Residential Solar Photovoltaic Market by Installation, Technology, Grid Type

Description

List of Tables

The Residential Solar Photovoltaic Market was valued at USD 88.62 billion in 2023, expected to reach USD 94.27 billion in 2024, and is projected to grow at a CAGR of 6.47%, to USD 137.49 billion by 2030.

The residential solar photovoltaic (PV) market encompasses the deployment of solar panels in household settings to harness solar energy for electricity generation. The necessity of this technology is driven by growing environmental concerns, the need for energy independence, and potential cost savings over the long term. Key applications include reducing grid dependency, lowering electricity bills, and contributing to sustainability efforts. The end-use scope primarily involves private homeowners, with some interest from property developers integrating solar solutions into new housing projects. Market growth is influenced by factors like declining installation costs, government incentives, and increasing awareness of renewable energy. Tax credits and subsidies play a crucial role in making solar PV systems more affordable, stimulating demand. Technological advancements such as more efficient solar cells and battery storage solutions offer new opportunities for market expansion. Additionally, increasing energy insecurity and the rising cost of traditional energy sources bolster market prospects. However, challenges include the high upfront cost for systems without subsidies, the complexity of installations, and regulatory hurdles varying by region. Intermittency and storage issues also pose potential limitations. The competitive nature and maturing aspect of the market necessitate innovation particularly in areas such as system efficiency, better integration with smart home technology, and improved battery storage solutions to enhance grid stability and reliability. Research into recyclable materials for solar panels to improve lifecycle sustainability can also open new pathways. Understanding regional-specific government policies and aligning products accordingly could help companies penetrate the market effectively. In essence, while the residential solar photovoltaic market offers significant growth potential through technological innovation and increased adoption, overcoming monetary and technical barriers is crucial to fully harness its potential.

KEY MARKET STATISTICS
Base Year [2023]	USD 88.62 billion
Estimated Year [2024]	USD 94.27 billion
Forecast Year [2030]	USD 137.49 billion
CAGR (%)	6.47%

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Residential Solar Photovoltaic Market

The Residential Solar Photovoltaic Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Reduced solar PV systems costs
- Increases adoption of renewable energy in hybrid systems
- Rising solar PV installations
Market Restraints
- Weather uncertainty and energy storage during only sun exposure time
Market Opportunities
- Inclination towards the sustainable energy sources
- Growing urbanization in developing countries
Market Challenges
- Location can be an issues as solar radiation can vary depending on location

Porter's Five Forces: A Strategic Tool for Navigating the Residential Solar Photovoltaic Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Residential Solar Photovoltaic Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Residential Solar Photovoltaic Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Residential Solar Photovoltaic Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Residential Solar Photovoltaic Market

A detailed market share analysis in the Residential Solar Photovoltaic Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Residential Solar Photovoltaic Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Residential Solar Photovoltaic Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Residential Solar Photovoltaic Market

A strategic analysis of the Residential Solar Photovoltaic Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Residential Solar Photovoltaic Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Acciona SA, Altus Power America, Inc., Canadian Solar Inc., GreenBrilliance Renewable Energy LLP, Hanwha Group, JA Solar Technology Co.,Ltd., JinkoSolar Holding Co., Ltd., Kaneka Corporation, Kyocera Corporation, Panasonic Corporation, Renesola Co. Ltd., Risen Energy Co., Ltd., Sharp Corporation, and SunPower Corporation.

Market Segmentation & Coverage

This research report categorizes the Residential Solar Photovoltaic Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Installation, market is studied across Ground Mounted and Rooftop.
Based on Technology, market is studied across Crystalline-Silicon, Monocrystalline Silicon, Polycrystalline Silicon, and Thin-Film.
Based on Grid Type, market is studied across Off-Grid and On-Grid.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-430D3EB727A9

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Reduced solar PV systems costs
  - 5.1.1.2. Increases adoption of renewable energy in hybrid systems
  - 5.1.1.3. Rising solar PV installations
- 5.1.2. Restraints
  - 5.1.2.1. Weather uncertainty and energy storage during only sun exposure time
- 5.1.3. Opportunities
  - 5.1.3.1. Inclination towards the sustainable energy sources
  - 5.1.3.2. Growing urbanization in developing countries
- 5.1.4. Challenges
  - 5.1.4.1. Location can be an issues as solar radiation can vary depending on location
5.2. Market Segmentation Analysis
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Residential Solar Photovoltaic Market, by Installation

6.1. Introduction
6.2. Ground Mounted
6.3. Rooftop

7. Residential Solar Photovoltaic Market, by Technology

7.1. Introduction
7.2. Crystalline-Silicon
7.3. Monocrystalline Silicon
7.4. Polycrystalline Silicon
7.5. Thin-Film

8. Residential Solar Photovoltaic Market, by Grid Type

8.1. Introduction
8.2. Off-Grid
8.3. On-Grid

9. Americas Residential Solar Photovoltaic Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Residential Solar Photovoltaic Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Residential Solar Photovoltaic Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
12.4. Strategy Analysis & Recommendation

Companies Mentioned

1. ABB Ltd.
2. Acciona SA
3. Altus Power America, Inc.
4. Canadian Solar Inc.
5. GreenBrilliance Renewable Energy LLP
6. Hanwha Group
7. JA Solar Technology Co.,Ltd.
8. JinkoSolar Holding Co., Ltd.
9. Kaneka Corporation
10. Kyocera Corporation
11. Panasonic Corporation
12. Renesola Co. Ltd.
13. Risen Energy Co., Ltd.
14. Sharp Corporation
15. SunPower Corporation