Residential Solar PV Systems Market by Technology and Geography - Forecast and Analysis 2021-2025

  • Published: Jan 2021
  • Pages: 120
  • SKU: IRTNTR46617
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The residential solar PV systems market size has the potential to grow by USD 52.23 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 8.40%. 

This report provides a detailed analysis of the market by technology (crystalline-silicon and thin-film), geography (APAC, Europe, North America, MEA, and South America), and key vendors. 

Market Overview

Residential-Solar-PV-Systems-Market-Market-Size-2020-2025

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Market Competitive Analysis

The report analyzes the market’s competitive landscape and offers information on several market vendors, including: 

 

  • ABB Ltd.
  • Canadian Solar Inc.
  • Hanwha Corp.
  • LG Electronics Inc.
  • Panasonic Corp.
  • Schneider Electric SE
  • Schott AG
  • Sharp Corp.
  • Tesla Inc. 
  • Trina Solar Co. Ltd.

 

The residential solar PV systems market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

The market players also significantly leverage external market drivers such as increasing investments in renewable energy to achieve growth opportunities. However, factors such as the increasing number of alternative energy sources will challenge the growth of the market participants. To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the residential solar PV systems market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies, 

This residential solar PV systems market analysis report also provides detailed information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities. 

Residential Solar PV Systems Market: Key Drivers and Trends

  • The global energy mix has changed drastically over the past two decades. Improvement in energy efficiency plays a vital role in balancing energy supply and demand.
  • The total cost of producing electricity using renewables is relatively higher compared with conventional sources.
  • Renewable technology is evolving and competing with fossil fuel-based power plants.
  • The competitive cost of producing electricity and low carbon emissions from renewable sources has increased investments in renewable energy.
  • The increased focus on renewable energy sources is increasing investments in the energy industry, which is driving the residential solar PV systems market growth.
  • The growing adoption of microgrids will drive residential solar PV systems market growth in the coming years.
  • With natural disasters proving the fragility of centralized power grids, governments across the globe are increasingly focusing on adopting microgrids.
  • The reduced solar PV systems costs is one of the major trends being witnessed in the global residential solar PV systems.
  • The power generated from solar PVs can be stored and used when required owing to the integration of energy storage systems. 
  • Owing to such factors the global residential solar PV systems market is expected to grow during the forecast period.

 

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Residential Solar PV Systems Market: Segmentation by Geography

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64% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for residential solar PV systems in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The increasing GHG emissions is one of the prime factors that will facilitate the residential solar PV systems market growth in APAC over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report. 

Residential Solar PV Systems Market: Segmentation by Technology

Residential-Solar-PV-Systems-Market-Market-Share-by-Technology-2020-2025

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The crystalline silicon PV systems are the most widely used PV system in the residential sector due to the high-efficiency ratings and reliability of the cells. Hence, the market for crystalline silicon PV systems is expected to grow significantly during the forecast period. 

Fetch actionable market insights on post COVID19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the residential solar PV systems market size. 

 

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Residential Solar PV Systems Market: Key Highlights of the Report for 2021-2025

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive residential solar PV systems market growth during the next five years
  • Precise estimation of the residential solar PV systems market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the residential solar PV systems industry across APAC, Europe, North America, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of residential solar PV systems market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The residential solar pv systems market growth will increase by $52.23 billion during 2020-2025.
The residential solar pv systems market is expected to grow at a CAGR of 8.40% during 2020-2025.
Technavio has segmented the residential solar pv systems market by technology (Crystalline-silicon and Thin-film) and geographic (APAC, Europe, North America, MEA, and South America).
ABB Ltd., Canadian Solar Inc., Hanwha Corp., LG Electronics Inc., Panasonic Corp., Schneider Electric SE, Schott AG, Sharp Corp., Tesla Inc. , Trina Solar Co. Ltd. are a few of the key vendors in the residential solar pv systems market.
APAC will register the highest growth rate of 64.02% among the other regions. Therefore, the residential solar pv systems market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the residential solar pv systems market growth are:
  • Increasing investments in renewable energy
  • Increasing adoption of microgrids
The residential solar pv systems market vendors should focus on grabbing business opportunities from the crystalline-silicon segment as it accounted for the largest market share in the base year.
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