Market Size of Residential Solar Energy Industry
| Study Period | 2020 - 2029 |
| Market Volume (2024) | 138.70 gigawatt |
| Market Volume (2029) | 190.98 gigawatt |
| CAGR (2024 - 2029) | 6.69 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Residential Solar Energy Market Analysis
The Residential Solar Energy Market size is estimated at 138.70 gigawatt in 2024, and is expected to reach 190.98 gigawatt by 2029, growing at a CAGR of 6.69% during the forecast period (2024-2029).
- Over the medium term, factors such as favorable government policies, the increasing investment in upcoming rooftop solar projects, and the reduced cost of solar energy, which has led to increased adoption of solar energy, are expected to drive the market during the forecast period.
- On the other hand, the lack of financing options coupled with the difficulties in integrating residential solar PV systems in the regions like Africa is expected to restrain the growth of the market.
- Nevertheless, ambitious targets to increase the renewable share in their energy mix. Governments across these nations have also planned to increase the renewable energy share through the deployment of residential solar PV systems in the coming years. This, in turn, is expected to act as an opportunity to the residential solar energy manufacturers and suppliers during the forecast period.
- Asia-Pacific is the fastest-growing market during the forecast period due to the rising energy demand. This growth is attributed to increasing investments, coupled with supportive government policies in the countries of this region, including India, China, and Australia.
