Miniature solar photovoltaic systems, including pico solar and solar home systems, are moving rapidly from specialized niches for enthusiasts and early adopters into the mainstream.
These systems are particularly well-suited for applications in the developing world, where they provide lighting, cell phone charging, and power for small direct current (DC) appliances in areas where the power grid is unreliable or nonexistent.
According to a recent report from Navigant Research, worldwide revenue from pico solar and solar home systems is expected to grow from $538 million in 2014 to more than $2.1 billion in 2024.
“Although the majority of solar consumer product activity is, for now, in developing regions of the world, similar products are also emerging in the developed world in the form of solar PV generators and kits,” says Dexter Gauntlett, senior research analyst with Navigant Research. “NRG’s recent acquisition of Goal Zero exemplifies the growing interest in the sector among major corporations, with more acquisitions and strategic partnerships likely to follow.”
In the developing world, according to the report, pico solar systems are providing new alternatives for people who previously had no choice but to pay high prices for low-quality and polluting fuel-based lighting, such as kerosene lamps. In addition to providing inadequate illumination, kerosene lamps pose significant health risks. The spread of pico solar systems gives these communities access to compact, clean, and affordable off-grid lighting and other electric devices.
The report, “Solar Photovoltaic Consumer Products”, analyzes the emerging global market for solar PV consumer products. It focuses on pico solar products and solar home systems, but also analyzes growth opportunities and key players for solar PV generators and kits.
The report examines the distinct market issues for each product type in both developed and developing countries, including drivers and barriers, business models, and pricing trends. Global market forecasts for unit sales, capacity, and revenue for pico solar, SHSs, and solar PV generators and kits, segmented by region, extend through 2024. The report also examines the major technologies related to solar PV consumer products and profiles the key players in this emerging industry. An Executive Summary of the report is available for free download on the Navigant Research website.