Solar Appliances Market Analysis

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:

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

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of solar appliances is assessed at USD 71.72 Billion.

The 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. 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.

North America industry is set to be the largest and hold a revenue share of 35% by 2036, due to rising application of solar appliances such as solar panels and solar equipment in the region

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.

Solar Appliances Market Analysis