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 providing.
The residential solar energy market is anticipated to register a CAGR of greater than 10.5% through the forecast interval of 2022 -2027.
Companies Mentioned
- 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 growing adoption of solar PV techniques within the residential sector is primarily pushed by anticipated financial savings in electrical energy prices, the necessity for another supply of electrical energy, and the need to mitigate local weather change threat.
- During the forecast interval, the demand for rooftop solar PV is anticipated to extend, on account of lowering solar PV prices, supportive authorities insurance policies for residential solar PV, FIT applications and incentives, and targets set by numerous governments for solar energy.
- The price of electrical energy for residential rooftop solar PV functions has witnessed a fast decline lately. The declining price has resulted in an enormous enhance within the residential PV capability globally. Many nations are growing there residential rooftop targets favoring to this. For occasion, in India, Ministry of New and Renewable Energy is aiming for 4 GW of residential PV installations by 2022.
- Furthermore, within the United States alone, the annual residential PV capability elevated considerably from 2.8 GW in 2019 to three.1 GW in 2020. The capability is additional anticipated to extend within the coming years.
- The price reductions are pushed by steady technological enhancements, together with increased solar PV module efficiencies. The industrialization of those extremely modular applied sciences has yielded spectacular advantages, from economies of scale and larger competitors to improved manufacturing processes and aggressive provide chains.
- All the above-mentioned components have been driving the demand for residential solar energy over the research interval.
Asia-Pacific to Dominate the Market
- Asia-Pacific has accounted for greater than 30% of the worldwide residential solar PV market and is anticipated to proceed its dominance through the forecast interval as nicely.
- In India, the residential PV set up price is at USD 1000 per KW, which is increased when in comparison with its business counterpart (USD 692 per KW). However, the Indian prices of installations are cheaper when in comparison with the worldwide installations i.e., common for each residential (USD 1638 per KW) and business (USD 1379 per KW).
- Moreover, China’s Ministry of Finance (MOF) has allotted the entire 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 allotted for residential rooftop PV solely. Moreover, the subsidy price range was slashed by 50% from CNY 3 billion (in 2019).
- Moreover, in 2017, the South Korean authorities determined that in Seoul, the nation’s capital, it can implement solar panels in one-third of all of the households by 2022. This, in flip, is anticipated to extend the nation’s current residential solar capability within the coming years. According to the plan, all new buildings can be required to put in solar PV. Meanwhile, the present buildings can be supplied incentives to go for solar PV. Furthermore, it’s estimated that about 1 million solar power techniques can be deployed in Seoul by 2022, among the many 630,000 house verandas, 150,000 homes, and 220,000 buildings.
- Owing to the above-mentioned components, the demand for residential solar energy is anticipated to extend over the forecast interval within the Asia-Pacific area.
Key Topics Covered:
1 INTRODUCTION
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Renewable Energy Mix, Global, 2020
4.3 Residential Solar Energy Installed Capacity and Forecast, in GW, until 2027
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.7 Supply Chain Analysis
4.8 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION – BY GEOGRAPHY
5.1 North America
5.2 Europe
5.3 Asia-Pacific
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 extra details about this report go to https://www.researchandmarkets.com/r/m4eng3
