Product Code: PM4058
The global home solar system market size is expected to reach USD 274.97 billion by 2032, according to a new study by Polaris Market Research. The report "Home Solar System Market Share, Size, Trends, Industry Analysis Report, By Component (Solar Panel, Solar Inverter, Solar Battery, Trackers, Others); By Grid Type; By Type; By End-User; By Region; Segment Forecast, 2024- 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
A home solar system encompasses solar panels, batteries, inverters, and various electrical elements, enabling homeowners to produce, store, and utilize solar energy within their residences. The global market is experiencing an upswing due to the escalating adoption of rooftop solar PV systems in residential structures. Factors fuelling this surge in home solar systems encompass reduced costs of solar components, supportive government initiatives, escalating electricity rates, and heightened environmental consciousness.
Progress in solar cell, module, and system technologies is elevating efficiencies, enhancing reliability, and reducing costs, rendering home solar solutions increasingly feasible. Technologies like PERC, heterojunction, and bifacial solar cells have pushed module efficiency beyond 20%. Smart modules, equipped with integrated microchips, facilitate superior energy yield monitoring and outage management. The expansion of battery storage capacities, the integration of smart inverters, and the incorporation of electric vehicle (EV) technology are further propelling technological advancements within the home solar ecosystem.
Home solar systems offer a promising decentralized energy solution, particularly for those residing in remote regions lacking reliable grid connectivity. Advancements in standalone solar systems, DC appliances, and productive applications make affordable off-grid electrification possible. Government initiatives supporting solar deployments to unconnected homes and communities in developing nations present significant opportunities for the off-grid home solar market sector.
The integration of solar systems with artificial intelligence, big data analytics, IoT, and smart home technologies will introduce new functionalities for homeowners. This includes intelligent solar monitoring, predictive maintenance, voice-activated assistants, and automated appliance control, optimizing solar energy utilization. Additionally, integrating solar with storage, home energy management systems, and EV charging paves the way for customized solutions, broadening the scope of home solar applications.
Home Solar System Market Report Highlights
- Solar panel segment is expected to grow at a highest CAGR during the projected period, on account of technological efficiency, cost-effectiveness, higher performance
- Off-Grid segment accounted for largest market share in 2022, which is mainly driven by reliable and sustainable power solutions
- Polycrystalline segment held the significant market revenue share in 2022, mainly due to better efficiency, and low operating costs
- Residential segment accounted for the largest market share in 2022
- Asia Pacific region dominated the market with majority share in 2022, owing to exponential growth in the technology and increasing environmental awareness, and government incentives
- The global key market players include: Canadian Solar, Enphase Energy, First Solar, Hanwha Q CELLS, JA Solar
Polaris Market Research has segmented the home solar system market report based on component, grid type, type, end-user, and region:
Home Solar System, Component Outlook (Revenue - USD Billion, 2019 - 2032)
- Solar Panel
- Solar Inverter
- Solar Battery
- Trackers
- Others
Home Solar System, Grid Type Outlook (Revenue - USD Billion, 2019 - 2032)
Home Solar System, Type Outlook (Revenue - USD Billion, 2019 - 2032)
- Poly-crystalline
- Mono-crystalline
- Thin Film
- Others
Home Solar System, End-User Outlook (Revenue - USD Billion, 2019 - 2032)
- Commercial
- Residential
- Industrial
- Others
Home Solar System, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Home Solar System Market Insights
- 4.1. Home Solar System - Industry Snapshot
- 4.2. Home Solar System Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Government policies, such as tax incentives, subsidies, and feed-in tariffs, encourage the adoption of solar energy
- 4.2.1.2. Increased focus on renewable energy sources is projected to spur the product demand
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Regulatory Barriers
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTLE Analysis
- 4.5. Home Solar System Industry Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Home Solar System Market, by Component
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 5.3. Solar Panel
- 5.3.1. Global Home Solar System Market, by Solar Panel, by Region, 2019-2032 (USD Billion)
- 5.4. Solar Inverter
- 5.4.1. Global Home Solar System Market, by Solar Inverter, by Region, 2019-2032 (USD Billion)
- 5.5. Solar Battery
- 5.5.1. Global Home Solar System Market, by Solar Battery, by Region, 2019-2032 (USD Billion)
- 5.6. Trackers
- 5.6.1. Global Home Solar System Market, by Trackers, by Region, 2019-2032 (USD Billion)
- 5.7. Others
- 5.7.1. Global Home Solar System Market, by Others, by Region, 2019-2032 (USD Billion)
6. Global Home Solar System Market, by Grid Type
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 6.3. Off-Grid
- 6.3.1. Global Home Solar System Market, by Off-Grid, by Region, 2019-2032 (USD Billion)
- 6.4. On-Grid
- 6.4.1. Global Home Solar System Market, by On-Grid, by Region, 2019-2032 (USD Billion)
- 6.5. Hybrid
- 6.5.1. Global Home Solar System Market, by Hybrid, by Region, 2019-2032 (USD Billion)
7. Global Home Solar System Market, by Type
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 7.3. Poly-crystalline
- 7.3.1. Global Home Solar System Market, by Poly-crystalline, by Region, 2019-2032 (USD Billion)
- 7.4. Mono-crystalline
- 7.4.1. Global Home Solar System Market, by Mono-crystalline, by Region, 2019-2032 (USD Billion)
