Residential Solar PV Market Size - By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Roof-Top), COVID-19 Impact Analysis & Global Forecast, 2024 – 2032

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.
 

COVID-19 Impact

The COVID-19 pandemic had no major effect on the overall demand for solar PV systems. The national market regressions and stagnations can be duly attributed to the regulatory constraints across some developing economies. Significant economic and logistical disruptions have resulted in supply chain bottlenecks thereby restricting the movement leading to longer delivery timelines. However, rising focus on global and national green recovery strategies along with favorable government policies consisting of FiT, FiP post lockdown will boost the photovoltaic industry statistics.
 

Residential Solar PV Market Analysis

The residential solar PV market from on grid process segment is anticipated to expand more than 2% CAGR through 2032. Ongoing expansion of the microgrid network for large-scale renewable integration is set to positively influence the on-grid installations. Rapid development of utility-based grid networks coupled with growing electricity demand is anticipated to stimulate the demand for on-grid installations. Further, growing adoption of solar technology across the residential establishments will drive a favorable business scenario. Moreover, introduction of government funding programs and subsidies including net metering among others is set to drive the industry dynamics.
 

The ground mounted residential solar PV market accounted for more than USD 15.4 million revenue in 2022, due to rising investments for the technology integration along with large scale adoption of the systems across the utility sector. Easy to access, install, repair, and maintain, associated cost benefits coupled with the availability of green loans for ground-mounted systems will stimulate the product deployment. In addition, shifting focus toward green and sustainable systems, rising integration of smart monitoring & control technologies and favorable customer tendencies toward smart technologies is set to enhance the product penetration.
 

Asia Pacific residential solar PV market size was reached USD 19.2 billion in 2022. Ongoing government measures to cater to the rising electricity demand especially across the under developed economies of the region will boost the statistics of solar PV market. Continuous involvement of the international players, inorganic growth strategies, large scale investments, introduction of subsidies as well as announcement of capacity quota targets is set to influence the technology penetration. For instance, in 2021, China National Energy Administration (NEA) announced the installation of a minimum of 20% solar across selected residential counties to further drive the business scenario. Moreover, strict emission norms along with growing consumer preferences for sustainable technologies will augment the industry landscape.
 

Residential Solar PV Market Share

Prominent industry participants operating across the residential solar PV market include :

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

Residential Solar PV Industry News

• In March 2023, Sterling & Wilson Renewable Energy Ltd won the bid for solar PV project of NTPC Renewable Energy Ltd at Khavda RE Power Park in Gujarat. The 1200 MW is projected to supply power at various households & industries in Gujarat, India. This project will enhance the residential solar PV market outlook.
   
• In April 2023, Qcells and Summit Ridge Energy entered into an agreement for development of solar panels for solar projects in U.S. The projects aim to generate sufficient clean electricity for approximately 140,000 residence and businesses. The partnership will aid in the development of sustainable environment across the U.S.
   

This residential solar PV market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD’ from 2023 to 2032 for the following segments:

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Market, By Connectivity

• On-grid
• Off-grid

Market, By Mounting

• Ground mounted
• Roof-top

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
  • Italy
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands
  • Poland
  • Belgium
  • Ireland
  • Baltics
  • Portugal
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
  • Thailand
  • Philippines
  • Vietnam
  • Malaysia
  • Singapore
• Middle East
  • Israel
  • Saudi Arabia
  • UAE
  • Jordan
  • Oman
  • Kuwait
  • Turkey
• Africa
  • South Africa
  • Egypt
  • Algeria
  • Nigeria
  • Morocco
• Latin America
  • Brazil
  • Chile
  • Argentina
  • Peru