Asia Pacific Residential Solar PV Market Analysis

Asia Pacific Residential Solar PV Market Analysis

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.
 

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 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.