Residential Solar PV Market Size - By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Roof-Top), COVID-19 Impact Analysis & Global Forecast, 2023 - 2032

Residential Solar PV Market Size - By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Roof-Top), COVID-19 Impact Analysis & Global Forecast, 2023 - 2032

Global Residential Solar PV Market outlook is poised to strengthen over 2023-2032. Increasing awareness and concern about environmental issues, prompting individuals to seek cleaner and renewable energy alternatives, is among the key factors driving market growth and popularity. The declining costs of solar panels and related equipment have made residential solar PV systems more affordable and accessible.

Government incentives and subsidies, such as tax credits and feed-in tariffs, further incentivize homeowners to install solar panels, spurring product demand. Besides, rising electricity prices and the desire for energy independence also play a role, as solar PV systems allow homeowners to generate their own electricity and reduce reliance on the grid. This apart, technological breakthroughs in solar panel efficiency and energy storage solutions have boosted the viability and attractiveness of residential solar PV installations, further augmenting market gains.

The residential solar PV market is categorized based on connectivity, mounting, and region.

With respect to connectivity, the market share from off-grid segment will exhibit commendable growth through 2032. The demand for residential solar PV is rapidly growing for off-grid connectivity due to several key factors. Rising energy costs, environmental concerns, and advancements in solar technology have made solar PV systems an attractive option for homeowners seeking sustainable and self-sufficient energy solutions, allowing them to generate their electricity and reduce reliance on traditional power grids.

Based on mounting, the residential solar PV market size from the roof-top segment will record a noticeable valuation by 2032. Homeowners are increasingly recognizing the long-term financial benefits of generating their own electricity and reducing their reliance on conventional power sources. The growing awareness and concern about climate change have prompted individuals to embrace clean and renewable energy solutions. Moreover, government incentives, falling installation costs, and advancements in solar technology have made roof-top solar PV more accessible and economically viable for residential properties.

Regionally, North America residential solar PV industry will garner appreciable gains over 2023-2032. There is a growing awareness and concern about climate change in the region, leading homeowners to seek out sustainable energy solutions. Secondly, government incentives and favorable policies have made solar PV more affordable and attractive. Additionally, technological improvements and falling installation costs have made solar systems more accessible to a wider range of homeowners. Lastly, the desire for energy independence and cost savings are driving the increased adoption of residential solar PV in North America.