Residential Solar PV Systems Market Size, Share, and Analysis, By Connectivity (On-Grid and Off-Grid), By Mounting (Ground Mounted and Roof-Top), By Construction (Retrofit and New-Construction), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034
Residential Solar PV Systems Market Size, Share, and Analysis, By Connectivity (On-Grid and Off-Grid), By Mounting (Ground Mounted and Roof-Top), By Construction (Retrofit and New-Construction), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034
PRODUCT OVERVIEW
Residential Solar PV Systems Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 5.8% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 39.4 billion and is projected to reach USD 73.8 billion by the completion of 2034.
Residential solar PV systems are solar panel setups specifically intended for residential properties to produce sustainable electricity using the energy from the sun. These systems include rooftop-mounted solar panels that convert solar energy into direct current (DC) electricity. The DC power is converted into AC power for household use by an inverter. In addition, important elements include solar panels, inverters, installation gear, and occasionally batteries for storing energy. These systems can either be connected to the grid to send extra power back, or used independently in isolated areas. In addition, residential solar PV systems provide several benefits such as lower utility bills, less environmental impact, and the possibility of achieving energy self-sufficiency. They might also raise the value of a property and could be eligible for government incentives.
MARKET HIGHLIGHTS
Residential Solar PV Systems Market is projected to reach USD 73.8 billion over the forecast period, due to higher environmental consciousness, rising electricity prices, and several innovations in technology. The growth of the residential solar PV market is driven by some important trends such as declining costs of solar panels, multiple government incentives, and its integration with smart home technologies. The sector is facing high competition, which has resulted in better customer service and financing choices, such as solar lease and power purchase agreements. Besides, some markets do face hurdles such as grid integration issues and regulatory uncertainties, but the future potential is optimistic due to the increasing need for energy independence and rising interest in sustainable lifestyles. Despite these limitations, the market is expected to grow as home solar power becomes highly popular in the near future.
Residential Solar PV Systems Market Segments:
Growth Drivers
Government Incentives and Policies to Drive Growth in the Residential Solar PV Systems Market
Declining Costs of Solar Panels Act as a Catalyst for Market Growth
Restraint
High Initial Installation Costs in Residential Solar PV Systems Will Impact the Growth
Key Players
PRODUCT OVERVIEW
Residential Solar PV Systems Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 5.8% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 39.4 billion and is projected to reach USD 73.8 billion by the completion of 2034.
Residential solar PV systems are solar panel setups specifically intended for residential properties to produce sustainable electricity using the energy from the sun. These systems include rooftop-mounted solar panels that convert solar energy into direct current (DC) electricity. The DC power is converted into AC power for household use by an inverter. In addition, important elements include solar panels, inverters, installation gear, and occasionally batteries for storing energy. These systems can either be connected to the grid to send extra power back, or used independently in isolated areas. In addition, residential solar PV systems provide several benefits such as lower utility bills, less environmental impact, and the possibility of achieving energy self-sufficiency. They might also raise the value of a property and could be eligible for government incentives.
MARKET HIGHLIGHTS
Residential Solar PV Systems Market is projected to reach USD 73.8 billion over the forecast period, due to higher environmental consciousness, rising electricity prices, and several innovations in technology. The growth of the residential solar PV market is driven by some important trends such as declining costs of solar panels, multiple government incentives, and its integration with smart home technologies. The sector is facing high competition, which has resulted in better customer service and financing choices, such as solar lease and power purchase agreements. Besides, some markets do face hurdles such as grid integration issues and regulatory uncertainties, but the future potential is optimistic due to the increasing need for energy independence and rising interest in sustainable lifestyles. Despite these limitations, the market is expected to grow as home solar power becomes highly popular in the near future.
