Residential Solar PV Module Market - By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Rooftop), 2024 – 2032

Residential Solar PV Module Market Size

Residential Solar PV Module Market size was valued at more than USD 48.4 billion in 2023 and is anticipated to grow more than USD 78.4 billion by 2032. A solar PV module refers to a photovoltaic (PV) module designed specifically for residential use, primarily mounted on rooftops to harness sunlight, and convert it into electricity for on-site consumption or to feed back into the grid. These modules are a key component of residential solar power systems, enabling homeowners to generate clean and renewable energy for their homes.
 

Continuous reduction in the cost of solar technology in line with ongoing research and development efforts towards technological advancements in solar PV modules will propel to industry landscape. Continuous introduction of various strategies including roadmaps, alliances, national plans, subsidies, and initiatives to enable solar deployment will drive the industry scenario.

For instance, in December 2022, the Ministry of New and Renewable Energy (MNRE) enforced renewable energy laws in India to develop and deploy solar. Further, the households are shifting toward solar power to enable secure and reliable energy supply and minimize their energy bills, which in turn will augment the business landscape.

COVID- 19 Impact

The pandemic witnessed a significant impact on the overall industry growth. Constructional delay of projects based on geographic locations and government regulations might impact the overall industry growth. However, increasing number of solar development facilities across economies along with growing private & public sector investments to accelerate cost effective clean electricity generation will enhance the business dynamics.
 

Residential Solar PV Module Market Trends

Rising fundings by major organization and institutes to boost solar deployment in line with the presence of robust roadmaps and plans for clean energy adoption across developing economies will drive the business scenario. For instance, in November 2022, the U.S. DOE announced to provide USD 43 million for the country’s solar projects, thereby supporting the energy transition across communities. Furthermore, integration of the modules with home automation systems allows homeowners to monitor and control their solar power systems remotely which optimizes energy use and improves overall energy efficiency, thereby augmenting the business potential.
 

Residential Solar PV Module Market Analysis

Based on connectivity, the market is segmented as on-grid and off-grid. The on grid segment will grow at a rate of over CAGR 5% by 2032 owing to their contribution towards growing electricity demand especially during peak hours coupled with businesses adopting on-grid systems as a part of their sustainability initiatives. Rising government legislations and schemes to expand solar energy infrastructure and reduce dependency on fossil-based power supply across households will stimulate the business trends.
 

In addition, increasing investments for the establishment of strong supply chain of components & materials for project development will sway the business trends. For instance, according to IEA, till August 2022, China had invested more than USD 50 billion in new PV supply capacity.
 

Based on mounting, the residential solar PV module market is segmented as ground mounted and rooftop. Rooftop segment is anticipated to grow over USD 34.5 billion by 2032. Introduction of favorable incentives by economies to enhance PV capacity building and encourage clean electricity generation will stimulate the industry trend. For instance, in February 2023, the South African government introduced rooftop solar tax incentive across individuals to invest in solar photovoltaics.
 

Moreover, extensive technological enhancements along with shifting focus of major manufacturers to adopt effective, precise, and standardized solar products have led to the development of advanced solar solutions, thereby propelling the industry outlook.
 

Asia pacific residential solar PV module market will grow at a CAGR of more than 3.5% by 2032. Growing environmental awareness along with increasing emphasis on sustainable living will rise the demand for these equipment. The availability of innovative financing models, including power purchase agreements (PPAs) and solar leasing along with strict government solar targets across emerging economies will penetrate the product installation. Additionally, surging electricity demand to foster rural electrification have increased the solar power generation, thereby driving the industry growth across the region.
 

For instance, in January 2024, the Ministry of Power of India announced its installed power generation capacity of nearly 426 GW, with more than 8 GW contribution from non-fossil fuel sources in the year 2023-24.
 

Company Market Share

The major market players are focusing on mergers & acquisitions, facility expansion, and strategic partnerships to expand their product offerings, customer reach, and enhance market presence. Companies focusing on acquisition strategy along with the geographical expansion of key players are anticipated to intensify the market competition over the forecast timeframe. An acquisition strategy enables a company to enter new markets and product lines instantaneously with a recognized brand having a good reputation and an existing client base.
 

Company Market Companies

Eminent players operating in the Residential Solar PV Module industry are:

• Trina Solar
• Canadian Solar
• JinkoSolar
• First Solar
• The Solaria Corporation
• LG Electronics
• Yingli Solar
• Shunfeng International Clean Energy Co., Ltd
• RENESOLA
• Motech Industries Inc.
• SOLAR FRONTIER K.K.
• SunPower Corporation
• RISEN ENERGY Co., LTD
• Indosolar
• VIKRAM SOLAR LTD
• LONGi
   

Residential Solar PV Module Industry News

• In September 2023, Canadian Solar won contracts of solar module during 2023 RE+ show in Las Vegas. These orders include highly efficient residential solar PV modules along with residential storage systems which will further support in lowering electricity bills. Therefore, the company will be able showcase its diverse portfolio and enhance its presence in the industry.
   
• In October 2022, CHINT Solar and INTEC Energy Solutions collaborated with HOFOR for M-12 29 MWp capacity project in Denmark. The firms were offered EPC and operation and maintenance services utilizing their own heavy equipment and internal resources to deliver the plant on schedule and to the highest quality standards. The project was estimated to cover 42,84 hectares with 52,560 installed PV modules. The agreement has supported the company to expand customers across the country.
   

Residential Solar PV Module market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW & USD Million’ from 2024 to 2032 for the following segments:

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By Connectivity, 2024 – 2032 (MW & USD Million)

• On Grid
• Off-Grid

By Mounting, 2024 – 2032 (MW & USD Million)

• 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
  • 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