NEW YORK, Aug. 31, 2022 /PRNewswire/ — The latest market analysis report titled Solar Home Systems Market by Type and Geography – Forecast and Analysis 2022-2026 has been added to Technavio’s catalog. The report predicts the market to witness an accelerating growth momentum at a CAGR of 21.4%. Technavio categorizes the global solar home systems market as a part of the global renewable electricity market. Our report provides extensive information on the value chain analysis for the solar home systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Latest market research report titled Solar Home Systems Market by Type and Geography – Forecast and Analysis 2022-2026 has been announced by Technavio which is proudly partnering with Fortune 500 companies for over 16 years
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“Some of the primary growth drivers for this market is the increasing availability of favorable financing options, rising demand for energy, and surging favorable government support,” says a senior analyst for the utility sector at Technavio. In addition, the rising support 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 in the forecast period. Various NGOs are active in Tanzania, such as Solar Circle, a non-profit organization that promotes access to solar power in rural Tanzania, East Africa. Solar Circle also distributes solar cookers and lights in the Masasi district of Southern Tanzania to address the need for a clean and sustainable energy source as well as curb the high rates of deforestation.
However, one of the key challenges to the global solar home systems market growth is the competition from alternative sources of energy. Moreover, efforts are being directed to boost the growth of hydro and wind power generation. For instance, the State Grid Corp. of China has been resolving the bottleneck issues in the transmission and grid connection of wind power in the country. Furthermore, offshore wind power plants result in the production of a higher amount of electricity compared with their onshore counterparts, which may hamper the adoption of solar home systems.
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Solar Home Systems Market Segment Highlights
- The solar home systems market share growth by the PAYG products segment will be significant during the forecast period.
- In the PAYG business model, companies rent out solar home systems, and consumers use basic mobile phones to make payments on a daily, weekly, or monthly basis.
- Thus, PAYG solar home systems are being used as an effective solution to provide people, particularly in African countries, with access to electricity, which will drive the segment growth.
Solar Home Systems Market Regional Analysis
- 47% of the market’s growth will originate from Middle East and Africa during the forecast period.</…….