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Residential Solar PV Market Trends

Report ID: GMI5751
Published Date: Dec 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The global market for residential solar PV was reached USD 94.2 billion in 2024 and is estimated to grow at a 7.9% CAGR from 2025 to 2034, driven by shifting consumer focus on clean energy sources.

The on-grid segment is estimated to exceed USD 15.5 billion by 2034, bolstered by the expansion of microgrid networks and evolving utility-based grid networks.

The ground-mounted segment is set to grow at a CAGR of more than 6.5% through 2034, led by rising investments in technology integration and the availability of green loans.

The U.S. residential solar PV market is likely to exceed USD 9.6 billion by 2034, propelled by strong government incentives like tax credits and rebates.