Residential Solar PV Module Market
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The global residential solar PV module market size was valued at more than USD 48.4 billion in 2023 and is anticipated to grow at over 5.6 CAGR through 2032. Solar PV modules convert sunlight directly into electricity and are mounted on rooftops. These modules are the building blocks behind a residential solar system which allows homeowners to generate electricity at their premises using clean resources.
Ongoing advancement in research and development will reduce the price of PV modules making it more accessible to households. Growing interest in solar power has pushed governments and institutions to adopt various measures to make such technologies more popular. For instance, in December 2022, the MNRE imposed energy regulations to stimulate the solar market growth. Increasing number of solar PV systems will help households to save money, making the investment appealing and increasing the demand for such systems in the coming times. 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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Residential Solar PV Module Market Size in 2023: | USD 48.4 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 5.6 |
| 2023 Value Projection: | USD 78.4 Billion |
| Historical Data for: | 2019 to 2022 |
| No of Pages: | 200 |
| Tables, Charts & Figures: | 866 |
| Segments Covered: | Connectivity, Mounting and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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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.
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.
Based on connectivity, the on grid residential solar PV module will grow at a CAGR of over 5% through 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 statistics.
Based on mounting, the rooftop residential solar PV module market is anticipated to reach over USD 34.5 billion by 2032. Attractive incentives offered by the economies in order to foster greater investment in PV capacity building and the generation of clean electricity will boost the industry statistics. For instance, in February 2023, the government of South Africa introduced a rooftop solar tax incentive that targeted individuals seeking investment in solar photovoltaics. In addition, significant technological improvements as well as the shift of manufacturers to effective, accurate and standardized solar products have contributed to advanced solar solutions, thus improving the industry outlook.
Asia pacific residential solar PV module market will grow at a CAGR of more than 3.5% through 2032. Growing environmental awareness along with increasing emphasis on sustainable living will rise the demand for this 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. Furthermore, increased electricity demand for rural electrification, will increase the amount of solar energy generated, thus boosting the industry’s growth in the region.
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. This will enable the company to enter new markets and product lines instantaneously with a recognized brand having a good reputation and an existing client base.
Eminent players operating in the Residential Solar PV Module industry are:
Market, By Connectivity
Market, By Mounting
The above information has been provided for the following regions and countries:
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 and LONGi
Asia pacific residential solar PV module market will grow at a CAGR of more than 3.5% by 2032, attributed to the growing environmental awareness along with increasing emphasis on sustainable living.
The on-grid segment will grow at a rate of over CAGR 5% through 2032 owing to their contribution towards growing electricity demand especially during peak hours, coupled with businesses adopting these systems as a part of their sustainability initiatives.
Residential solar PV module industry size was valued at more than USD 48.4 billion in 2023 and is anticipated to reach more than USD 78.4 billion by 2032, as they enable homeowners to generate clean and renewable energy for their homes.