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 reach the value of USD 198.9 billion by 2034, growing at a CAGR of 7.9% from 2025 to 2034. 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 comprising 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.
 

Continuous advancement of several photovoltaic components including mounting structures, solar cells, battery, modules and others along with robust government aided investments to scale up the deployment of photovoltaics will positively impact the residential solar PV market scenario. In addition, favorable private and public sector support encouraging the advancement of various research and development facilities will further complement the industry trends in the forecasted timeline.
 

The eminent market players are continuously focusing to develop advanced and cost-effective components for solar PV backed by favorable fundings by the global organizations in the form of incentives and subsidies. For instance, in November 2021, the World Resource Institute partnered with International Solar Alliance to introduce a solar investment action agenda that aims to mobilize USD-1-trillion investment in solar PV.
 

The leading market participants, including First Solar, Jinko Solar, Trina Solar, and JA Solar, are focused on bulk manufacturing practices to gain a competitive edge in the global market. For instance, in October 2022, First Solar announced its plans to invest around USD 270 million in a R&D facility center in the U.S.

Residential Solar PV Market Trends

• 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. For citation, in July 2021, LONGi signed a partnership with Solar Electric Vietnam (SEV) to deploy a 5.4 kWp roof system for the extension of the United Nations International School in Hanoi.
   
• 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 residential solar PV market growth.
   
• 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. To cite an instance, the solar ITC offers a 30 % tax credit for solar units under section 25D for the residential sector & under section 48 for the commercial sector.
   

Residential Solar PV Market Analysis

• Based on connectivity, the market is bifurcated into on grid and off grid. The residential solar PV industry accounted to USD 49.2 billion, USD 89.4 billion and USD 94.2 billion in 2022, 2023 and 2024 respectively.
   
• The on grid segment is set to reach 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 residential solar PV market growth.
   
• Furthermore, government initiatives, including funding programs, subsidies, and net metering, are set to shape the industry's trajectory. For instance, in October 2021, SunPower Corporation acquired Blue Raven Solar, a residential solar provider based in the U.S. The acquisition facilitated the expansion of the company’s geographical presence along with the strategic development of its solar solutions to provide affordable & resilient sustainable energy across the country.
   
• The off grid segment will showcase more than 8% CAGR till 2034 owing to shift toward solar energy products is largely driven by the growing demand for renewables across regional peripherals to turn solar into usable electricity. Large-scale contracts with manufacturers to avail the potent technologies across regions with sustainable potential will also favor the industry dynamics.
   

• Based on mounting, the residential solar PV market is bifurcated into ground mounted and rooftop. The ground mounted segment accounted for over 62.3% of the market share in 2024 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 the product penetration. For instance, in September 2022, in Ireland, MSD, a pharma giant introduced the largest self-supply solar project in Co Tipperary. This would enable the company to accomplish its climate neutrality targets by supporting to reduce the carbon footprint.
   
• Lower tariff quotes for rooftop solar in comparison to commercial & industrial tariff rates allow these systems to offer extensive cost savings. Enhanced government support comprising attractive tax rates and incentives will strengthen the product penetration. For instance, in May 2022, the European Commission introduced the Solar Rooftop Initiative, in which all the new public, residential & commercial buildings are required to install solar panels in a phased approach.
   

• The U.S. residential solar PV market amounted to USD 5.5 billion, USD 6.1 billion and USD 6.3 billion in 2022, 2023 and 2024 respectively. North America contributed more than 6.5% of the market share in 2024 on account of growing focus on both product innovation and market expansion.
   
• Companies including Sunrun, Vivint Solar, Tesla Solar, and Lennar are leading the North America market, with the backing of strong government incentives like tax credits and rebates, driving the business scenario. Rise of solar leasing models and rooftop solar integration in new builds will complement the industry landscape.
   
• Moreover, increasing energy demands, climate change concerns, and government incentives promoting clean energy adoption is set to augment the residential solar PV market landscape. For instance, in September 2022, the U.S. DOE introduced the federal tax credit for solar PVs, in which the solar PV system installations from 2022 to 2032 are liable for 30% tax credit, and it will decrease to 26% and 22% for the systems installed in 2033 and 2034, respectively.
   
