The global solar market was valued at US$16.9 billion in 2016 and is expected to rise to $26.9billion by the end of 2022. In tandem with this growth are rising living standards, increased energy awareness, and a growing appetite for new technologies – all of which bode well for the future of solar energy.
Residential Solar Installer Market
Residential solar installers provide grid-connected systems for private and commercial buildings, including houses, apartments, office buildings, and shopping malls. Growing acceptance of solar power amongst the general public, the expanding middle class, and greater availability of finance are propelling the growth of this market.
The United States, China, and India are the global leaders in this space, with over 80% of the market share. However, this figure is set to change. EU and Japan are investing heavily in residential solar, while emerging nations such as Saudi Arabia, Indonesia, and the UAE are implementing government-sponsored projects designed to drive the uptake of solar power.
Why Choose Solar?
The growth of the residential solar market is being backed by a host of benefits. People are seeking sustainable energy solutions to reduce their impact on the environment. In addition, solar power is now an option for those who can’t afford traditional power plants or those who want to remain independent of the electricity supplier. Furthermore, the declining cost of solar modules and efficiency improvements mean that homeowners can now afford renewable energy options without massive upfront investments.
Global Energy Market
The global energy market was valued at US$16.9billion in 2016 and is expected to rise to $26.9billion by the end of 2022. In tandem with this growth are rising living standards, increased energy awareness, and a growing appetite for new technologies – all of which bode well for the future of solar energy.
The residential and commercial sectors make up the largest portion of the global energy market. However, as populations continue to rise, energy demand increases, and power stations become increasingly obsolete, this share is due to rise.
Coal remains the primary source of energy for many emerging nations, but the global market share for this fuel is forecast to decline to 29% by the end of 2022 from 34% in 2016.
Renewable energy sources such as wind and solar power are on the rise, with the former holding the largest market share at 27% and the latter 22%. This is likely due to the fact that wind and solar power generation are both clean, they provide a virtually infinite supply, and there is no risk of depletion. In addition to this, many nations have set targets for themselves to become entirely reliant on renewable sources of energy, driving the growth of alternative power options.
The growth of the residential and commercial solar markets is being backed by a host of benefits. People are seeking sustainable energy solutions to reduce their impact on the environment. In addition, solar power is now an option for those who can’t afford traditional power plants or those who want to remain independent of the electricity supplier. Furthermore, the declining cost of solar modules and efficiency improvements mean that homeowners can now afford renewable energy options without massive upfront investments.