Home > Energy & Power > Electrical Equipment > Solar Parts and Components > Residential Solar PV Module Market

Residential Solar PV Module Market Trends

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

Download Free Sample

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.

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