Residential Solar Energy Market is Expected to Rise at a Significant CAGR During 2024-2028F
Increasing
demand for sustainable energy production sources and rising investments in
renewable energy are likely to propel the market of residential solar energy
across the globe, during 2024-2028F.
According to
TechSci Research report, “Residential Solar Energy – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028F.” The global residential solar
energy market is expected to rise in the upcoming years and register a
significant CAGR during, 2024-2028F, owing to increasing emphasis on solar energy
installations, rising population enhance the demand for electricity among
others.
the residential sector is seeking
a rise in the need for focused solar energy owing to reduced maintenance
requirements and the capacity to provide electricity without the use of fossil
fuels and coal. Furthermore, the residential solar energy market is projected to
boost due to several important factors. For instance, increasing public
awareness of the negative effects of fossil fuels on the environment and the
ongoing efforts of many countries to adopt energy-efficient technologies among
others are factors promoting solar technology. Thus, it is going to have a
positive impact on the global residential solar energy market during the
2024-2028F. Therefore, the global residential solar energy market is expected
to rise in the forecast period.
Some of the major reasons
propelling the growth of the global residential solar energy market include the
rising demand for solar electricity and the requirement for efficient energy
generation. Additionally, various government initiatives to support renewable
energy sources are anticipated to promote the expansion of the global residential
solar energy market. However, some of the major obstacles limiting the growth
of this industry are high initial investment prices and lack of knowledge about
solar technology. But with the declining cost of photovoltaic (PV) cells, the
market is expected to have ample amount of opportunities for market players in
the upcoming years.
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The global residential solar
energy market is segmented based on product type, service, and regions. Based
on product type, the market is segmented into solar panels, solar batteries,
and solar inverters. Furthermore, the solar panels segment is fragmented into
monocrystalline, polycrystalline, and thin film. Solar inverters segment is
sub-divided into central, string, and micro. The solar batteries segment is
sub-segmented into lithium ion, lead acid, and flow battery. Based on service,
the market is segmented into new installation, and maintenance & repair.
The market analysis studies the regional segmentation divided among North
America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Based on product type, the solar
panel segment had the largest market share in 2022. The solar panel segment is
the most important part of the solar energy systems. Solar energy is converted
into electrical energy. Additionally, crystalline silicon and thin film are the
type of solar energy which are employed for the installations as per
requirement. Also, in 2022, significant investments have been made to raise the
effectiveness and life of the solar pane which is used in the residential
sector. Many countries are focusing on increasing their solar capacity. For
instance, under the Asia-Pacific region, India is expected to rise residential
rooftop solar capacity by around 60%, as per the Institute for Energy Economics
and Financial Analysis (IEEFA).
Based on regional analysis,
the Asia-Pacific region had the largest market share in 2022, owing to the
rising population increase in the need for electricity, continuous power
supply, various government investments and others. India's renewable energy
potential is vast and untapped. The country's solar potential is more than 750
GW and wind potential is around 302 GW. The country's energy security scenario
for 2047 shows the possibility of achieving around 410 GW of wind and 479 GW of
solar PV installed capacity by 2047. Additionally, China has secured the
position as the largest solar panel technology manufacturer in the world. As of
2020, the country manufactures more than 60% of the solar panels globally.
China’s dominance in solar panel manufacturing is evident from the fact that
out of the top ten solar panel manufacturers globally, seven are Chinese firms.
For instance, China invested around USD 546 billion in 2022 in solar & wind
energy, electric vehicles and batteries. That is nearly four times the amount
of U.S. investments, which totaled USD 141 billion. Also, the European Union
was second after China with USD 180 billion in clean energy investments.
Key
market players in the global Residential Solar Energy market include:
- Canadian Solar Inc.
- JinkoSolar Holding Co. Ltd
- Trina Solar Co. Ltd
- LONGi Green Energy Technology Co.
Ltd
- JA Solar Holding
- Abengoa SA
- NextEra Energy Inc
- Sharp Corporation
- Hanwha Corporation
- First Solar Inc
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“The global residential solar
energy market is expected to boost in the upcoming years owing to growing global
demand for electricity in the residential sector, the unstable grid
infrastructure, rising awareness about renewables energy, etc. Additionally, increasing
awareness about the adverse effect of fossil fuel and continuous efforts of
many countries in adopting energy-efficient technologies are factors driving
solar energy technology. Therefore, it is likely to boost the market for residential
solar energy. Furthermore, various governments are focusing on renewable energy
by investing billions of dollars in solar energy. Therefore, the market for global
residential solar energy is expected to rise in the forecast period 2024-2028F.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Residential Solar Energy Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028F
By
Product Type (Solar Panels (Monocrystalline, Polycrystalline, and Thin Film),
Solar Inverter (Central, String, and Micro) and Solar Batteries (Lithium Ion,
Lead Acid, and Flow Battery)), By Service (New Installation, Maintenance &
Repair), By Region, and Competition”, has
evaluated the future growth potential of residential solar energy and provides
statistics and information on market structure, size, share, and future growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the residential solar energy market.
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