• Europe will grow at a CAGR of over 6% by 2034 on account of favorable policies, government-held auctions, and the shifting focus toward distributed solar PV projects. For instance, in September 2022, the government of Germany introduced tax breaks to support rooftop solar PVs. Under the tax exemption, from 2023, the PV systems up to 30 KW for single-family or commercial properties are exempted to pay tax on electricity yield.
   
• Asia Pacific residential solar PV market will grow owing to government measures to effectively cater to the growing electricity requirements. Rising requirement for additional power generation capacities owing to major areas being unelectrified, high global radiation levels, and high-power generation costs on account of heavy reliance on fossil fuels will contribute to industry growth in the ASEAN region. In addition, South Australia’s power system became the world’s first large-scale system in which rooftop solar PV effectively eliminates the need for electricity from the grid.
   

Residential Solar PV Market Share

• Top 3 players operating in the residential solar PV industry include SunPower Corporation, Jinko Solar and LONGi. Within this market, the competition is very active and continues to change with new players including established giants in the solar industry as well as newer startups bringing new technology and services in the market.
   
• The primary competition among solar panel manufacturers, solar energy systems’ integrators, and installation and maintenance service providers can be understood through their different business models. These innovations make solar energy services accessible. Further innovations in marketing, financing, and technology will deepen competition and growth in a more mature industry.
   

Residential Solar PV Market Companies

• LONGi is a market leader in PV manufacturing and provides services for power plants of varying capacities in businesses and homes. Their revenue for 2023 stood at USD 17.79 Billion. In addition, the company has 6 service branches, 8 domestic and 2 international production facilities.
   
• CompleteSolar is a provider of residential solar solutions around the globe. The company has achieved over 1,000 solar innovation patents. The revenue was recorded at USD 81.1 Million in the 4th quarter of 2024. The company recently entered into a contract with Blue Raven Solar Hair to accomplish around 12,000 solar installations annually which could result in USD 400 million a year in revenue to residential installers.
   
• Maxeon Solar Technologies is well-known for its innovation and for its products like the PowerX Advantage Series Solar Panels. The company has more than 18 GW of potential projects in Southern Europe which they hope to achieve by the year 2030. Furthermore, the company reported an EBITDA growth of 36% in the year 2023 as compared to the previous year which further highlights their development in operational and financial performance.
   

Eminent players operating in the residential solar PV market are:

• Canadian Solar
• CompleteSolar
• CsunSolarTech
• EMMVEE SOLAR
• GCL SI
• Hanwa Qcells
• JA SOLAR Technology
• Jinko Solar
• LG Electronics
• LONGi
• Motech Industries
• Maxeon Solar Technologies
• REC Solar Holdings
• Risen Energy
• SHENZHEN SHINE SOLAR
• Shunfeng International Clean Energy
• Su-vastika Solar
• Trina Solar
• Vikram Solar
• Yingli Solar
   

Residential Solar PV Industry News:

• In March 2023, Sterling and Wilson Renewable Energy Ltd won a tender bid for a solar PV project from NTPC Renewable Energy Ltd, which is located at Al RE Power Park in the state of Gujarat. The project includes 1200 MW of capacity which is anticipated to serve numerous domestic and industrial power users across the state of Gujarat, India. This is bound to improve the outlook for the residential solar PV market.
   
• In April 2023, Hanwa Qcells along with Summit Ridge Energy, started the development of solar panels for multiple projects across the United States. These plants are anticipated to yield clean energy to power approximately 140,000 businesses and homes. This further illustrates an effort to enhance the clean energy economy in the United States.
   
• In April 2021, Canadian Solar initiated the mass production of large cell modules of up to 665 W, which are highly efficient and powerful. The latest generation bifacial BiHiKu7 and mono facial HiKu7 modules are based on 210 mm cells. These products have been enhanced with leading inverter & tracker designs to ensure the deployment of solar systems. The production capacity of BiHiKu7 and HiKu7 reached around 10 GW by 2021.
   
• In February 2021, Trina Solar achieved the completion of an off-grid photovoltaic (PV) power generation project in Yangon, Myanmar at the Sitagu Buddhist Academy. This project allows the school to have a balanced power supply. The project was sponsored by the Overseas Chinese Charity Foundation of China (OCCFC) as a part of the green benefits of Mekong-Lancang Cooperation (MLC) PV off-grid power generation projects. Trina Solar also offers partial financial & technical support to this project for power development in Myanmar.
   

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:

Click here to Buy Section of this Report

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