DUBLIN--(BUSINESS WIRE)--The "Residential Solar Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The residential solar energy market is expected to register a CAGR of more than 10.5% during the forecast period of 2022 -2027.
- Trina Solar Co., Ltd.
- Yingli Green Energy Holding Company Limited
- Canadian Solar Inc.
- JinkoSolar Holding Co., Ltd
- JA Solar Holdings Co Ltd
- Sharp Corporation
- ReneSola Ltd.
- Hanwha Q Cells Co., Ltd.
- SunPower Corporation
- Tesla, Inc.
Key Market Trends
Increasing Rooftop Solar Installations to Drive the Market
- The increasing adoption of solar PV systems in the residential sector is primarily driven by expected savings in electricity costs, the need for an alternative source of electricity, and the desire to mitigate climate change risk.
- During the forecast period, the demand for rooftop solar PV is expected to increase, on account of decreasing solar PV costs, supportive government policies for residential solar PV, FIT programs and incentives, and targets set by various governments for solar energy.
- The cost of electricity for residential rooftop solar PV applications has witnessed a rapid decline in recent years. The declining cost has resulted in a massive increase in the residential PV capacity globally. Many countries are increasing there residential rooftop targets favoring to this. For instance, in India, Ministry of New and Renewable Energy is aiming for 4 GW of residential PV installations by 2022.
- Furthermore, in the United States alone, the annual residential PV capacity increased significantly from 2.8 GW in 2019 to 3.1 GW in 2020. The capacity is further expected to increase in the coming years.
- The cost reductions are driven by continuous technological improvements, including higher solar PV module efficiencies. The industrialization of these highly modular technologies has yielded impressive benefits, from economies of scale and greater competition to improved manufacturing processes and competitive supply chains.
- All the above-mentioned factors have been driving the demand for residential solar energy over the study period.
Asia-Pacific to Dominate the Market
- Asia-Pacific has accounted for more than 30% of the global residential solar PV market and is expected to continue its dominance during the forecast period as well.
- In India, the residential PV installation cost is at USD 1000 per KW, which is higher when compared to its commercial counterpart (USD 692 per KW). However, the Indian costs of installations are cheaper when compared to the global installations i.e., average for both residential (USD 1638 per KW) and commercial (USD 1379 per KW).
- Moreover, China's Ministry of Finance (MOF) has allocated the total subsidy for solar PV in 2020, which is amounted to about CNY 1.5 billion (USD214 million), and CNY 500 million of this fund is allocated for residential rooftop PV only. Moreover, the subsidy budget was slashed by 50% from CNY 3 billion (in 2019).
- Moreover, in 2017, the South Korean government decided that in Seoul, the country's capital, it will implement solar panels in one-third of all the households by 2022. This, in turn, is expected to increase the country's existing residential solar capacity in the coming years. According to the plan, all new buildings would be required to install solar PV. Meanwhile, the existing buildings would be offered incentives to opt for solar PV. Furthermore, it is estimated that about 1 million solar power systems would be deployed in Seoul by 2022, among the 630,000 apartment verandas, 150,000 houses, and 220,000 buildings.
- Owing to the above-mentioned factors, the demand for residential solar energy is expected to increase over the forecast period in the Asia-Pacific region.
Key Topics Covered:
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.2 Renewable Energy Mix, Global, 2020
4.3 Residential Solar Energy Installed Capacity and Forecast, in GW, till 2027
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.7 Supply Chain Analysis
4.8 Porter's Five Forces Analysis
5 MARKET SEGMENTATION - BY GEOGRAPHY
5.1 North America
5.4 South America
5.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/m4eng3