- 7.5. Thin Film
- 7.5.1. Global Home Solar System Market, by Thin Film, by Region, 2019-2032 (USD Billion)
- 7.6. Others
- 7.6.1. Global Home Solar System Market, by Others, by Region, 2019-2032 (USD Billion)
8. Global Home Solar System Market, by End-User
- 8.1. Key Findings
- 8.2. Introduction
- 8.2.1. Global Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 8.3. Commercial
- 8.3.1. Global Home Solar System Market, by Commercial, by Region, 2019-2032 (USD Billion)
- 8.4. Residential
- 8.4.1. Global Home Solar System Market, by Residential, by Region, 2019-2032 (USD Billion)
- 8.5.Industrial
- 8.5.1. Global Home Solar System Market, by Industrial, by Region, 2019-2032 (USD Billion)
- 8.6. Others
- 8.6.1. Global Home Solar System Market, by Others, by Region, 2019-2032 (USD Billion)
9. Global Home Solar System Market, by Geography
- 9.1. Key findings
- 9.2. Introduction
- 9.2.1. Home Solar System Market Assessment, By Geography, 2019-2032 (USD Billion)
- 9.3. Home Solar System Market - North America
- 9.3.1. North America: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.3.2. North America: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.3.3. North America: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.3.4. North America: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.3.5. Home Solar System Market - U.S.
- 9.3.5.1. U.S.: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.3.5.2. U.S.: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.3.5.3. U.S.: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.3.5.4. U.S.: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.3.6. Home Solar System Market - Canada
- 9.3.6.1. Canada: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.3.6.2. Canada: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.3.6.3. Canada: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.3.6.4. Canada: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.4. Home Solar System Market - Europe
- 9.4.1. Europe: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.4.2. Europe: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.4.3. Europe: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.4.4. Europe: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.4.5. Home Solar System Market - UK
- 9.4.5.1. UK: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.4.5.2. UK: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.4.5.3. UK: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.4.5.4. UK: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.4.6. Home Solar System Market - France
- 9.4.6.1. France: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.4.6.2. France: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.4.6.3. France: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.4.6.4. France: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.4.7. Home Solar System Market - Germany
- 9.4.7.1. Germany: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.4.7.2. Germany: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.4.7.3. Germany: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.4.7.4. Germany: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.4.8. Home Solar System Market - Italy
- 9.4.8.1. Italy: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.4.8.2. Italy: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.4.8.3. Italy: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.4.8.4. Italy: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.4.9. Home Solar System Market - Spain
- 9.4.9.1. Spain: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.4.9.2. Spain: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.4.9.3. Spain: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.4.9.4. Spain: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.4.10. Home Solar System Market - Netherlands
- 9.4.10.1. Netherlands: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.4.10.2. Netherlands: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.4.10.3. Netherlands: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.4.10.4. Netherlands: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.4.11. Home Solar System Market - Russia
- 9.4.11.1. Russia: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.4.11.2. Russia.: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.4.11.3. Russia: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.4.11.4. Russia: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.5. Home Solar System Market - Asia Pacific
- 9.5.1. Asia Pacific: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.5.2. Asia Pacific: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.5.3. Asia Pacific: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.5.4. Asia Pacific: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.5.5. Home Solar System Market - China
- 9.5.5.1. China: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.5.5.2. China.: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.5.5.3. China: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.5.5.4. China: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.5.6. Home Solar System Market - India
- 9.5.6.1. India: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.5.6.2. India.: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.5.6.3. India: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.5.6.4. India: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.5.7. Home Solar System Market - Japan
- 9.5.7.1. Japan: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.5.7.2. Japan.: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.5.7.3. Japan: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.5.7.4. Japan: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.5.8. Home Solar System Market - Malaysia
- 9.5.8.1. Malaysia: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.5.8.2. Malaysia.: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.5.8.3. Malaysia: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.5.8.4. Malaysia: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.5.9. Home Solar System Market - Indonesia