Residential Solar PV Systems Market Segments:
- By Connectivity
- On-Grid
- Off-Grid
- By Mounting
- Ground Mounted
- Roof-Top
- By Construction
- Retrofit
- New-Construction
Growth Drivers
Government Incentives and Policies to Drive Growth in the Residential Solar PV Systems Market
Declining Costs of Solar Panels Act as a Catalyst for Market Growth
Restraint
High Initial Installation Costs in Residential Solar PV Systems Will Impact the Growth
Key Players
- SunPower Corporation
- Vivint Solar, Inc.
- Sunrun Inc.
- Tesla, Inc. (SolarCity)
- Canadian Solar Inc.
- JinkoSolar Holding Co., Ltd.
- Trina Solar Limited
- First Solar, Inc.
- Enphase Energy, Inc.
- LG Electronics, Inc.
- Hanwha Q CELLS Co., Ltd.
- ReneSola Ltd.
- SolarEdge Technologies, Inc.
- Yingli Green Energy Holding Company Limited
- JA Solar Technology Co., Ltd.
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
- Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
- Provides insight into the market through Value Chain
- Market dynamics scenario, along with growth opportunities of the market in the years to come
- 3-month post-sales analyst support.
1.EXECUTIVE SUMMARY
1.1. Regional Market Share
1.2.Business Trends
1.3. Residential Solar PV Systems Market: COVID-19 Outbreak
1.4. Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1.Research Objective
2.2. Research Approach
2.3. Data Sourcing and Methodology
2.4.Primary Research
2.5.Secondary Research
2.5.1.Paid Sources
2.5.2. Public Sources
2.6. Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1.Market Definition
3.2.Residential Solar PV Systems Market: COVID-19 Impact
3.3. Key Segmentations
3.4.Key Developments
3.5.Allied Industry Data
4.RESIDENTIAL SOLAR PV SYSTEMS MARKET – INDUSTRY INSIGHTS
4.1. Industry Segmentation
4.2.COVID-19 overview of world economy
4.3.Industry Ecosystem Channel Analysis
4.4.Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7. MARKET DYNAMICS
7.1.Introduction
7.2. Growth Drivers
7.3. Market Opportunities
7.4.Market Restraints
7.5. Market Trends
8.RISK ANALYSIS
9. MARKET ANALYSIS
9.1.Porter's Five Forces
9.2. PEST Analysis
9.2.1.Political
9.2.2. Economic
9.2.3. Social
9.2.4. Technological
10.RESIDENTIAL SOLAR PV SYSTEMS MARKET
10.1.Overview
10.2. Historical Analysis (2019-2022)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11. RESIDENTIAL SOLAR PV SYSTEMS MARKET SIZE & FORECAST 2024A-2034F
11.1. Overview
11.2.Key Findings
11.3.Market Segmentation
11.3.1. By Connectivity
11.3.1.1. On-Grid
11.3.1.1.1.By Value (USD Million) 2024-2034F
11.3.1.1.2. Market Share (%) 2024-2034F
11.3.1.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.2.Off-Grid
11.3.1.2.1. By Value (USD Million) 2024-2034F
11.3.1.2.2.Market Share (%) 2024-2034F
11.3.1.2.3.Y-o-Y Growth (%) 2024-2034F
11.3.2. By Mounting
11.3.2.1.Ground Mounted
11.3.2.1.1. By Value (USD Million) 2024-2034F
11.3.2.1.2.Market Share (%) 2024-2034F
11.3.2.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.2.2. Roof-Top
11.3.2.2.1.By Value (USD Million) 2024-2034F
11.3.2.2.2. Market Share (%) 2024-2034F
11.3.2.2.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.By Construction
11.3.3.1.Retrofit
11.3.3.1.1. By Value (USD Million) 2024-2034F
11.3.3.1.2.Market Share (%) 2024-2034F
11.3.3.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.3.2. New-Construction
11.3.3.2.1.By Value (USD Million) 2024-2034F
11.3.3.2.2. Market Share (%) 2024-2034F
