Yahoo Finance Rooftop Solar Photovoltaic (PV) Market Size & Share to Surpass $124.36 Billion by 2028 | Vantage Market Research
WASHINGTON, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Global Rooftop Solar Photovoltaic (PV) Market is valued at $ 75.43 Billion in 2021 and is projected to reach a value of $ 124.36 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 6.01% over the forecast period 2022-2028.
One of the most significant economic areas is the Rooftop Solar Photovoltaic (PV) business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Rooftop Solar Photovoltaic (PV), including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, key factors are anticipated to accelerate the Rooftop Solar Photovoltaic (PV) market growth over the forecast period. One of the main factors favorably affecting the demand for Rooftop Solar Photovoltaic (PV) is the growing use of renewable energy sources for electricity production and a plentiful supply of solar energy.
By 2028, we predict that the crystalline silicon segment of the rooftop solar photovoltaic (PV) industry will represent over 30% of overall sales. Longer panel lifespans, low weight/volume ratio, and low cost of silicon semiconductor production are some of the main reasons influencing the segment's growth. In addition, compared to thin film modules, monocrystalline rooftop solar PV constructed of fine-grade silicon has improved space efficiency.
The most significant revenue share was accounted for by the Asia Pacific region, which is anticipated to maintain its dominance during the forecast period. The country that contributed the most to the market's revenue generation was China. One of the key drivers of market growth in China is the favorable government policies that offer financial incentives and subsidies to solar PV projects, combined with the existence of prominent market players.
Top Players in the Global Rooftop Solar Photovoltaic (PV) Market
Tata Solar Power
Sharp Corporation
Trina Solar
Kyocera Corporation
Pristine Sun LLC
Solimpeks Corporation
Yingli Solar
Canadian Solar Inc.
Sunshot Solar Co. Ltd.
RelyOn Solar Pvt. Ltd.
For Additional Information on Rooftop Solar Photovoltaic (PV) Market Players and Detail List, Download a Report PDF Brochure
Market Dynamics
Government Subsidies and Tax Credits Support High Efficiency, and Declining Energy Payback Time Drives the Market
Rooftop solar systems are a convenient choice since they can be installed in various places, including the rooftops of residential and commercial buildings as well as over parking lots, using the balance of the system, which includes inverters, transformers, wiring, and monitoring equipment. Mor, rooftop solar applications can use capacities ranging from 1 Watt to several GW, both on and off the grid. Because of this, rooftop solar systems are highly favored over other environmentally friendly alternative sources of energy. Rooftop solar system demand is primarily driven by various incentive mechanisms, including premiums for the feed-in of excess power produced by self-consumption systems, tax credits, traditional feed-in tariffs or Power Purchase Agreements (PPAs), and technology-specific renewable portfolio standards (RPS) and tenders.
Increasing Implementation of Distributed PV Technology Worldwide
Rooftop solar systems are best suited for distributed PVs (DPVs) with capacities under 100 kW. Solar leasing, on the other hand, has grown in popularity and is anticipated to help the rooftop solar business as long as FIT problems for DV continue. Due to the significant number of installations in industrialized nations like the United States and Japan, the demand for DPV has been rising steadily. The local government in China altered its policy to include systems under 20 MW as DPV because electricity produced by DPV is available at competitive pricing. Continued growth of utility PV outside of renewable portfolio standard (RPS) responsibilities and greater procurement by municipal and cooperative utilities are two major themes that are anticipated to influence the near-term utility PV market outlook. Due to competitive prices, utilities are proactively incorporating large-scale solar into resource planning to hedge against the price volatility of natural gas and other fossil fuels.
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Top Trends in Global Rooftop Solar Photovoltaic (PV) Market
One trend that Vantage Market Research (VMR) expects to see in the Rooftop Solar Photovoltaic (PV) industry is the capacity to provide cost-effectiveness and flexibility both on and off the grid. Another trend that VMR forecasts will continue in the rooftop solar sector is the environmental friendliness of rooftop solar photovoltaic (PV) systems, significantly boosting their demand in established and developing countries worldwide.
Top Report Findings
Based on Technology, most of the Rooftop Solar Photovoltaic (PV) market’s revenue is controlled by the Thin Film category. The production of thin films from lightweight, flexible materials, along with their robust durability and compact design, is responsible for the expansion. Due to its low installation costs and lightweight, thin film rooftop solar PV is mostly used in the commercial sector.
Based on Grid type, the On-grid segment accounted for the largest revenue share in the Rooftop Solar Photovoltaic (PV) market because it has the advantage of transmitting the excess electricity generated to the grid, requiring no installation of battery storage close to the system source.
Based on Application, the Industrial Sector dominated the Rooftop Solar Photovoltaic (PV) market. Industrial heating and cooling are now made possible by rooftop solar instead of using fossil fuels, which release harmful pollutants.
