Pico Solar and Solar Home Systems Are Expected to Reach $2.1 Billion in Annual Revenue by 2024, According to Navigant Research

These systems provide new alternatives to kerosene lighting in the developing world, report finds

BOULDER, Colo.--()--A recent report from Navigant Research analyzes the emerging global market for solar PV consumer products.

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. Click to tweet: 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.

About Navigant Research

Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.

About Navigant

Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.

* The information contained in this press release concerning the report, “Solar Photovoltaic Consumer Products,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.

Contacts

Navigant Research
Richard Martin, +1-303-493-5483
richard.martin@navigant.com
or
Laverne Murach, +1-202-481-7336
laverne.murach@navigant.com

Release Summary

Worldwide revenue from pico solar and solar home systems is expected to grow from $538 million annually in 2014 to more than $2.1 billion in 2024, according to a new report from Navigant Research.

Contacts

Navigant Research
Richard Martin, +1-303-493-5483
richard.martin@navigant.com
or
Laverne Murach, +1-202-481-7336
laverne.murach@navigant.com