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Residential Solar PV Module Market Size

Report ID: GMI7774
Published Date: Jan 2024
Report Format: PDF

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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.

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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.

Residential Solar PV Module Market Report Attributes
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 2024 to 2032 CAGR:	5.6%
2032 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:	Rising demand for sustainable energy Favourable government programs and initiatives Ambitious solar PV targets across the economies
Pitfalls & Challenges:	Availability of clean energy alternatives

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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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

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.

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.

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.

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