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Asia Pacific Residential Solar PV Market Size - By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Roof-Top), Country Outlook & Forecast, 2024 – 2032

  • Report ID: GMI9624
  • Published Date: May 2024
  • Report Format: PDF

Asia Pacific Residential Solar PV Market Size

Asia Pacific Residential Solar PV Market was valued USD 19.49 billion in 2023 and is anticipated to grow at a CAGR of 3.4% during 2024 to 2032. A solar PV (photovoltaic) system is a setup that converts sunlight directly into electricity using photovoltaic cells. These cells are typically made from semiconductor materials, such as silicon, which generate electric current when exposed to sunlight through the photovoltaic effect. These consist of multiple photovoltaic cells assembled into panels. They capture sunlight and convert it into direct current (DC) electricity.
 

Asia Pacific Residential Solar PV Market

Advances in technology and economies of scale in manufacturing along with growing number of countries that offer financial incentives will encourage the adoption of solar PV systems. Net metering allows homeowners to sell excess electricity generated by their solar PV systems back to the grid, effectively reducing their electricity bills. Furthermore, Growing awareness of climate change and environmental sustainability has led many homeowners to adopt solar PV systems as a way to reduce their carbon footprint and reliance on fossil fuels.
 

Growing trend towards community solar projects where multiple households can benefit from a shared solar array, making solar accessible to those who cannot install panels on their own properties, which will positively impact the industry statistics. Additionally, integration of solar PV systems with smart home technologies is becoming more common, allowing homeowners to optimize their energy usage and further reduce costs, which will boost the product adoption.
 

Asia Pacific Residential Solar PV Market Trends

Increasing interest in energy independence, especially in areas prone to power outages or with unreliable grid infrastructure will stimulate the product demand. Ongoing development of aesthetically pleasing solar panels, including solar shingles and building-integrated photovoltaics (BIPV) will enhance the industry growth. Moreover, improvements in solar panel efficiency along with the development of better inverters and energy storage solutions will make solar PV systems more effective and reliable for residential use.
 

Asia Pacific Residential Solar PV Market Analysis

Asia Pacific Residential Solar PV Market Size, By Mounting, 2024-2032 (USD Billion)

Based on mounting, the rooftop segment is anticipated to grow by more than USD 22.41 billion by 2032. Growing development of various projects along with significant government fundings along with introduction of financial incentives comprising subsidies, tax credits, and rebates to reduce the initial cost of solar installations, will foster the industry growth. Key features including energy security and resilience against power outages, especially in combination with battery storage solutions will drive the market scenario.
 

Asia Pacific Residential Solar PV Market Share, By Connectivity, 2023

Based on connectivity, the on grid segment is set to register gains at nearly 3% up to 2032. It allows users to draw from the grid when solar power is insufficient, potentially selling excess power back to the grid. Large-scale manufacturing and advancements in technology along with Improved installation techniques and increased competition among installers will drive down the cost for solar PV systems. Increasing government targets, subsidies, and significant manufacturing capacity coupled with high electricity prices and excellent solar resources will drive the business scenario. Additionally, many companies are investing in on-grid solar PV systems to meet corporate sustainability targets and reduce their carbon footprint will boost the product adoption.
 

China Residential Solar PV Market Size, 2022-2032 (USD Billion)

China residential solar PV market is likely to exceed USD 19.02 billion by 2032. Rapid expansion of rooftop solar capacity along with government initiatives to increase renewable energy usage and reduce pollution will stimulate the industry trends. The Chinese government offers various subsidies and favorable feed-in tariffs to promote rooftop solar installations. Ambitious renewable energy targets, aiming to achieve peak carbon emissions by 2030 and carbon neutrality by 2060, are accelerating the deployment of solar PV systems. In addition, the country is a global leader in solar panel manufacturing, which has led to significant reductions in the cost of solar panels and associated equipment.
 

The U.S. Residential Solar PV market will grow on account of federal and state incentives, high electricity prices, and a strong environmental movement. Further, states comprising California, Arizona, and New York are leading in solar adoption owing to abundant sunlight and favorable policies, complementing the industry scenario.
 

Asia Pacific Residential Solar PV Market Share

Asia Pacific Residential Solar PV Company Market Share

The collaboration between manufacturers, installers, financiers, regulators, and advocacy groups is crucial for driving the adoption and success of solar PV systems in residential markets. As technology advances and costs continue to fall, this ecosystem is expected to grow even stronger, facilitating greater adoption of clean, renewable energy worldwide.
 

Asia Pacific Residential Solar PV Market Companies

Eminent players operating in the Asia Pacific residential solar PV industry are:

  • Canadian Solar
  • CsunSolarTech
  • EMMVEE SOLAR
  • JA SOLAR Technology Co., Ltd.
  • Jinko Solar
  • Maxeon Solar Technologies, Ltd.
  • Motech Industries Inc.
  • REC Solar Holdings AS
  • SHENZHEN SHINE SOLAR CO., LTD
  • Shunfeng International Clean Energy Co., Ltd.
  • Trina Solar
  • Yingli Solar
     

Asia Pacific Residential Solar PV Industry News

  • In April 2024, Trina Solar along with Lodestone Energy, announced the completion of the Kohir? solar farm in New Zealand. It further includes 61,000 Trina Solar Vertex 550 W bifacial dual-glass panels on TrinaTracker Vanguard 2P smart tracking systems, with 33 MW DC capacity, thereby augmenting the country’s renewable energy targets.
     
  • In In March 2023, Sterling & Wilson Renewable Energy Ltd won the bid for solar PV project of NTPC Renewable Energy Ltd at Khavda RE Power Park in Gujarat. The 1200 MW is projected to supply power at various households & industries in Gujarat, India. This project will enhance the residential solar PV market outlook.
     

This Asia Pacific residential solar PV market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & MW” from 2021 to 2032, for the following segments:

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Market, By Mounting

  • Ground Mounted
  • Rooftop

Market, By Connectivity

  • On Grid
  • Off Grid

The above information has been provided for the following countries:

  • China
  • Australia
  • India
  • Japan
  • South Korea
  • Thailand
  • Philippines
  • Vietnam
  • Malaysia
  • Singapore
Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

Asia Pacific market for residential solar PV was reached USD 19.49 billion in 2023 and is anticipated to grow at 3.4% CAGR up to 2032, driven by technological advancements.

The rooftop mounted segment of the Asia Pacific residential solar PV market is anticipated to cross more than USD 22.41 billion by 2032, driven by growing development of various projects along with significant government fundings.

China residential solar PV market size is set to exceed USD 19.02 billion by 2032, driven by rapid expansion of rooftop solar capacity.

Canadian Solar, CsunSolarTech, EMMVEE SOLAR, JA SOLAR Technology Co., Ltd, Jinko Solar, and Solar Technologies, Ltd. among others.

Asia Pacific Residential Solar PV Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 9
  • Tables & Figures: 20
  • Countries covered: 10
  • Pages: 100
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