Residential Solar PV Market Analysis

Residential Solar PV Market Analysis

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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.