- 9.5.9.1. Indonesia: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.5.9.2. Indonesia.: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.5.9.3. Indonesia: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.5.9.4. Indonesia: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.5.10. Home Solar System Market - South Korea
- 9.5.10.1. South Korea: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.5.10.2. South Korea.: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.5.10.3. South Korea: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.5.10.4. South Korea: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.6. Home Solar System Market - Middle East & Africa
- 9.6.1. Middle East & Africa: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.6.2. Middle East & Africa: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.6.3. Middle East & Africa: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.6.4. Middle East & Africa: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.6.5. Home Solar System Market - Saudi Arabia
- 9.6.5.1. Saudi Arabia: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.6.5.2. Saudi Arabia: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.6.5.3. Saudi Arabia: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.6.5.4. Saudi Arabia: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.6.6. Home Solar System Market - South Africa
- 9.6.6.1. South Africa: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.6.6.2. South Africa: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.6.6.3. South Africa: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.6.6.4. South Africa: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.6.7. Home Solar System Market - Israel
- 9.6.7.1. Israel: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.6.7.2. Israel: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.6.7.3. Israel: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.6.7.4. Israel: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.6.8. Home Solar System Market - UAE
- 9.6.8.1. UAE: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.6.8.2. UAE: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.6.8.3. UAE: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.6.8.4. UAE: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.7. Home Solar System Market - Latin America
- 9.7.1. Latin America: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.7.2. Latin America: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.7.3. Latin America: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.7.4. Latin America: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.7.5. Home Solar System Market - Mexico
- 9.7.5.1. Mexico: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.7.5.2. Mexico: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.7.5.3. Mexico: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.7.5.4. Mexico: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.7.6. Home Solar System Market - Brazil
- 9.7.6.1. Brazil: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.7.6.2. Brazil: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.7.6.3. Brazil: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.7.6.4. Brazil: Home Solar System Market, by Type, 2019-2032 (USD Billion)
- 9.7.7. Home Solar System Market - Argentina
- 9.7.7.1. Argentina: Home Solar System Market, by Component, 2019-2032 (USD Billion)
- 9.7.7.2. Argentina: Home Solar System Market, by End-User, 2019-2032 (USD Billion)
- 9.7.7.3. Argentina: Home Solar System Market, by Grid Type, 2019-2032 (USD Billion)
- 9.7.7.4. Argentina: Home Solar System Market, by Type, 2019-2032 (USD Billion)
10. Competitive Landscape
- 10.1. Expansion and Acquisition Analysis
- 10.1.1. Expansion
- 10.1.2. Acquisitions
- 10.2. Partnerships/Collaborations/Agreements/Exhibitions
11. Company Profiles
- 11.1. Canadian Solar
- 11.1.1. Company Overview
- 11.1.2. Financial Performance
- 11.1.3. Product Benchmarking
- 11.1.4. Recent Development
- 11.2. Enphase Energy
- 11.2.1. Company Overview
- 11.2.2. Financial Performance
- 11.2.3. Product Benchmarking
- 11.2.4. Recent Development
- 11.3. First Solar
- 11.3.1. Company Overview
- 11.3.2. Financial Performance
- 11.3.3. Product Benchmarking
- 11.3.4. Recent Development
- 11.4. Hanwha Q CELLS
- 11.4.1. Company Overview
- 11.4.2. Financial Performance
- 11.4.3. Product Benchmarking
- 11.4.4. Recent Development
- 11.5. JA Solar
- 11.5.1. Company Overview
- 11.5.2. Financial Performance
- 11.5.3. Product Benchmarking
- 11.5.4. Recent Development
- 11.6. JinkoSolar
- 11.6.1. Company Overview
- 11.6.2. Financial Performance
- 11.6.3. Product Benchmarking
- 11.6.4. Recent Development
- 11.7. LG Electronics
- 11.7.1. Company Overview
- 11.7.2. Financial Performance
- 11.7.3. Product Benchmarking
- 11.7.4. Recent Development
- 11.8. Panasonic Corporation
- 11.8.1. Company Overview
- 11.8.2. Financial Performance
- 11.8.3. Product Benchmarking
- 11.8.4. Recent Development
- 11.9. REC Group
- 11.9.1. Company Overview
- 11.9.2. Financial Performance
- 11.9.3. Product Benchmarking
- 11.9.4. Recent Development
- 11.10. Schneider Electric
- 11.10.1. Company Overview
- 11.10.2. Financial Performance
- 11.10.3. Product Benchmarking
- 11.10.4. Recent Development
- 11.11. SolarEdge Technologies
- 11.11.1. Company Overview
- 11.11.2. Financial Performance
- 11.11.3. Product Benchmarking
- 11.11.4. Recent Development
- 11.12. SunPower Corporation
- 11.12.1. Company Overview
- 11.12.2. Financial Performance
- 11.12.3. Product Benchmarking
- 11.12.4. Recent Development
- 11.13. Sunrun Inc.
- 11.13.1. Company Overview
- 11.13.2. Financial Performance
- 11.13.3. Product Benchmarking
- 11.13.4. Recent Development
- 11.14. Trina Solar
- 11.14.1. Company Overview
- 11.14.2. Financial Performance
- 11.14.3. Product Benchmarking
- 11.14.4. Recent Development
- 11.15. Vivint Solar
- 11.15.1. Company Overview
- 11.15.2. Financial Performance
- 11.15.3. Product Benchmarking
- 11.15.4. Recent Development