May 28, 2014 | By Barbara Vergetis Lundin

Recently, several new markets have opened up for solar photovoltaic (PV) consumer products, including lighting, mobile phone charging, and power for small direct current (DC) appliances. These products -- known as pico solar, solar home systems, or solar PV generators -- are gaining traction in many segments, including outdoor recreation, emergency equipment, and lighting for off-grid homes and communities, which presents a range of opportunities across the industry. In fact, Navigant Research forecasts that the global annual market for solar PV consumer products will grow from $550.5 million in 2014 to $2.4 billion in 2024.

"Solar PV consumer products are rapidly moving from specialized niches for enthusiasts and early adopters into the mainstream," said Dexter Gauntlett, senior research analyst with Navigant Research. "The market for off-grid solar lighting, in particular, has reached a point where there is considerable opportunity around the world and multiple entry points for manufacturers, distributors, service providers, and others."

Current trends driving pico solar include increased political pressure to eliminate the use of kerosene as a light source, solar PV module price reductions, efficient LED lighting advances, and the success of social enterprise business models, according to the research. The ecosystem of companies, competitive products, and innovative financing mechanisms that has emerged offers opportunity for increasing profits, and pay-as-you-go services are gaining acceptance for both pico solar and solar home systems and have the potential to further accelerate industry growth during the next 10 years, according to Navigant.

Similar products are emerging in the developed world, in the form of solar PV generators and kits, with consumers having access to a growing number of portable solar products that can charge a wide variety of AC and DC devices simultaneously, according to the report. 

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