Recent Development
The rooftop solar photovoltaic (PV) market has seen several recent developments:
Increasing Adoption of Solar Energy: With growing concerns about the environment and a need for clean and renewable energy sources, there has been a significant increase in the adoption of solar energy, leading to growth in the rooftop solar PV market.
Technological Advancements: The development of new technologies has made it easier to install and maintain rooftop solar PV systems, leading to a further increase in demand. This includes improvements in solar panel efficiency and the development of energy storage systems, making it possible to store excess energy for later use.
Decreasing Costs: The cost of solar panels and equipment has been decreasing, making them more accessible to a wider range of customers and contributing to the overall growth of the market.
Government Support: Government incentives and subsidies for solar energy have made it more affordable for homeowners and businesses to install rooftop solar PV systems, leading to an increase in demand.
Expansion into Emerging Markets: The rooftop solar PV market is expanding into emerging markets, driven by increasing demand for clean and renewable energy sources, favorable government policies, and increasing awareness of the benefits of solar energy.
Growth of the Commercial Segment: The commercial segment is growing, driven by the increasing demand for clean energy in the business sector and the need to reduce energy costs.
Top 10 Players Generates Most of the Global Rooftop Solar Photovoltaic (PV) Market Revenue
The following companies are some of the prominent players in the global rooftop solar photovoltaic (PV) market: Tata Solar Power, Sharp Corporation, Trina Solar, Kyocera Corporation, Pristine Sun LLC, Solimpeks Corporation, Yingli Solar, Canadian Solar Inc., Sunshot Solar Co. Ltd., and RelyOn Solar Pvt. Ltd. The rooftop solar PV market has only been significantly fragmented. The businesses produce panels in the premium, standard, and economy categories. This shows that there are a variety of products on the market. Additionally, a few manufacturers feature integrated services like deployment and installation. For instance, Tata Solar Power, an Indian manufacturer and installer of solar PV rooftop systems, stated in 2018 that a rooftop PV system would be installed in the Mumbai Cricket Stadium in India.
Residential Category in Rooftop Solar Photovoltaic (PV) Market to Generate Over 30% Revenue
Over the projection period, the residential segment is anticipated to grow at the highest CAGR. Off-grid rooftop solar PV systems outfitted with energy storage systems deliver dependable backup power to residential homes, increasing industry demand for products. In addition, extra-large rooftop solar PV systems have been adopted to store desired electricity in batteries due to the deployment of large-scale storage systems to guard against fluctuations in peak demand power.
On the other hand, the commercial sector is equally responsible for market expansion. Rising power demand from data centers and communication base stations is anticipated to fuel product demand across the commercial sector as rooftop solar PV becomes more prevalent in hospitals, hotels, and corporate offices. In addition, among the key elements boosting the segment's growth are module-level monitoring, increased energy yield, and improved panel efficiency.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Rooftop Solar Photovoltaic (PV) Market Forecast Report (2022-2028).
Global Rooftop Solar Photovoltaic (PV) Market Segmentation
By Technology
Thin Film
Crystalline Silicon
Others
By Grid Type
On Grid
Off Grid
By Application
Industrial
Residential
Commercial
By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Regional Analysis
The growth of the rooftop solar photovoltaic (PV) market varies across regions, with some regions leading the way in terms of market size and growth rate.
In Asia-Pacific, countries such as China, India, and Japan are experiencing rapid growth due to supportive government policies and a large number of residential and commercial buildings suitable for rooftop solar installations.
In Europe, Germany has been a major contributor to the growth of the rooftop solar PV market, thanks to favorable policies and a large installed base of systems. Other countries such as France, Italy, and Spain are also growing rapidly in the market.
In North America, the US and Canada are leading the way in the rooftop solar PV market, driven by supportive government policies and an increasing number of installations in both residential and commercial segments.
In South America, Brazil and Argentina are among the fastest growing markets, driven by favorable government policies and a growing awareness of the benefits of solar energy.
In the Middle East and Africa, the market is growing, but at a slower pace compared to other regions, due to limited access to finance, insufficient infrastructure, and regulatory barriers. However, the market is expected to grow in the coming years as more countries in the region adopt favorable policies for solar energy.
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Scope of the Report:
Report Attributes | Details |
Market Size in 2021 | USD 75.43 Billion |
Revenue Forecast by 2028 | USD 124.36 Billion |
CAGR | 6.01% from 2022 to 2028 |
Base Year | 2021 |
Forecast Year | 2022 to 2028 |
Key Players | Sharp, SunPower, Risen, Canadian Solar, Kyocera Solar, GCL, Longi Solar, Yingli, Trina Solar, Solarworld, Eging PV, JA Solar, Hanwha, First Solar, Jinko Solar. |
Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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