Solar Home Systems Market to witness growth at a CAGR of 21.4% through 2022-2026

The solar home systems market is a billion-dollar industry in making with forecasted revenue growth of USD 1.39 billion. It is estimated the market's growth momentum will accelerate at a CAGR of 21.4% from 2021 to 2026. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus. 

When it comes to the contributors of the market advancement it is observed the primary growth driver of the global solar home system is the availability of financial options such as fee-for-service or PAYG, which implies companies rent out solar lighting systems, which constitute home products to consumers and customers then pay for the product in installments or for the use of the product as a service.

In India, Greenlight Planet's EasyBuy solution leverages the PAYG model to promote the adoption of solar lamps and home lighting systems.

Similarly, Pollinate Energy Ltd., which is a social enterprise, uses a distribution network that employs the PAYG concept to make quality solar lighting products affordable and accessible to underprivileged consumers. Get a comprehensive report summary describing the market landscape of the Solar Home Systems Market with all the detailed insights.

Solar Home Systems Market at a Glance

Navigating through the market segmentation of the Solar Home Systems Market it has been observed.

• The Solar Home Systems Market can be segmented by type (PAYG products and cash products) and geography (Middle East and Africa, APAC, South America, North America, and Europe).
• When it comes to the fastest-growing geography for the Solar Home Systems Market 47% of the market's growth will originate from the Middle East and Africa, the introduction of numerous initiatives by governments, such as USAID, in several countries will facilitate the solar home systems market growth in the Middle East and Africa. 

• Rising support and aid from NGOs in African and Asian countries is one of the key solar home systems market trends that is expected to impact the industry positively.

Key Companies of the Solar Home Systems Market: Some of the prominent names worth mentioning in this industry are Bboxx Ltd., Canadian Solar Inc., Cygni, First Solar Inc., Hanwha Corp., Fosera Solarsystems GmbH and Co. KGaA, JA Solar Technology Co. Ltd., Kyocera Corp., Lumos Global BV, M KOPANIWA Solar, Offgridsun srl, etc. Our report includes qualitative and quantitative analyses of vendors with a wider understanding of the business ecosystem. Download a  sample report today.

The report provides insights into the following FAQs:

1. What is the market CAGR?
   The market is accelerating at a CAGR of 21.4%.
    
2. What is the incremental growth of the market?
   The market is expected to grow by USD 1.39 Bn through 2022-2026.
    
3. What is a key factor driving this market?
   The availability of favorable financing options will drive market growth over the forecast period.
    
4. What are the key regions covered in this market research report?
   Middle East and Africa, APAC, South America, North America, and Europe are the key regions featured in this research report.