11.3.3.2.3. Y-o-Y Growth (%) 2024-2034F
12.NORTH AMERICA RESIDENTIAL SOLAR PV SYSTEMS MARKET SIZE & FORECAST 2024A-2034F
12.1.Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1.By Connectivity
12.3.2. By Mounting
12.3.3. By Construction
12.4. Country
12.4.1. United States
12.4.2.Canada
13.EUROPE RESIDENTIAL SOLAR PV SYSTEMS MARKET SIZE & FORECAST 2024A-2034F
13.1.Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1.By Connectivity
13.3.2. By Mounting
13.3.3. By Construction
13.4.Country
13.4.1.Germany
13.4.2. United Kingdom
13.4.3. France
13.4.4. Italy
13.4.5. Spain
13.4.6. Russia
13.4.7. Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14.ASIA-PACIFIC RESIDENTIAL SOLAR PV SYSTEMS MARKET SIZE & FORECAST 2024A-2034F
14.1. Overview
14.2. Key Findings
14.3.Market Segmentation
14.3.1.By Connectivity
14.3.2. By Mounting
14.3.3. By Construction
14.4.Country
14.4.1. India
14.4.2. China
14.4.3. South Korea
14.4.4.Japan
14.4.5.Rest of APAC
15.MIDDLE EAST AND AFRICA RESIDENTIAL SOLAR PV SYSTEMS MARKET SIZE & FORECAST 2024A-2034F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1.By Connectivity
15.3.2. By Mounting
15.3.3. By Construction
15.4.Country
15.4.1. Israel
15.4.2.GCC
15.4.3.North Africa
15.4.4.South Africa
15.4.5.Rest of Middle East and Africa
16. LATIN AMERICA RESIDENTIAL SOLAR PV SYSTEMS MARKET SIZE & FORECAST 2024A-2034F
16.1.Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1.By Connectivity
16.3.2. By Mounting
16.3.3. By Construction
16.4. Country
16.4.1. Mexico
16.4.2.Brazil
16.4.3.Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1.Company market share, 2023
17.2. Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1. SunPower Corporation
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2.Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2.First Solar, Inc.
18.3.Vivint Solar, Inc.
18.4.Sunrun Inc.
18.5.Tesla, Inc. (SolarCity)
18.6.Canadian Solar Inc.
18.7.JinkoSolar Holding Co., Ltd.
18.8.Trina Solar Limited
18.9.Enphase Energy, Inc.
18.10.LG Electronics, Inc.
18.11. Hanwha Q CELLS Co., Ltd.
18.12.ReneSola Ltd.
18.13.SolarEdge Technologies, Inc.
18.14.Yingli Green Energy Holding Company Limited
18.15.JA Solar Technology Co., Ltd.
18.16.Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
1.1. Regional Market Share
1.2.Business Trends
1.3. Residential Solar PV Systems Market: COVID-19 Outbreak
1.4. Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1.Research Objective
2.2. Research Approach
2.3. Data Sourcing and Methodology
2.4.Primary Research
2.5.Secondary Research
2.5.1.Paid Sources
2.5.2. Public Sources
2.6. Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1.Market Definition
3.2.Residential Solar PV Systems Market: COVID-19 Impact
3.3. Key Segmentations
3.4.Key Developments
3.5.Allied Industry Data
4.RESIDENTIAL SOLAR PV SYSTEMS MARKET – INDUSTRY INSIGHTS
4.1. Industry Segmentation
4.2.COVID-19 overview of world economy
4.3.Industry Ecosystem Channel Analysis
4.4.Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7. MARKET DYNAMICS
7.1.Introduction
7.2. Growth Drivers
7.3. Market Opportunities
7.4.Market Restraints
7.5. Market Trends
8.RISK ANALYSIS
9. MARKET ANALYSIS
9.1.Porter's Five Forces
9.2. PEST Analysis
9.2.1.Political
9.2.2. Economic
9.2.3. Social
9.2.4. Technological
10.RESIDENTIAL SOLAR PV SYSTEMS MARKET
10.1.Overview
