Residential Solar PV Market Analysis

Residential Solar PV Market Analysis

The residential solar PV market from on grid process segment is anticipated to expand more than 2% CAGR through 2032. Ongoing expansion of the microgrid network for large-scale renewable integration is set to positively influence the on-grid installations. Rapid development of utility-based grid networks coupled with growing electricity demand is anticipated to stimulate the demand for on-grid installations. Further, growing adoption of solar technology across the residential establishments will drive a favorable business scenario. Moreover, introduction of government funding programs and subsidies including net metering among others is set to drive the industry dynamics.
 

The ground mounted residential solar PV market accounted for more than USD 15.4 million revenue in 2022, due to rising investments for the technology integration along with large scale adoption of the systems across the utility sector. Easy to access, install, repair, and maintain, associated cost benefits coupled with the availability of green loans for ground-mounted systems will stimulate the product deployment. In addition, shifting focus toward green and sustainable systems, rising integration of smart monitoring & control technologies and favorable customer tendencies toward smart technologies is set to enhance the product penetration.
 

Asia Pacific residential solar PV market size was reached USD 19.2 billion in 2022. Ongoing government measures to cater to the rising electricity demand especially across the under developed economies of the region will boost the statistics of solar PV market. Continuous involvement of the international players, inorganic growth strategies, large scale investments, introduction of subsidies as well as announcement of capacity quota targets is set to influence the technology penetration. For instance, in 2021, China National Energy Administration (NEA) announced the installation of a minimum of 20% solar across selected residential counties to further drive the business scenario. Moreover, strict emission norms along with growing consumer preferences for sustainable technologies will augment the industry landscape.