Residential Solar PV Market Size

Residential Solar PV Market Size

Residential Solar PV Market size was valued at USD 41.41 billion in 2023 and is projected to grow at 5.4% CAGR from 2024 to 2032. Residential solar PV consists of photovoltaic cells and is nonchemical technology that turns sunlight into energy which is used to power household appliances and equipment. Rapid industrialization & urbanization followed by growing energy consumption along with continuous renewable energy deployment will enhance the industry landscape.

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Introduction of net metering schemes along with power purchase agreements coupled with renewable energy integration has instituted a favorable industry scenario. Low maintenance, durability, cost efficiency, zero noise pollution, reduction in electricity bills are some features driving the industry potential. The increases in costs of energy, and specifically electricity prices, have enhanced the PV competitiveness in numerous countries. Residential solar PV inverter industry is likely to cross USD 15.9 billion by 2032.

Favorable government schemes and incentives including tariffs, auctions, & tax exemptions coupled with regulatory reforms comprising of asset & financial leveraging, subsidies and other financial programs will contribute to the residential solar PV market scenario. For instance, in 2020, the solar mandate policy was launched requiring all the single and multi-family homes up to three stories to be deployed with solar PV installations. In addition, growing adoption of solar as a clean energy source across various nations to comply with the carbon emission targets is anticipated to drive the business outlook.