Selbyville, Delaware, May 30, 2023 (GLOBE NEWSWIRE) --
Residential Solar PV Market value is expected to cross a valuation of USD 66 billion by 2032, according to the latest research report by Global Market Insights Inc.
As per the report, growing demand for off-grid electricity is a major driver behind industry growth. Residential solar PV systems can be integrated with battery storage to provide backup power during grid outages. When the grid goes down, the solar panels continue to generate electricity, which can be stored in the batteries and used to power essential loads in the home, such as lighting, refrigeration, communication devices, and medical equipment. Having a backup power source enhances resilience and ensures electricity availability during emergencies.
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Versatility of off-grid solar PV systems to favor their adoption
The residential off-grid solar PV market will grow at a notable CAGR from 2023 to 2032. High flexibility and versatility of off-grid solar PV 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 PV systems operate silently, without any noise or vibrations, 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.
Solar PV system sales to grow due to cost efficiency
residential rooftop solar PV industry size will expand substantially till 2032. Cost efficiency of rooftop solar PV systems favors their adoption in residential spaces. 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.
North America to dominate the residential solar PV market
North America residential solar PV market value will witness significant gains through 2032. Favorable government initiatives focused on promoting the deployment of energy-efficient systems in residential spaces have increased product uptake in the region. In August 2022, Congress rolled out an extension of the Investment Tax Credit, increasing it to 30% for the installation of solar PV systems between 2022 and 2032. Moreover, initiatives such as the ecoENERGY Retrofit program also encourage the espousal of solar PV systems in the region.
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Residential Solar PV Industry leaders
JA SOLAR Technology Co., Ltd., REC Solar Holdings AS, Q CELLS, Solaria Corporation, LG Electronics, CsunSolarTech, Shunfeng International Clean Energy Co., Ltd., and Jinko Solar, among others
Residential Solar PV Industry News:
- In July 2022, Jinko Solar, a leading solar panel manufacturer, announced the launch of SUNTANK, a residential energy storage system for the Australian market. This system is expected to aid the development of PV+ ESS solutions while providing stable electricity to cater to the needs of residential space.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Residential Solar PV industry 360° synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Connectivity trends
2.1.3 Mounting trends
2.1.4 Regional trends
Chapter 3 Residential Solar PV Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Shifting consumer focus on clean energy sources
3.3.1.2 Increasing off grid electricity demand
3.3.1.3 Favorable government schemes & mandates
3.3.2 Industry pitfalls & challenges
3.3.2.1 Availability of other clean energy sources
3.4 Growth potential analysis
3.5 Porter's Analysis
3.6 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
