analysts forecast the global residential solar PV systems market to post a CAGR of nearly 22% during the forecast period, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
Reduced solar PV systems costs is one of the major trends being witnessed in the . Earlier, high cost and intermittency have affected the adoption of solar energy. The intermittent nature of solar PV energy can be overcome by using energy storage systems, which not only reduces the gap but also increases the adoption of renewable energy in hybrid systems. The power generated from solar PVs can be stored and used when required owing to the integration of energy storage systems.
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According to Technavio analysts, one of the key factors contributing to the growth of the global residential solar PV systems market is the rising solar PV installations:
Global residential solar PV systems market: Rising solar PV installations
Over the past few years, the cost of solar PV systems has been declining. In countries such as the US, in 2017, the Department of Energy announced that the country has achieved the 2020 utility-scale solar cost target of $0.06/kWh three years ahead of schedule and is aiming toward achieving the 2030 goal of $0.03/kWh. When compared with most fossil fuel powered generators, solar power is cost-efficient and has also become one of the least expensive options for electricity generation, allowing solar installed capacity to expand faster than any other fuel.
According to a senior analyst at Technavio for research on power, “In 2017, the global cumulative solar PV capacity has grown over 31% from the previous year. The cumulative solar PV capacity accounted for nearly 99% of the total cumulative solar capacity and cumulative concentrated solar power capacity accounted for the rest 1% of the cumulative solar capacity.”
Global residential solar PV systems market: Segmentation analysis
The global residential solar PV systems market research report provides market segmentation by technology, application, and by region . It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The crystalline silicon segment held the largest market share in 2017, accounting for over 95% of the market. This technology segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of over 57%. This region is expected to dominate the market through 2022.