As per their “Solar Appliances Market” report, the global market was valued at USD 48.3 billion in 2022, growing at a CAGR of 12.8% during the forecast period from 2023 - 2030 to reach USD 127.5 billion by 2030. 

Solar appliances are equipment that uses solar energy instead of electricity from the grid or other sources. Although, any appliance can be called a solar appliance if it is powered by solar electricity, however, many products have been introduced globally with built-in solar panels or specifically designed to run on solar energy. These products have seen a rise in sales as solar energy investments are increasing around the world and an increasing number of people are more conscious regarding carbon emissions.

Moreover, the need to meet net zero emission goals across the globe in various countries and rising consumer awareness towards environmentally friendly energy is acting as a catalyst in the growth of the Solar Appliances Market globally during the projected period. Solar power generation needs to grow by a CAGR of 25% for the period of 2022-30 in order to meet the targets set by the Net Zero Emissions 2050 policy.

Rising Solar Energy

Solar PV generation increased by 22%, an amount of 179 TWh in 2021 to exceed 1,000 TWh overall power. Solar PV is one of the world's lowest-cost options for electricity generation. Solar PV accounts for nearly 3.6% of electricity generation globally and it is the third largest renewable electricity technology behind wind and hydropower. Countries worldwide are heavily investing in renewable energy to meet their renewable energy targets. The solar energy market is one of the prominent sources of energy that has seen a massive boom in the last decade. For instance, In the USA, one of the leading nations for solar power, solar has experienced an average annual growth rate of 33% in the last decade alone. Thanks to strong federal policies like the Solar Investment Tax Credit, rapidly declining costs, and increasing demand across the private and public sectors for clean electricity, more than 140 gigawatts of solar capacity are installed nationwide, enough to power 25 million homes.

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Private companies are driving the growth of the Global Solar Appliances Market

Globally, The private sector’s main activity in solar energy deployment can be divided into two categories:

Companies investing in distributed (including rooftop) solar PV installations on their own buildings and premises – responsible for almost 30% of total installed PV capacity as of 2021. 

Companies entering into corporate power purchase agreements (PPAs) – signing direct contracts with solar PV plant operators for the purchase of generated electricity. Solar PV plants dominate renewables PPAs, with a share of almost 75% in 2020.  

U.S. businesses and top global brands are making historic investments in solar energy. As of June 2022, Meta leads the nation with the most solar capacity installed, followed closely by Amazon, Apple, Walmart and Microsoft. Nearly 19 gigawatts (GW) of solar capacity have been installed with commercial and corporate off-takers, more than half of which have come online since 2020.

Fortune 500 Companies Driving the Growth in Private Sector

SEIA's annual Solar Means Business report shows that major U.S. corporations such as Meta, Amazon, Apple, Walmart, and Microsoft are investing in solar energy at an increasingly rapid rate. As of June 2022, the top corporate solar users in America have installed almost 19 GW of capacity across nearly 50,000 different facilities nationwide. Off-site solar made up much of the growth in corporate solar, with 77% of capacity since 2020 being off-site.

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Conclusion

The Solar Appliances market is experiencing significant growth globally. Countries worldwide are heavily investing in renewable energy to meet their renewable energy targets. The solar energy market is one of the prominent sources of energy that has seen a massive boom in the last decade. For instance, In the USA, one of the leading nations for solar power, solar has experienced an average annual growth rate of 33% in the last decade alone. Thanks to strong federal policies like the Solar Investment Tax Credit, rapidly declining costs, and increasing demand across the private and public sectors for clean electricity, more than 140 gigawatts of solar capacity are installed nationwide, enough to power 25 million homes. Rising solar energy is acting as a catalyst in the growth of the Solar Appliances market during the forecast period. According to the UnivDatos the rising investment in solar energy will drive the global scenario of the Solar Appliances market.

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