%.
Favorable Government Initiatives for Clean Energy Production – High investments are being made by the regulating bodies for the production of clean energy for various applications. For instance, the World Energy Outlook (WEO)’s Stated Policies Scenario is estimated to help propel global clean energy investment to more than USD 2 trillion a year by 2030, a rise of more than 50% from today.

Challenges

High Initial Investment for Deployment – Solar applications require the latest technology to function which increases the cost of the product. Also, the set-up of solar appliances requires specific infrastructure which adds up to the final cost. This is poised to hamper solar appliances market growth during the projected timeframe.
Low Adoption Level in the Developing and Under-Developing Nations
Easy Availability of Low-Cost Alternatives

Solar Appliances Segmentation

Type (Solar Photovoltaic, Solar Thermal)

The solar photovoltaic segment is estimated to hold 58% share of the solar appliances market by 2035. The main reason for the segment development is the rising adoption of solar panels across various spectrums in the industrial, commercial, and residential sectors. Also, the high-power generation from solar photovoltaics is estimated to meet the electricity demands of the global population. The International Energy Association (IEA) stated that the power generation from solar PV increased by 22% in 2021 and reached 179 TWh.

End-Use (Industrial, Commercial, Residential)

The rising adoption of solar appliances in the residential sector is attributed to the dominance of the residential segment over others with a market value of 42%. The burgeoning population has increased the demand for household solar appliances that could be used for numerous processes. Also, the increase in favorable policies of government incentives and subsidies for adopting renewable energy is estimated to drive segment growth in the next few years.

Our in-depth analysis of the market includes the following segments:

Type	Solar Photovoltaic Solar Thermal
Appliance	Solar Lighting Solar Cooking Solar Water Heating Solar Air Conditioning Solar Inverter Solar Refrigerator Others
End Use	Industrial Commercial Residential

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Global Solar Appliances Industry - Regional Synopsis

North America Market Forecast

The North American solar appliances market is poised to be the largest and hold a market share of 35% by the end of 2035. The solar appliances market growth is the rising application of solar appliances such as solar panels and solar equipment in the region, followed by the lucrative federal tax credit incentives initiated by the government of the United States. Also, the presence of production facilities and the availability of funds for the production of solar appliances is aiding the growth in the market value.

APAC Market Analysis

The solar appliances market share of the Asia Pacific solar appliances market is estimated to grow with a steady CAGR value and garner 28% share by the end of the forecasted period. The rapid urbanization and industrialization in the region are estimated to bring opportunities for the utilization of solar appliances. In addition, the growing awareness level about the advantages of solar appliances in saving the environment is also estimated to positively contribute to an increment in market value.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the solar appliances market?

Ans: Increasing demand for an uninterrupted supply of electricity and the rise in the use of electricity are considered to be major factors contributing to market size expansion.

2) What would be the CAGR of the solar appliances market over the forecast period?

Ans: The market size of solar appliances is anticipated to attain a CAGR of 15% over the forecast period, i.e., 2023 â€“ 2035.

3) Who are the major players dominating the solar appliances market?

Ans: The major players in the market are Canadian Solar Inc., FTC Solar, Inc., The Solaria Corporation, SunPower Corporation, Trina Solar Co., Ltd, LG Electronics Inc., REC Solar EMEA GmbH, Hanwha Q CELLS GmbH, First Solar, Inc., Jinko Solar, and other key players.

4) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

5) What are the segments in the solar appliances market?

Ans: The market is segmented by type, application, end-use, and region.

6) Which segment captures the largest market size in the end-use segment in the solar appliances market?

Ans: The residential segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

7) What are the challenges affecting the market growth?

Ans: Lack of awareness regarding solar power along with the requirement of high initial investments are estimated to be the growth hindering factors for the market expansion.

8) Which region will provide more business opportunities for the growth of the solar appliances market in the future?

Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.