Global Rooftop Solar PV Market Overview
The key driver impacting the rooftop solar PV market is the rapidly rising deployment of renewable energy for electricity generation, which is estimated to boost the market in the forecast period. For instance, As per the Center for Climate and Energy Solutions, Renewables accounted for 26.2 percent of global electricity generation in 2018. As per International Energy Agency(IEA), the share of renewable energy in global electricity generation reached nearly 28% in Q1 2020 from 26% in Q1 2019. Most of the increase will be supposed to come from solar, wind, and hydropower. The IEA estimation says that the Power generation from solar PV is increased by 22% in 2019, to 720 TWh, making the solar PV share in global electricity generation almost 3%. In the Sustainable Development Scenario (SDS), the electricity generation from solar PV may increase to 15% annually, from 720 TWh in 2019 to approximately 3 300 TWh in 2030. Moreover, government initiatives and policies such as federal tax incentives and annual net-metering schemes are estimated to be a significant factor that positively impacts market growth.
According to Value Market Research, the global rooftop solar PV market size was valued at around USD 60000 million in 2020 and is estimated to grow at a CAGR of about 9% during the forecast period of 2021 to 2027.
The rise in adoption of distributed PV technology in industrial and residential sectors leads to increased PV capacity, thus estimated to augment rooftop solar PVs demand in the forecast period. for instance, as per International Energy Agency(IEA), Global solar PV capacity additions are expected to reach nearly 107 GW in 2020. Globally, distributed solar PV capacity is estimated to rise by 250% reaching 530 GW by 2024. Industrial and commercial solar systems remain the largest growth segment. commercial and industrial solar PV capacity is expecteed to increase from 150 GW in 2018 to 377 GW in 2024, with yearly capacity additions augmenting by 50% to 44 GW in 2024. China remains the leading growth market. residential solar PV capacity rises from 58 GW in 2018 to 143 GW in 2024, and yearly capacity additions are expanded with more than triple and likely to reach over 20 GW by 2024. China is forecasted to lead in installed residential solar PV capacity globally by 2024. After China, the United States is the second-largest growth market, with growth driven by federal annual net-metering schemes and tax incentives in many states. however, the lack of robust smart grid infrastructure may hamper the global rooftop solar PV market in the long run. also, rising space constraints in the major cities globally negatively impact market growth. the current industry trends, such as high demand for rooftop solar among residential applications, growing electricity demand worldwide, are expected to provide market players with several market opportunities.
The rooftop solar PV market is vast, with many local and global players. the key leaders follow different strategies to improve their market position, such as contracts, mergers, contracts, extending product portfolio, acquisitions, expansions, and product innovations to improve their market share globally. the key players included in the report are JA Solar, SunPower Corporation, ReneSola, Talesun, LONGi Solar, Hanwha Q-CELLS, GCL-SI, E-Ton Solar, JinkoSolar, Shenzhen Yingli New Energy Resources Co., Ltd, First Solar, Trina Solar, Canadian Solar, Risen Energy, Indosolar, and E-Ton Solar.
In this research report, the rooftop solar PV market is segmented by technology, grid type, application, and region.
Analysis by Technology:
By technology, the report is categorized into a thin film, crystalline silicon, and others. Thin-film dominates the technology segment with over 33% share in 2020. It is due to the rising demand from the commercial sector as they have lower installation costs due to their lightweight. Moreover, numerous advantages associated with this technology such as lightweight and flexible materials, strong durability, narrow design, require lower labor and energy intensity, contribute to the high demand for thin-film technology in the forecast period.
Analysis by Grid Type:
By grid type, the report is categorized into on-grid and off-grid. The on-grid dominates the grid type segment with over 80% share in 2020. It is due to the non-complexity of grid-connected rooftop PV systems with low maintenance and operating costs. Moreover, it offers several advantages, such as transferring the surplus electricity generated to the grid, and no need to install battery storage near the system source drives the market demand from the on-grid in the forecast period.
Analysis by Application:
By applications, the report is categorized into residential, commercial, and industrial. The industrial sector dominates the application segment with over 37.5% share in 2020. It is due to the massive adoption of rooftop solar as it gives energy for industrial cooling and heating. Moreover, it offers several advantages such as cost-effectiveness and has a comparatively stable load profile during the day that can facilitate considerable savings on electricity bills thus, drives the market demand from the industrial sector in the forecast period.
Analysis by Region:
In the regional outlook of the global rooftop solar PV market, the Asia Pacific region dominates with a 30% market share during the forecast period. It is due to the rising investments in solar power projects and favorable government initiatives and policies offering financial subsidies and incentives to solar PV projects by the governments in India, China, Thailand, and Malaysia. Moreover, China represents the largest market for both photovoltaics and solar energy globally, with the presence of key market players contributing to the development of the rooftop solar PV market across the Asia Pacific.
Market Segmentation covered in the Report:
By Grid Type
- Thin Film
- Crystalline Silicon
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.