Residential Solar PV Systems Market Size to Grow by $ 52.23 bn through 2021-2025  

Technavio research projects the residential solar pv systems market to grow by $ 52.23 bn, accelerating at a CAGR of over 8% till 2025. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report

Residential Solar PV Systems Market: Key Market Driver

One of the primary factors that will trigger the growth of the residential solar pv systems market size is increasing investments in renewable energy. This research report provides a comprehensive analysis of all the factors that are likely to propel market growth, taking into account the market trends as well as challenges that are likely to impede growth. The objective of this research report is to equip clients with actionable insights that will help them leverage opportunities and formulate growth strategies for their business.

Residential Solar PV Systems Market: Vendor Analysis

The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. ABB Ltd., Canadian Solar Inc., Hanwha Corp., LG Electronics Inc., Panasonic Corp., Schneider Electric SE, Schott AG, Sharp Corp., Tesla Inc. , and Trina Solar Co. Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. This customized report will help clients keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with a pipeline analysis of vendor operations and the impact of government regulations.

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The Global Residential Solar PV Systems Market is expected to grow by USD 52.23 billion accelerating at a CAGR of over 8% during the forecast period. The Utilities industry is expected to witness negative growth as a result of COVID-19, and the impact of the pandemic on the market in focus is also expected to remain NEGATIVE. Technavio evaluates the market with a detailed investigation into the market forces, emerging trends, and growth drivers. It also provides competitive benchmarking to equip clients with actionable insights that will help them navigate through the current market scenario. Preview our latest report

"The increasing investments in renewable energy will drive the growth prospects for the Global Residential Solar PV Systems Market in the forthcoming years. 64% of the market growth will originate from APAC during the forecast period", says a senior research analyst for the Utilities Industry at Technavio.

Residential Solar PV Systems Market: Technology Segment Highlights

• Technology Segmentation: crystalline-silicon and thin-film
• Crystalline-silicon segment dominated the market in 2020 as they are the most widely used PV systems 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.

Residential Solar PV Systems Market: Competitive Analysis

• The Residential Solar PV Systems Market is fragmented due to the presence of several vendors.
• Market vendors are focused on market expansion, innovations, and expansion of distribution networks.
• ABB Ltd., Canadian Solar Inc., Hanwha Corp., LG Electronics Inc., Panasonic Corp., Schneider Electric SE, Schott AG, Sharp Corp., Tesla Inc. , and Trina Solar Co. Ltd. are some of the major market participants. Although vendors will leverage external market drivers such as increasing investments in renewable energy to achieve growth opportunities, factors such as the increasing number of alternative energy sources will challenge the growth of the market participants. 

Residential Solar PV Systems Market: Key Trends to Drive Growth

• 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 which will drive the global residential solar PV systems market during the forecast period.

Technavio provides custom research reports with detailed insights on the impact of COVID-19 with respect to the industry, region, and supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations. Download a Free Sample Report