Residential Solar PV Systems Market to Grow by USD 14.17 Billion from 2022 to 2027, Driven by Increasing Investments in Renewable Energy

Strategic Insights -

The global residential solar PV systems market is expected to experience a significant growth momentum, driven by increasing investments in renewable energy and favorable government policies for solar power. The market is forecast to grow at a Compound Annual Growth Rate (CAGR) of 5.22% during the forecast period, with the APAC region contributing to 67% of the market growth. The on-grid segment is estimated to witness significant growth during the forecast period, driven by the reduction in electric bills and increasing demand for solar power.

Key Takeaways:

  • The global residential solar PV systems market is expected to grow by USD 14.17 billion from 2022 to 2027, driven by increasing investments in renewable energy and favorable government policies for solar power.
  • The market is forecast to grow at a CAGR of 5.22% during the forecast period, with the APAC region contributing to 67% of the market growth.
  • The on-grid segment is estimated to witness significant growth during the forecast period, driven by the reduction in electric bills and increasing demand for solar power.
  • The global residential solar PV systems market is highly fragmented, with many global and regional players competing in the market.
  • Key companies in the market include ABB Ltd., Canadian Solar Inc., Enphase Energy Inc., Hanwha Corp., Huawei Technologies Co. Ltd., Jiangsu SUMEC Group Co. Ltd., JinkoSolar Holding Co. Ltd., Kyocera Corp., LG Corp., Panasonic Holdings Corp., Reliance Industries Ltd., Schneider Electric SE, Sharp Corp., SMA Solar Technology AG, SolarEdge Technologies Inc., Sunrun Inc., Tesla Inc., TotalEnergies SE, Trina Solar Co. Ltd., and Vivint Inc.
  • The residential solar PV systems market is relatively new and is expected to grow rapidly during the forecast period, driven by the increasing demand for solar power and the reduction in costs.

Statistics:

  • The global residential solar PV systems market is expected to grow at a CAGR of 5.22% from 2022 to 2027.
  • The APAC region is expected to contribute to 67% of the market growth during the forecast period.
  • The on-grid segment is estimated to witness significant growth during the forecast period, driven by the reduction in electric bills and increasing demand for solar power.
  • The global residential solar PV systems market is expected to grow by USD 14.17 billion from 2022 to 2027.
  • The market size is forecast to increase by USD 6,557.84 million between 2022 and 2027.
  • The global residential solar PV systems market is expected to grow at a CAGR of 17.42% between 2022 and 2027.

Sources:

  • Technavio: Residential Solar PV Systems Market 2023-2027: Company Analysis
  • International Energy Agency (IEA): China has surpassed the US in annual installed solar capacity and remains the world leader in solar power.
  • Technavio: Residential Solar PV Systems Market Scope Report Coverage Details
  • IEA: Financial incentive programs such as preferential tariffs (FiT) in China, Japan, Thailand, and Vietnam are driving the growth of the residential solar PV systems market in APAC.