Residential Solar EPC Market Analysis

Residential Solar EPC Market Analysis

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Based on classification, the residential solar EPC industry is segmented into rooftop and 34 – ground mounted. Rooftop is set to grow over USD 42.8 billion by 2032 on account of declining costs, technological improvements and introduction of zoning laws, and permitting processes. EPC contractors play a crucial role in facilitating this growth by offering comprehensive, customized, and efficient solutions that make the transition to solar power seamless for homeowners. Additionally, the ability to offer long-term reliability, presence of zoning laws, and permitting processes in certain regions will drive the product demand.
 

Based on capacity, the residential solar EPC market is segmented into Up to 1 kW, 1 to 10 kW and 10 to 50 kW. 1 to 10 kW is set to grow at over 4% CAGR through 2032 driven by the potential to expand in the future as the budget for the houseowners grow. Rising energy needs particularly in remote or rural areas where grid access is unreliable or unavailable will influence the industry scenario. Community solar programs allow multiple households to share the benefits of a single, larger solar installation, making it more affordable for participants thereby boosting the product adoption.
 

Asia Pacific residential solar EPC market is set to grow more than USD 63.6 billion by 2032. Strong government support and large-scale manufacturing capabilities coupled with significant investments in residential solar installations will drive the industry scenario. Growing ambitious targets for solar energy including the Jawaharlal Nehru National Solar Mission will stimulate the industry statistics. Various financial schemes and subsidies at the state level, growing support for renewable energy coupled with initiatives comprising the Offshore Wind Accelerator program, feed-in tariff systems offering homeowners attractive rates for excess energy fed back into the grid will augment the demand in the forecasted timeline.