Solar Appliances Market size was valued at USD 63.36 Billion in 2023 and is expected to exceed USD 398.75 Billion by 2036, expanding at over 15.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of solar appliances is assessed at USD 71.72 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
15.2% |
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Base Year Market Size (2023) |
USD 63.36 Billion |
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Forecast Year Market Size (2036) |
USD 398.75 Billion |
|
Regional Scope |
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Type (Solar Photovoltaic, Solar Thermal)
The solar photovoltaic segment is estimated to hold 58% share of the solar appliances market by 2036. 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:
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Type |
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Appliance |
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End Use |
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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 2036. 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.
Author Credits: Dhruv Bhatia
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