Rooftop Solar Photovoltaic Market Overview
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.
To help distribution companies reduce their peak-hour demand and the transmission and distribution losses associated with on-site electricity generation and consumption, rooftop solar technology is essential.
The model is crucial for avoiding the requirement for investments in commercial transmission systems. The most significant benefit is that it decreases dependency on grid power and diesel generators by providing consumers with a continuous, long-term, dependable energy supply.
ChemView Consulting has analyzed that the rooftop solar PV infrastructure costs 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.
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.
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Segments Covered in Report
- Ground Mounted
- Thin Film
- Crystalline Silicon
By Grid Type:
- Grid Connected
- Off Grid
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)
Key Takeaways from the Rooftop Solar Photovoltaic Market
- Based on the deployment, 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.
- Based on the application, residential’s largest segment 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.
- Based on the grid type, 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.
- 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
Key companies covered in the market study 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.
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Report Key Highlights and Coverage
- 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 impact 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.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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