Residential Solar PV Market Size – By Mounting (Ground mounted, Rooftop), By Connectivity (On Grid, Off Grid), 2025 – 2034

Residential Solar PV Market Size

The global residential solar PV market was valued at USD 94.2 billion in 2024 and is estimated to grow at a CAGR of 7.9% from 2025 to 2034. A residential solar photovoltaic (PV) system is a setup that uses solar panels to capture sunlight and convert it into electricity for a home. In a typical system, the energy generated by the solar panels can be used to power the home, and any surplus energy can be stored in batteries or sent back to the electric grid for credit or compensation, depending on local policies and regulations.
 

The introduction of net metering schemes, combined with power purchase agreements and the integration of renewable energy, has created a favorable landscape for the industry. Features such as low maintenance, durability, cost efficiency, and zero noise pollution, along with the promise of reduced electricity bills, are fueling the industry's growth. Rising energy costs, particularly in electricity prices, have bolstered the competitiveness of PV in several countries.
 

Government initiatives, such as tariffs, auctions, and tax exemptions, alongside regulatory reforms like asset and financial leveraging, subsidies, and other financial programs, are augmenting the market growth. Increasing focus on green energy and carbon footprint reduction along with shift towards more integrated and aesthetically pleasing solar systems will drive the business scenario. Furthermore, the increasing global shift towards solar energy, driven by commitments to carbon emission targets, is expected to bolster the market's growth.
 

Residential Solar PV Market Trends

Government initiatives aimed at addressing the surging electricity demand, particularly in the region's underdeveloped economies, are poised to bolster the solar PV market. The active participation of international players, coupled with strategies for inorganic growth, substantial investments, the rollout of subsidies, and the declaration of capacity quota targets, are all set to shape the penetration of technologies in the market. Furthermore, stringent emission regulations, combined with an increasing consumer inclination towards sustainable technologies, are set to enhance the industry's landscape.
 

Residential Solar PV Market Analysis

Based on connectivity, the on grid segment is estimated to cross more than USD 15.5 billion by 2034. Ongoing expansion of microgrid networks, aimed at large-scale renewable integration, is poised to bolster on-grid installations. As utility-based grid networks evolve and electricity demand surges, the appetite for on-grid installations is expected to rise. Additionally, the increasing adoption of solar technology in residential settings is creating a conducive environment for business growth. Furthermore, government initiatives, including funding programs, subsidies, and net metering, are set to shape the industry's trajectory.
 

Based on mounting, the ground mounted segment is set to grow more than 6.5% CAGR through 2034, owing to rising investments in technology integration. The ease of access, installation, repair, and maintenance, combined with cost benefits and the availability of green loans for ground-mounted systems, will further boost the product deployment. Moreover, growing emphasis on green and sustainable systems, the increasing integration of smart monitoring and control technologies, and favorable customer attitude toward these innovations are poised to deepen product penetration.
 

The U.S. residential solar PV market is likely to exceed USD 9.6 billion by 2034. Companies including Sunrun, Vivint Solar, Tesla Solar, and Lennar are leading the market, with the backing of strong government incentives like tax credits and rebates, driving the business scenario. Growing focus on both product innovation and market expansion along with the rise of solar leasing models and rooftop solar integration in new builds will complement the business landscape. Moreover, increasing energy demands, climate change concerns, and government incentives promoting clean energy adoption is set to augment the business landscape.
 

Residential Solar PV Market Share

The competitive landscape in this market is dynamic, with numerous players ranging from established solar giants to emerging startups offering new technologies and services. The competition is primarily between manufacturers of solar panels, solar energy system integrators, and service providers offering installation and maintenance. Many companies offer different financing models, which makes residential solar more accessible. As the market matures, innovation in financing, product offerings, and technology will continue to drive competition and growth.
 

Residential Solar PV Market Companies

Eminent players operating in the residential solar PV industry are:

• Canadian Solar
• CsunSolarTech
• EMMVEE SOLAR
• GCL SI
• Q CELLS
• JA SOLAR Technology
• Jinko Solar
• LG Electronics
• LONGi
• Motech Industries
• REC Solar Holdings
• Risen Energy
• SHENZHEN SHINE SOLAR
• Shunfeng International Clean Energy
• Solaria Corporation
• Su-vastika Solar
• SunPower Corporation
• Trina Solar
• Vikram Solar
• Yingli Solar
   

Residential Solar PV Industry News

• In March 2023, Sterling & Wilson Renewable Energy Ltd secured the bid for a solar PV project from NTPC Renewable Energy Ltd, located at the Khavda RE Power Park in Gujarat. The 1200 MW project is set to provide power to numerous households and industries across Gujarat, India. This initiative is poised to bolster the outlook of the residential solar PV market. 
   
• In April 2023, Qcells partnered with Summit Ridge Energy to develop solar panels for projects across the U.S. These initiatives are set to produce enough clean electricity to power around 140,000 residences and businesses. This collaboration underscores a commitment to fostering a sustainable environment throughout the U.S.
   

This residential solar PV market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in “USD Million and MW ” from 2021 to 2034, for the following segments:

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Market, By Connectivity

• On Grid
• Off Grid

Market, By Mounting

• Ground Mounted
• Rooftop

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Austria
  • Norway
  • Denmark
  • Finland
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Middle East
  • Israel
  • Saudi Arabia
  • UAE
  • Jordan
  • Oman
• Africa
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Chile