Global Solar Panels for Home Market 2023-2030

Global Solar Panels for Home Market 2023-2030

Global Solar Panel for Home Market Size, Share & Trends Analysis Report by Technology (Thin Film and Crystalline Silicon), and by Grid Type (On Grid and Off Grid) Forecast Period (2023-2030)

The global solar panel for home market is anticipated to grow at a CAGR of 7.5% during the forecast period. Rooftop solar photovoltaic (PV) is considered a secure investment for end-use customers against the fluctuating electricity price. The cost efficiency of rooftop solar systems favors their adoption in residential spaces which in turn driving the global solar panel for home market. Rooftop solar PV panels and related equipment includes inverters, meters, junction boxes, transformers, cables, batteries, and monitoring and mounting unit are gaining widespread adoption among customers owing to the flexible nature of on-grid and off-grid installation. The market is rapidly growing and is showing promising growth opportunities during the forecast period majorly coupled with the increasing demand for renewable energy and government subsidies for the adoption of solar panels in residential areas.

The governments of different countries initiate policies to provide incentives to solar panel owners to reduce the installation cost load. Government support in the form of incentives, reduction in tariff, and tax credits are expected to offer ample opportunities for the growth of the solar panel for home market. Additionally, several economies around the globe are setting targets and introducing policies for promoting renewable energy and reducing greenhouse gas (GHG) emissions. As solar panels are installed directly on the roof, they do not require any additional land or space, making them an ideal choice for homeowners with limited available areas. Moreover, rooftop solar systems can be customized to meet the specific energy needs of each household, allowing for optimal energy generation. In addition, economies such as Australia and the US are developing solar cities. However, the high installation cost is acting as a restraining factor for the growth of the market.

Segmental Outlook

The global solar panel for home market is segmented based on technology and grid type. Based on technology, the market is segmented into thin film and crystalline silicon. Based on grid type, the market is sub-segmented into on grid and off-grid.

Off-Grid Holds a Considerable Share in the Global Solar Panel for Home Market

High flexibility and versatility of off-grid solar systems support their adoption. Additionally, these systems are durable and can last for several decades with minimal upkeep. Unlike traditional power generators, off-grid solar systems operate silently, without any noise or a vibration, which makes them suitable for residential applications. They can also operate independently, providing essential power supply during blackouts or when the grid is disrupted due to extreme weather.

Regional Outlooks

The global solar panel for home market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Asia-Pacific is anticipated to exhibit considerable growth in the global solar panel for home market.

Global Solar Panel for Home Market Growth by Region 2023-2030

Source: OMR Analysis

North America Region held Considerable Share in the Global Solar Panel for Home Market

According to data from the Solar Energy Industries Association (SEIA), the residential home solar market broke growth records for the fifth time in a row during the second quarter of 2022. Despite COVID-19-related supply chain issues, import restrictions and other obstacles, the regional solar panel for home market has grown rapidly. According to the US Energy Information Administration (EIA), the home solar installations rose from 2.9 gigawatts in 2020 to 3.9 gigawatts in 2021, a 34.0% increase. This is reflective of an overall rise in US solar, with both the number of solar panels shipped in the country and the amount of utility-scale capacity reaching records in 2021. Shipped panels rose from 21.8 million peak kilowatts in 2020 to 28.8 million peak kilowatts in 2021, while utility-scale capacity rose from 10.6 gigawatts in 2020 to 13.2 gigawatts in 2021, a 25.0% jump. As of December 2021, there were more than three million solar installations in the US market, most of them residential photovoltaic (PV) panels.

Residential SolarReviews noted in 2021 that requests for quotes for solar installation had gone up by 130.0% during that year. In a survey published in January, the Pew Research Center found that 8.0% of US homeowners have installed home solar panels, which is double the 4.0% with solar panels in 2016 and up from the 6.0% who had installed solar panels in 2019. A further 39.0% said they had seriously considered installing them in 2021, which was a seven-point decrease from 2019. The home installation of solar panels is still expensive, however, costing between $16,870 and $23,170 after the 30.0% solar tax credit included in the Inflation Reduction Act (IRA).

Market Players Outlook

The major companies serving the global solar panel for home market include SunPower Corp., Canadian Solar Inc., First Solar Inc., JA Solar Holdings Co., Ltd., and JinkoSolar Holding Co., Ltd. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global solar panel for home market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.