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Residential Solar PV Market Analysis

  • Report ID: GMI5751
  • Published Date: May 2023
  • Report Format: PDF

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.

Residential Solar PV Market Share, By Mounting, 2022

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.

Residential Solar PV Market Revenue Size, By Region, 2021 - 2032 (USD Billion)

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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of residential solar PV surpassed USD 41.41 billion in 2023 and is estimated to surpass USD 66.25 billion by 2032, owing to higher consumption of energy and the subsequent increase in electricity prices.

The ground mounted segment was reached USD 15.4 million in 2022, due to features such as ease of installation & access, availability of green loans, easier to repair & maintain, and some other benefits.

APAC market size was over USD 19 billion during 2022 and the regional share will grow with increasing number of large-scale investments, access to international players, and introduction of subsidies.

Some major companies in residential solar PV market include Yingli Solar, Jinko Solar, Canadian Solar, REC Solar Holdings AS, SunPower Corporation, Trina Solar, and Risen Energy Co., Ltd.

Residential Solar PV Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 19
  • Tables & Figures: 847
  • Countries covered: 47
  • Pages: 200
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