Residential Solar Energy Market Size (2024 - 2029)

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, increasing investments 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 and the difficulties in integrating residential solar PV systems in regions like Africa are expected to restrain the market's growth.
• However, ambitious targets are being undertaken to increase the renewable share in their energy mix. Governments across these nations also plan to increase the renewable energy share by deploying residential solar PV systems in the coming years. This factor, in turn, is expected to act as an opportunity for residential solar energy manufacturers and suppliers during the forecast period.
• Asia-Pacific is expected to be the fastest-growing market during the forecast period due to the rising energy demand. This growth is attributed to increasing investments and supportive government policies in Asia-Pacific countries, including India, China, and Australia.

Residential Solar Energy Industry Segmentation

Residential solar PV consists of photovoltaic cells and is nonchemical technology that turns sunlight into energy to power household appliances and equipment. It is a rapidly growing renewable energy technology and plays a vital role in global energy transformation.

The residential solar energy market is segmented by geography. The report also covers the market size and forecasts across major regions. For each segment, the market sizing and forecasts have been done based on installed capacity (GW).