Solar Appliances Market Size is Expected to Reach

Wilmington, Delaware, United States, March 29, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – TMR Solar Devices Market report states that the global industry is expected to reach the value of $201.3 billion until the end of 2031. The market size was US$56.3 billion in 2022. The market statistics predicts extensive growth of the industry during the forecast period 2023-2031.

The market research report contains all the important aspects related to the market growth. Key factors include growth drivers, competitive scenarios, regional landscapes, and emerging trends. The extensive research analysis through market studies conducted by the team of experts at TMR offers deep insights into the market and illustrates the growth trajectory over the forecast period.

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The growing awareness of environmental concerns around the world has created an urgent need for renewable energy sources. Solar energy is a zero-emission, sustainable and green source of energy. Solar devices work with the energy generated by the sun. The energy requirement can be covered efficiently by using solar energy. At the same time, the propensity of the world population to reduce the harmful impact of emitting energies on the environment has opened new growth avenues for the global market.

Solar Devices Market: Growth Drivers

• Increasing demand for sustainable renewable energy sources fuels industry growth: Global concerns about environmental issues have led to an increase in market demand for sustainable energy sources such as solar power. In addition, this aspect has led to an increase in sales of solar devices such as heaters, stoves, refrigerators and inverters.
• High Adoption of Energy Storage Systems to Boost Business Growth: Energy storage systems are capable of efficiently storing large amounts of energy. The stored energy can be used when needed, saving significant overhead costs. The flexibility in storing solar energy has made it popular and led to advances such as solar trackers that can capture the maximum amount of sunlight through solar panels. These technological innovations in energy storage systems have proven to be favorable for the growth of the solar device market.

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Major Results of the Solar Devices Market

• Sales of smart inverters are set to increase exponentially: The solar inverter product range includes intelligent inverters with the ability to adapt to the needs of the electricity grid by adjusting the output of solar modules. Technological advances in solar devices have made them more efficient and less expensive. The smooth operation of such devices has reduced dependence on other forms of energy. This is expected to create lucrative opportunities for the global business.
• Solar photovoltaic (PV) segment with robust growth: Solar PV systems are cost-effective and sustainable. In addition, they easily meet the needs of the household. Therefore, the demand for solar PV devices has increased significantly in recent years. At the same time, the introduction of government subsidies and incentives to encourage the use of renewable energy sources has created revenue-generating opportunities for the growth of the industry.
• Residential end consumer segment offers lucrative scope for market development: The residential segment is expected to grow rapidly due to the increasing demand for solar devices for household applications. The residential projects install solar lighting systems, heaters and other solar devices considering consumer preferences that include eco-friendly features that can add value to their projects. However, commercial sites with facilities that include the use of solar devices are also emerging. Hence, the market is expected to witness rapid growth from 2023 to 2031.

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Solar Devices Market: Regional Dynamics

It is estimated that the Asia-Pacific region is dominating the global market due to the increase in the cost of conventional energy resources in the region. Countries like India and China are in zones that receive a lot of sunlight. In addition, the increase in environmental problems has led to an urgent need for green energy resources. This should pave the way for market advances.

The market in North America and Europe is expected to witness lucrative growth during the forecast period owing to the adoption of government norms and policies aimed at reducing negative impacts on the ecosystem. However, the market in Latin America and the Middle East and Africa is expected to show steady growth during the forecast period.

Solar Devices Market: Competitive Landscape

Major market players are relentlessly focused on developing novel technologies to integrate solar energy systems into the mainstream. Replacing conventional energy with sustainable energy resources requires careful planning and implementation. Therefore, key players are involved in extensive research and development activities. The expansion of production capacities as a result of increased demand has opened up new growth opportunities for the solar equipment market. In addition, the development of innovative products has led to an expansion of the product portfolio, which could ultimately bring immense growth opportunities for the global industry.

Some of the key players are:

• Trina Solar
• Jinko Solar
• Yingli Solar
• SMA solar technology
• SolarEdge
• first sun

Solar Devices Market: Segmentation

Type

• solar photovoltaic
• solar thermal

Device

• solar lighting
• solar cooker
• solar water heater
• Solar air conditioning
• Solar Inverter
• solar fridge
• Other

end use

• Industrial
• Advertising
• residential

regions

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Transparency Market Research, a global market research firm based in Wilmington, Delaware, USA, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights for thousands of decision makers. Our experienced team of analysts, researchers and consultants use proprietary data sources and various tools and techniques to collect and analyze information.

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