Rooftop Solar Photovoltaic Market

Rooftop Solar Photovoltaic Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Rooftop Solar Photovoltaic Market grew at a CAGR of 8.7% between 2017-2021 and is estimated to be US$ 52,765.1 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 10.8% and is expected to reach a valuation of US$ 1,47,144.6 Mn by 2032 end.

One or more solar panels, an inverter, and other mechanical and electrical parts make up a photovoltaic (PV) system, which uses solar energy to generate electricity. The process through which sunlight, which is made up of energy particles called photons, strikes a solar panel and produces an electric current is known as the photovoltaic effect.

Each solar panel has only a small amount of electricity, but a solar array can make much more electricity when joined to other solar panels. Solar photovoltaic systems come in a wide range of sizes, from small rooftops or portable units to enormous utility-scale power plants.

Market Dynamic

DROPPING COSTS OF ROOFTOP SOLAR PV INFRASTRUCTURE HAS ENRICHED THE VALUE CHAIN OF MARKET MANUFACTURERS AND SUPPLIERS

Costs for rooftop solar PV infrastructure have been steadily declining, which has benefited the market’s manufacturers and suppliers along the value chain. Stakeholders have greatly benefited from solar technological advancements and low energy payback times. Due to the adaptability of photovoltaic systems’ use in both off- and on-grid applications, players in the rooftop solar PV market now have a fantastic avenue to explore.

During the anticipated time, this amazingly lucrative category will dominate the rooftop solar PV market. Additionally, the sector is primarily driven by the small and simple installation of rooftop solar PV systems on residential structures.

THE DEPENDENCE ON WEATHER FOR THE ENERGY PRODUCTION HAMPERS THE MARKET

The market potential for solar electricity is constrained by the necessity for broad tracts of land and the weather dependence of solar systems. On gloomy days, solar panels typically yield between 10% and 30% of their capacity. The exact quantity depends on the kind of solar panel, the amount of cloud cover or fog, and how long the clouds are over the house. Consequently, the amount of energy produced decreases due to several variables that partially limit market expansion.

MASSIVE INTEREST IN SOLAR PHOTOVOLTAIC SYSTEMS IS BEING SPARKED BY RISING POWER RATES BY ENERGY SUPPLIERS

A huge surge in interest in solar photovoltaic systems is caused by rising electricity prices charged by energy providers. Due to escalating energy costs and widespread power outages, consumers began to switch to solar-powered energy sources. Any increase in fuel cost, whether natural gas or petroleum, raises the cost. When gasoline shortages or when the supply is disrupted by bad weather, fuel prices may also increase. Damage to the fuel distribution infrastructure may also increase costs. As fuel prices rise, power costs also climb directly.

Market Segments Covered in Report

By Deployment:

• Ground Mounted
• Rooftop

By Technology:

• Thin Film
• Crystalline Silicon

By Grid Type:

• Grid Connected
• Off Grid

By Application:

• Residential
• Commercial
• Industrial

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why is the ground-mounted rooftop solar photovoltaic increasing in demand?

Due to more installation setups 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 during the projection period because of significant growth in emerging regions like China.

Why is the residential segment expected to expand the fastest during the forecast period?

The largest segment, Residential, experienced a significant increase throughout the projection period. Rooftop solar PV systems’ small size and ability to be swiftly installed on residential structures are the main factors driving the market.

Why is the off-grid segment anticipated to have a larger market share?

From 2022 to 2032, the off-grid segment is predicted to develop at the greatest CAGR. The off-grid solar industry is driven by governmental needs for solutions with a sustainability focus. Demand may increase due to high electricity prices and the nearly full depletion of fossil fuel reserves. The order may rise due to the use of off-grid solar power systems to light up villages and power isolated populations. To encourage the installation of solar panels, communities may be provided incentives, and solar panel producers may receive subsidies.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• With a market share of 28.9%, North America will be the leading region in the rooftop solar photovoltaic market during the projection period. They also offer financial aid and incentives for solar photovoltaic projects. Due to the increasing need for energy, there is also a growing need to create substitutes for the constantly dwindling fossil fuels in this field.
• A sizable chunk is likely to be held by Europe. Germany is expected to control a substantial piece of the market in Europe. The growing trend of generating more electricity from renewable sources is boosting the capacity of rooftop solar photovoltaic systems.

Competition Analysis

These actions have enabled market participants to increase their clientele and revenue. With the increasing demand for rooftop solar photovoltaic in the worldwide industry, market players in the chlorinated solvents market can anticipate attractive growth prospects in the future.

Some of the key developments that have taken place in the Rooftop Solar Photovoltaic Market include:

• In April 2021, the Petronas Group of Malaysia’s Amplus Solar Power Pvt. Ltd. stated that it had purchased 17 solar rooftop assets from Sterling & Wilson, totaling 7.2 megawatts (MW). The business also disclosed that 13 important industrial, commercial, and institutional customers receive supplies from Sterling & Wilson’s 17 projects. These changes should aid the company in strengthening its position in the rooftop solar PV market.
• In September 2021, Tata Motors and Tata Power reached a deal to develop and run a 3 MWp rooftop solar project at its passenger vehicle business unit (PVBU) plant in Pune, India.

A list of some of the key suppliers present in the market are:

• Sharp Corporation
• Pristine Sun LLC
• Solimpeks Corp.
• Yingli Solar
• Vikram Solar Limited
• Trina Solar Limited
• KYOCERA Corporation
• JA Solar Co., Ltd.
• Canadian Solar Inc.
• RelyOn Solar Pvt Ltd
• Sunshot Technologies

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.