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The solar home systems market size is forecast to increase by USD 2,975.58 million, at a CAGR of 21.58% between 2023 and 2028. The market research and growth report includes historic market data from 2018-2022. The market is witnessing a growing demand for rising support from NGOs, the rapid growth in the adoption of portable devices, and the increasing demand for clean energy technologies.
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Rapid growth in the adoption of portable devices, such as tablets, smartphones, and e-readers, is a primary trend driving market growth. These devices consume relatively small amounts of electrical power, contributing to increased demand for energy-efficient solutions. Additionally, the integration of IoT technology is expanding, with potential applications extending to various consumer items and electrical devices. This connectivity enables energy consumption for data collection, processing, storage, transmission, and reception. Off-grid solar power systems play a crucial role in meeting the energy needs of portable devices and IoT ecosystems. These systems provide sustainable energy solutions in remote locations or where grid access is limited, supporting uninterrupted operation of portable devices through solar energy conversion. As the market continues to evolve, Off-grid Solar Power Systems are poised to play a pivotal role in powering the expanding ecosystem of portable devices and IoT-enabled consumer products.
Additionally, aligning market trends and analysis of the number of small portable devices with integrated solar modules and rechargeable batteries built into the design has progressed considerably. Furthermore, certain devices use rechargeable batteries rather than disposable batteries for operations, thus allowing the devices to be recharged using solar home systems. Consequently, the increase in the use of portable devices is expected to boost the growth of the market during the forecast period.
Energy access in the solar home systems market is being revolutionized by the PAYG (Pay-As-You-Go) model, particularly in underserved areas. This innovative approach eliminates the need for upfront payments, allowing customers to acquire solar solutions through manageable installments. Solar panels and batteries are installed at the customer's location, and payments are made on a daily, weekly, or monthly basis, often facilitated through mobile money services and other convenient payment methods. Remote monitoring technology is integral to PAYG systems, enabling providers to monitor payment status and system usage remotely. Solar PV Balance Of Systems (BOS) components play a critical role in supporting the integration and operation of solar energy systems. BOS components include inverters, mounting structures, cables, connectors, and monitoring devices, ensuring efficient and reliable performance of solar PV installations. As the demand for solar home systems grows, the role of BOS components in optimizing system efficiency and reliability becomes increasingly vital.
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Furthermore, 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. To do so, governments, as well as NGOs in several countries, are supporting the adoption of PAYG solar home systems. Thus, such factors will drive market growth through the PAYG segment during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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