Solar Appliances Market Trends

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