Insights on the Residential Solar Energy Global Market to 2027 – Featuring Trina… – Press Release

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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.

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 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…

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