Global Residential Solar Energy Market Analysis, By Geography (Market Overview, Market Size and Demand Forecast until 2023). A detailed research report from Research Cosmos
The emergence of the solar photovoltaic (PV) industry is likely to generate strong demand for the global residential solar energy market over the forecast period. In addition, the declining price of solar panels has also encouraged the governments across various nations to take more initiatives and provide subsidies, which, in turn, is expected to help in the growth of the residential solar energy market.
As a result, countries, such as Brazil, India, Mexico, and UAE started opting for solar PV and solar thermal solutions. Moreover, the distributed rooftop market, though expensive, is in competition with the solar PV retail prices.
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Decline in Solar PV System Cost to Benefit the Market
The cost of solar panels has witnessed significant decline over the past few years, with the first and the most important technological change being the falling cost per watt of silicon PVCs. The overall reduction in the cost of the solar PV system is attributed to the active feed-in tariff programs in many countries.
For example, in Germany residential solar power has gained popularity as the solar panels installed on houses turned out to be monetarily beneficial.
Most of the countries, such as the United States and the United Kingdom, are witnessing significant growth in solar PV installations in the residential sector, owing to the decline in solar panel costs. This makes the panels more affordable and attractive to residential users.
Lack of Financing Options - Less Attractive for Residential Customers
Rooftop solar panels are less attractive for residential customers as compared to commercial & industrial (C&I) counterparts on account of high upfront capital expenditure, lack of financing options, and cheaper grid electricity for residential consumers with low consumption.
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Implementation of net metering policy poses a major challenge in India, which is expected to constraint the growth of the residential solar energy market in the country. Net metering is important for residential consumers as solar panels create a lot of surplus power during the day when the households draw less power.
While net metering is mandatory in many states in India, however, it is de-regulated in certain states, including Andhra Pradesh, Odisha, Tamil Nadu, and West Bengal, where they only have legally non-binding guidelines. As a result, the de-regulation of net metering policy is expected to negatively impact the growth of the residential solar energy market in the country.
Vietnam and Philippines – Huge Potential for Solar-based Energy Generation
The decentralization of electricity generation is the most suitable business model in Vietnam, as the majority of the population is concentrated in the rural areas. The government has set up a policy landscape where the renewable-based energy generation technologies are encouraged, and prioritizes the rural and remote electrification by 2025.
Among the various renewable sources of energy generation available in Vietnam, the solar-based energy generation has a high potential for deployment and a high return on investment owing to favorable government support. The government of Vietnam has encouraged R&D activities in collaboration with corporate companies and industries.
For instance, Ministry of Industry and Trade of Vietnam (MoiT) has partnered with Spanish agencies for strengthening the solar capabilities of the country through the use of geographical information systems. These initiatives are expected to encourage the growth of solar energy potential in the country.
In the Philippines, the government aims to increase the solar PV installations to reach 3 GW of utility solar by 2022. Moreover, the cumulative solar power capacity is predicted to reach 8.7 GW by the end of 2030, with solar rooftops constituting approximately 35% of the total installations.
All these initiatives are expected to propel the growth of the residential solar energy market in the Philippines during the forecast period.
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MAJOR PLAYERS: TRINA SOLAR LIMITED, YINGLI GREEN ENERGY, CANADIAN SOLAR, JINKO SOLAR, JA SOLAR, SHARP SOLAR, RENESOLA, HANWHA Q CELLS Co Ltd, amongst others
Reasons to Access This Report
- Identify the drivers, restraints, and opportunities in the global residential solar energy market with in-depth analysis
- Identify the installation type and application dominating the market
- Analyze the various perspectives of the market with the help of Porter’s five forces analysis.
- Identify the regions expected to witness fastest growth during the forecast period and identify the hotspots for the market.
- Identify the latest developments and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in excel).
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