Future market research insights:
The global solar rooftop market is expected to grow from USD 80.5 billion in 2022 to USD 434.4 billion by 2032, at a CAGR of 20.60% during the forecast period. The growth of the market is attributed to a number of factors, including:
- Increasing environmental awareness and concerns about climate change
- Declining costs of solar panels and other solar equipment
- Supportive government policies and incentives
- Growing demand for self-consumption of electricity
The worldwide solar rooftop industry is quite active and is anticipated to develop rapidly over the next years. A solar rooftop photo voltaic (PV) system uses solar panels positioned on a building's roof to transform the sun's light energy into electrical energy. Solar rooftop systems have two options: they can be off-grid with battery storage or connected to the grid. They have system ratings ranging from 10 kW to more than 100 MW for industrial, commercial, and residential applications, respectively.
Rooftop solar photovoltaic systems are installed on top of all commercial, industrial, residential, and governmental buildings and are frequently utilised to generate power from solar energy. Solar rooftop power generation systems can be either off-grid or grid-connected. In solar rooftop systems that are linked to the utility grid, solar PV rooftops are used to generate power.
Off-grid systems, on the other hand, produce electricity that is used by the linked load and any excess is stored in batteries for use as and when necessary. The demand for solar rooftop systems has been slowly increasing over the last several years, and in the future, it is anticipated to expand significantly.
Due to growing demand from its end-use applications, solar rooftop systems have been dominating the renewable energy industry. The solar rooftop industry is being driven by an increase in demand for solar systems worldwide, particularly for residential rooftop applications. Key materials required in the production of solar cells, such as silver and polysilicon, have gradually decreased in price over the past ten years, as has been seen. The benefits of solar rooftop systems include a decrease in hazardous emissions, quieter operations, and cheaper total energy costs.
The worldwide Photovoltaic panels market size will undoubtedly be driven by a progressive decline in the cost of the industrial materials required to make solar panels as well as the growing price of electricity and natural gas.
Key Players in the Solar Rooftop Market
- SMA Solar Technology AG (Germany)
- Trina Solar (China)
- Yingli Green Energy Holding Company Limited (China)
- Canadian Solar Inc. (Canada)
- Jinko Solar (China)
- SolarWorld AG (Germany)
- SunPower Corporation (U.S.)
- Shunfeng International Clean Energy Limited. (China)
- Tata Power Solar Systems Limited (India)
- Delta Energy Systems (Germany)
- JA Solar Holdings Co., Ltd. (China)
- ABB Ltd. (Switzerland)
Regional evaluation
The market has been divided geographically into four key areas: North America, Asia-Pacific, Europe, and the Rest of the World. Asia-Pacific has emerged as the top region among them, followed by Europe and North America in terms of value and volume. In 2016, there were 144.8 GW of solar installations in the Asia-Pacific region, compared to 102.1 GW and 35.6 GW in Europe and North America. India is expected to have tremendous development in the next years, while China and Japan are the two major countries that dominate the Asia-Pacific area.
Marketing division
Market share for rooftop solar photovoltaic (PV) installations
Due to more installation configurations in the ground-mounted segment globally, the ground-mounted sector contributes more to the solar photovoltaic industry than the roof segment. The demand for utility-scale is expected to remain high over the projection period because to significant growth in emerging regions like China.
Market for Residential Rooftop Solar Photovoltaic (PV) Installation, by Technology
The market is divided into Crystalline Silicon PV and Thin Film PV based on technology. With the largest market share and projected considerable growth over the foreseeable period, the crystalline silicon PV industry now dominates the market.
The market is divided into grid-connected and off-grid segments based on the kind of grid. With the largest market share, the grid-connected category now rules the market and is anticipated to expand significantly throughout the forecasted period.
Market for rooftop solar photovoltaic (PV) systems, by end use: The most prominent category, Residential, had considerable increase over the anticipated period. Rooftop solar PV systems' small size and ease of installation on residential structures are key market drivers.
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