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, 2021-2027- 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.
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Scope of Global Residential Solar Power Market Report-
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.
Key players for Residential Solar Power –
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.
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.
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