10.2. Historical Analysis (2019-2022)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11. RESIDENTIAL SOLAR PV SYSTEMS MARKET SIZE & FORECAST 2024A-2034F
11.1. Overview
11.2.Key Findings
11.3.Market Segmentation
11.3.1. By Connectivity
11.3.1.1. On-Grid
11.3.1.1.1.By Value (USD Million) 2024-2034F
11.3.1.1.2. Market Share (%) 2024-2034F
11.3.1.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.2.Off-Grid
11.3.1.2.1. By Value (USD Million) 2024-2034F
11.3.1.2.2.Market Share (%) 2024-2034F
11.3.1.2.3.Y-o-Y Growth (%) 2024-2034F
11.3.2. By Mounting
11.3.2.1.Ground Mounted
11.3.2.1.1. By Value (USD Million) 2024-2034F
11.3.2.1.2.Market Share (%) 2024-2034F
11.3.2.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.2.2. Roof-Top
11.3.2.2.1.By Value (USD Million) 2024-2034F
11.3.2.2.2. Market Share (%) 2024-2034F
11.3.2.2.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.By Construction
11.3.3.1.Retrofit
11.3.3.1.1. By Value (USD Million) 2024-2034F
11.3.3.1.2.Market Share (%) 2024-2034F
11.3.3.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.3.2. New-Construction
11.3.3.2.1.By Value (USD Million) 2024-2034F
11.3.3.2.2. Market Share (%) 2024-2034F
11.3.3.2.3. Y-o-Y Growth (%) 2024-2034F
12.NORTH AMERICA RESIDENTIAL SOLAR PV SYSTEMS MARKET SIZE & FORECAST 2024A-2034F
12.1.Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1.By Connectivity
12.3.2. By Mounting
12.3.3. By Construction
12.4. Country
12.4.1. United States
12.4.2.Canada
13.EUROPE RESIDENTIAL SOLAR PV SYSTEMS MARKET SIZE & FORECAST 2024A-2034F
13.1.Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1.By Connectivity
13.3.2. By Mounting
13.3.3. By Construction
13.4.Country
13.4.1.Germany
13.4.2. United Kingdom
13.4.3. France
13.4.4. Italy
13.4.5. Spain
13.4.6. Russia
13.4.7. Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14.ASIA-PACIFIC RESIDENTIAL SOLAR PV SYSTEMS MARKET SIZE & FORECAST 2024A-2034F
14.1. Overview
14.2. Key Findings
14.3.Market Segmentation
14.3.1.By Connectivity
14.3.2. By Mounting
14.3.3. By Construction
14.4.Country
14.4.1. India
14.4.2. China
14.4.3. South Korea
14.4.4.Japan
14.4.5.Rest of APAC
15.MIDDLE EAST AND AFRICA RESIDENTIAL SOLAR PV SYSTEMS MARKET SIZE & FORECAST 2024A-2034F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1.By Connectivity
15.3.2. By Mounting
15.3.3. By Construction
15.4.Country
15.4.1. Israel
15.4.2.GCC
15.4.3.North Africa
15.4.4.South Africa
15.4.5.Rest of Middle East and Africa
16. LATIN AMERICA RESIDENTIAL SOLAR PV SYSTEMS MARKET SIZE & FORECAST 2024A-2034F
16.1.Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1.By Connectivity
16.3.2. By Mounting
16.3.3. By Construction
16.4. Country
16.4.1. Mexico
16.4.2.Brazil
16.4.3.Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1.Company market share, 2023
17.2. Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1. SunPower Corporation
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2.Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2.First Solar, Inc.
18.3.Vivint Solar, Inc.
18.4.Sunrun Inc.
18.5.Tesla, Inc. (SolarCity)
18.6.Canadian Solar Inc.
18.7.JinkoSolar Holding Co., Ltd.
18.8.Trina Solar Limited
18.9.Enphase Energy, Inc.
18.10.LG Electronics, Inc.
18.11. Hanwha Q CELLS Co., Ltd.
18.12.ReneSola Ltd.
18.13.SolarEdge Technologies, Inc.
18.14.Yingli Green Energy Holding Company Limited
18.15.JA Solar Technology Co., Ltd.
18.16.Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
