The global solar home systems market at a CAGR of nearly 26% during the forecast period

NEW YORK, Sept. 16, 2019 /PRNewswire/ --

Global Solar Home Systems Market: About this market
This solar home systems market analysis considers sales from both PAYG products and cash products. Our analysis also considers the sales of solar home systems in MEA and ROW. In 2018, the PAYG products segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing financial support from governments and NGOs will play a significant role in the PAYG products segment to maintain its market position. Also, our global solar home systems market report looks at factors such as availability of favorable financing options, rising demand for energy, and favorable government support. However, competition from alternative sources of energy, intermittency in solar power generation, and low awareness about alternative sustainable technologies may hamper the growth of the solar home systems industry over the forecast period.

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Global Solar Home Systems Market: Overview
Rising demand for energy
A certain section of population across the world still lack access to electricity. Solutions and technologies are developed to boost the growth trajectory of electricity access. Off-grid renewable energy solutions, such as mini-grids and stand-alone systems have emerged as a mainstream and cost-competitive solution to increase electricity access. From the perspective of electrification planning, stand-alone systems (functioning independently of the electricity grid), such as solar home systems, play a crucial role in unlocking the latent demand and improving the viability of larger systems such as mini-grids or grid extension. The distributed and decentralized nature of off-grid technologies gives an opportunity for enhancing socio-economic benefits by engaging local capacities along with different segments of the value chain. This will lead to the expansion of the global solar home systems market at a CAGR of nearly 26% during the forecast period.
Rising support from NGOs
NGOs are playing a critical role in stimulating the demand for a solar home. The NGOs have various missions, such as developing economies, supporting clean energy technologies to achieve environmental goals, and providing access to a reliable power supply. These NGOs ensure collection and dissemination of information on solar opportunities and provide training to small and medium enterprises and technicians. Also, they help to bridge gaps between communities and businesses that intend to install solar systems as well as international financing organizations and donors. NGOs financially support solar projects by providing non-repayable grants or loans for overcoming capital barriers. This development is expected to have a positive impact on the overall market growth.

Competitive Landscape
With the presence of several major players, the global solar home systems market is fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading solar home systems manufacturers, that include Greenlight Planet Inc., M-KOPA SOLAR Kenya Ltd., NIWA Solar, Renewit Solar Ltd., and Schneider Electric SE.
Also, the solar home systems market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.

Read the full report: https://www.reportlinker.com/p05815172/?utm_source=PRN

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