Residential Solar Power Market Size, Share & Industry Analysis, By Type (Centralized , Decentralized), By Technology (Mono-Si, Thin Film, Multi-Si, Others), By Panel Mounting (Rooftop, Ground Mounted) And Regional Forecast, 2024-2032

In residential solar systems, the sunlight hitting the solar panel is absorbed by the photovoltaic cell. The silicon semiconductor in the cell converts the solar energy into electrical energy through the photovoltaic effect. This electrical energy is a direct current, which directly charges the battery. The direct current from these batteries is sent to the inverter, and the inverter converts it into an alternating current. This alternating current is now forwarded to the home's grid, which supplies the power to all connected applications.

During the forecast period, the demand for residential solar power is expected to increase due to the decline in the cost of solar photovoltaics. The government's policies to support residential solar photovoltaics, FIT plans, incentives, and the targets set by governments for solar energy is anticipated to drive the market. Cost reduction has led to a substantial increase in global residential photovoltaic capacity, and residential solar energy has contributed significantly.

• According to IEA (International Energy Agency), global solar PV installations will increase by more than 20% in 2022, breaking the 200 GWDC barriers for the first time, with a total expenditure of at least USD 170 billion.

Solar panels are not suitable for all types of roofs. Certain roofing materials used in older or historic homes, such as slate or cedar shingles, can be complex for solar installers to use, thus creating obstacles to solar energy. The initial cost of solar energy can be overwhelming. Therefore, buying solar energy can be inconvenient for many people. These factors will hinder market growth.

IMPACT OF COVID-19 ON THE RESIDENTIAL SOLAR POWER MARKET

The global residential solar power market is expected to take a significant amount of time before recovering from the impact of the COVID-19 pandemic. Though a scarcity of regular workforce and social distance conventions delayed new linear power supply installation, the advent of work-from-home policies combined with periodic power outages generated profitable business prospects.

BY TYPE ANALYSIS

Based on type, the residential solar power market is divided into centralized and decentralized. The decentralized segment is expected to grow during the forecast period. This is due to their effectiveness in power generation and cost-effectiveness as well. A decentralized solar system utilizes unused space on rooftops and yards to generate power. In contrast, a centralized system requires new land development, making it a costlier option.

BY TECHNOLOGY ANALYSIS

Based on technology, the residential solar power market can be divided into mono-si, thin-film, multi-si, and others based on technology. The mono-si solar panels hold a dominant market share as they are generally preferred due to their ease of installation and longer life.

BY PANEL MOUNTING ANALYSIS

Based on panel mounting, the residential solar power market can be divided into ground-mounted and rooftop-type. The ground-mounted segment dominates the market. Roof mounts are inexpensive but can cause other problems in residential areas. Due to these factors, the ground-mounted segment dominates the market.

REGIONAL ANALYSIS

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Asia Pacific is expected to continue its dominance during the forecast period. The South Korean government has recently decided to introduce solar panels to a third of all households in the country's capital, Seoul, by 2022. These factors suggest that the demand for solar energy for homes is likely to increase during the forecast period in the Asia Pacific region.

• According to International Energy Agency (IEA), China is the largest producer and consumer of solar power, accounting for about half of the global solar power output. Furthermore, the country also leads solar energy with an installed capacity of 205 GW.

The North American market is growing steadily due to the governments' clean energy initiatives and the region's growing demand in the end-use industry. Europe is another region with a growing market. The Middle East & Africa, and European region markets are also rising due to the governments' widespread clean energy drive.

 KEY INSIGHTS

The report will cover the following key insights:

• Recent Advancements residential solar power


• Key Industry Trends


• Regulatory Landscape for residential solar power market


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market

 KEY PLAYERS COVERED

 The report will include key players such as Waaree Group, Canadian Solar Inc., Abengoa, BrightSource Energy, Inc., Tata Power Solar Systems Limited, First Solar, Trina Solar, Yingli Solar, E-Solar, SunPower Corporation, ACCIONA, and Azure Power.

SEGMENTATION

 KEY INDUSTRY DEVELOPMENTS

• In December 2021, According to a new analysis from the National Renewable Energy Laboratory, the installed cost of solar photovoltaic (PV) and battery storage systems in the United States continued to fall between 2020 and 2021, with utility-scale solar systems enjoying a 12.3 percent price drop (NREL).


• In May 2020, Turkey introduced a new rooftop solar power generation incentive. This includes a net-metering scheme where homeowners receive monthly energy credits on their solar exports to the grid,