- Report ID: BMRC 1393 | Number of pages: 200 | Publish Date: Nov 2020
Status: Published | Category: Energy And Mining | Delivery Timeline:
"Global Residential Solar Power Market is expected to grow with the CAGR of 20.4% over the forecast period"
Global Residential Solar Power Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2020-2026- Increasing concern for clean energy and decline in the cost of photovoltaic system which increases technological up gradation drive the growth of Global Residential Solar Power Market.
Residential Solar Power is used to capture sun light and restore and convert it into heat, light and many other forms. A solar energy is radiant energy emitted from sun which is harnessed by using different technics such as photovoltaic cells, solar heating and many others. It is the efficient form of convectional energy and convenient renewable energy.
The solar energy was used by humans as early in 7th century were the humans used sunlight to light fires with magnifying glass material. The main part in solar system is photovoltaic cell (PV) which is a device which converts light into electric current using photovoltaic effect. The development of solar technology started in 1860, Charles Fritts installed First rooftop photovoltaic solar array. However, the development of solar technology started in early 20th century. In 1973 the University of Delaware constructed first solar building named solar one. The new technology in solar power is floatovoltaics which is emerging form of PV system which float on surface of irrigation canals, water reservoirs and others. This system reduces the need of valuable land area and saves drinking water and shows a higher efficiency of solar energy conversion.
The global residential solar power market is segmented on the basis of technology, solar module, end-use, and region & country level. Based on technology, the global residential solar power market is classified as concentrated solar power system and photovoltaic system. Based on solar module, the global residential solar power market is segmented as amorphous silicon cells, polycrystalline, monocrystalline, cadmium telluride and others. Based on end-use, the global residential solar power market is segmented as heating, charging, electricity generator, lighting and others.
The regions covered in global residential solar power market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, global residential solar power market sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global residential solar power market report covers prominent players like Solar City, Jinko Solar Holding co., Ltd, Huawei, Sunrun, Solar City, RGS Energy, RGS Energy, PetersenDean, L&T, Tata Solar Power, Waaree Energyies, Adani and Risen Energy Trinity Solar, Trina Solar Limited, Canadian Solar Inc. and others.
CMERI Installed World’s Largest Solar Tree at Residential Colony
September 2nd, 2020; Central Mechanical Engineering Research Institute (CMERI), Durgapur installed a huge solar tree at its residential colony, which it claimed is the world’s largest solar tree. The power production as well as number of PV panels in the solar tree is also largest in the world. Each solar tree has the potential to save 10/12 tons of CO2 emission being released into the atmosphere as greenhouse gases when compared with fossil fuel fired energy generation. The solar tree has the capability to incorporate IOT based features, like round-the clock CCTV surveillance in agricultural field, recording real time humidity, wind speed, rainfall prediction.
Global Residential Solar Power Market Dynamics–
The key factor driving the growth of global residential solar power market is increasing technical advancements and up gradation in residential solar energy market and adoption of solar photovoltaic in the residential sector. In addition, growing awareness regarding alternative source of electricity and climate change risk and reduction in electricity cost are also supplementing the growth in global residential solar power market. The cost of electricity from residential solar photovoltaic has declined in the recent years, in past 6 years cost have fallen by around 66% in Germany and 45% in California. There is high installation of solar PV capacity globally than any other power generation technology in 2017.
However, complexity and high cost of installation may hamper the growth of global residential solar power market. And also climate conditions and geographical latitude especially in rainfall and snowfall region may also hinder the growth of residential solar power market. In spite of that, the demand of copper indium gallium selenide which is cost effective solar panel and owns low-cost manufacturing and increases efficiency of solar module may create an opportunity for the further growth of the market.
Global Residential Solar Power Market Regional Analysis–
The Asia Pacific is expected to witness the highest growth in the global residential solar power market due to the increase in demand for clean electricity from developing countries like India, China and other Asian countries. The rising initiatives by government such as government of India has given 30% subsidies for installation of solar system are also supplementing the market growth in this region. South Korea’s government has decided to implement solar panel in one-third of the households of Seoul country by 2022. The China had installed more than half of the world’s solar capacity in one year that is exact 53.3%.
North America is also expected to capture the significant share of the global residential solar power market due to the increasing research activities to maximize the solar potential. The United States was the world’s second largest PV market in 2017. European is also anticipated to show a significant growth in this market due to the increasing awareness regarding clean environment in this region. European country was among top 3 in solar power generation countries in 2017, though Germany had 4th rank.
Key Benefits for Residential Solar Power Market Report–
By Solar Module:
By Regional & Country Analysis:
The Middle East and Africa
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Residential Solar Power Market Size: By Technology ( Concentrated solar power systems, Photovoltaic systems), By Solar Module ( Amorphous silicon cells, Monocrystalline, Cadmium telluride, ), By End-Use ( Heating, Charging, Electricity generation, Lighting ) Forecast 2020 to 2026