According to a new report by UnivDatos Market Insights, Solar Appliances Market, is expected to reach USD 127.5 Billion in 2030 by growing at a CAGR of 12.8%. 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.
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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.
Government Policies Supporting the Solar Energy Industry
There has been a rise in demand for renewable energy and many countries are planning to diversify their energy portfolio in order to become less dependent on conventional sources of energy. Most of the governments have started addressing climate issues and have introduced many new renewable energy schemes to reduce carbon emissions globally. Governments across the world are coming together for initiatives such as the Paris Climate Agreement and this is acting as a catalyst in the growth of the Solar Appliances Market.
Along with national schemes, there are various types of policy that are driving Solar energy capacity growth, including auctions, feed-in tariffs, net-metering and contracts for difference.
Some of the policies that are majorly impacting the Solar Appliances market are –
Ø China published its 14th Five-Year Plan in June 2022, which includes an ambitious target of 33% of electricity generation to come from renewables by 2025 (up from about 29% in 2021), including an 18% target for wind and solar technologies.
Ø In August 2022, the federal government of the United States introduced the Inflation Reduction Act, a law significantly expanding support for renewable energy in the next 10 years through tax credits and other measures.
Ø In July 2021, the European Commission proposed to increase the bloc’s renewable energy target for 2030 from 32% to 40%. The proposed target was further increased by the REPowerEU Plan to 45% in May 2022 (which would require 1 236 GW of total installed renewable capacity, including 600 GW of solar PV). Many European countries have already expanded their solar PV support mechanisms in order to accelerate capacity growth with a view to the 2030 targets and in response to the energy crisis caused by Russia’s invasion of Ukraine.
Ø During COP26, held in November 2021 in Glasgow, India announced new 2030 targets of 500 GW of total non-fossil capacity and 50% renewable electricity generation share (more than double the 22% share in 2020), as well as net zero emissions by 2070, with solar PV being one of the main technologies used to achieve these goals.
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Conclusion
In conclusion, the Solar Appliances market is poised for significant growth. The increasing demand for sustainable energy sources and the declining costs of solar panels are key factors driving this growth.
Moreover, governments worldwide are promoting the adoption of solar energy to reduce carbon emissions. The U.S., for instance, has been investing in research for more efficient solar technology to make it more accessible for residential and commercial uses. Furthermore, advancements in battery technologies for solar energy storage are expected to boost the demand for the Solar Appliances market. Companies are also investing in better solar panels, with a higher solar-to-energy conversion yield in the market. Therefore, the Solar Appliances market is not only contributing to the growth of renewable energy but is also a promising sector for investment and development.
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