The Global Rooftop Solar Market size was valued at $62.4 billion in 2019 and is projected to progress at a compound annual growth rate (CAGR) of 6.9% from 2020 to 2025. Major factors contributing towards driving the market are rising deployment of renewable energy for electricity generation coupled with abundant availability of solar energy in most parts of the world. Moreover, rooftop solar PVs are an efficient solution for the fluctuating electricity prices and hence are used in various verticals. Due to the fact that the price of power produced from these photovoltaic can be measured with ease, end-use segments can measure their electricity generation costs for another ten years. Over the forecast period, this trend will positively influence the industry landscape.
Rooftop Solar Market Segment Analysis – By Technology
The Rooftop Solar Market is segmented into Thin – film, crystalline and Others by technology. The thin-film segment held the major share accounting to 45% in 2019 attributed to thin film manufacturing from lightweight and flexible materials, strong durability, and narrow design. Thin film rooftop solar PV majorly finds application in the commercial sector as they have lower installation costs due to their light weight.
However, the crystalline segment is anticipated to witness the highest growth rate of around 9.27% during the forecast period 2020 – 2025. Low cost manufacturing of silicon semiconductors, extended lifecycle of panels, and low weight volume ratio are among the key factors driving the growth of this segment. Mono crystalline rooftop solar PV made from fine grade silicon possesses enhanced space efficiency when compared to thin film modules, thereby enhancing the adoption of these crystalline solar PVs.
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Rooftop Solar Market Segment Analysis – By Application
The market is segmented by application into commercial, industrial and residential. The market is dominated by the industrial sector with a share of 39% in 2019. Commercial and industrial sectors are showing a growing interest in distributed solar power generation due to various economic benefits and a constant source of energy to eliminate downtimes and equipment damage due to voltage fluctuations in conventional power grids. This has created a huge opportunity for rooftop solar in the country. Rooftop solar provides energy for industrial heating and cooling, which otherwise would be sourced from fossil fuels generating harmful emissions. Growing industrialization across developing economies is expected to provide a major impetus to the market demand over the forecast period.
Rooftop Solar Market Segment Analysis – By Geography
Global Rooftop Solar Market is dominated by Europe with a share of 38% in 2019. Increasing trend of generating power through renewable energy is adding to the rising rooftop solar capacity. Moreover, stringent regulatory reforms regarding clean energy deployment are driving the regional market growth. In addition, different governments of the European countries are providing tax benefits to manufacturers of solar panels, which is fuelling the growth of the market in the region. Government schemes for rooftop solar PV systems, such as financing schemes, direct capital subsidies, and green electricity schemes are also expected to upsurge the rooftop solar PV installation in the region. In July 2020, Octopus Renewables, the clean energy investor arm of Octopus Group, has announced the acquisition of a 9.1MW portfolio of operational residential UK rooftop solar assets. Such acquisitions will create more opportunities for rooftop solar market in this region.
Rooftop Solar Market Drivers
Inclination towards clean energy
Increasing demand for clean energy is one of the primary drivers for the rooftop solar market across the globe. Rooftop solar offers the benefits of modern electricity services to households that had no access to electricity, reducing electricity costs on islands and in other remote locations that are dependent on oil-fired generation, as well as enabling residents and small businesses to generate their own electricity.
Increase in Government initiatives towards adoption of renewable sources of energy
Governments Britain’s biggest energy companies will have to buy renewable energy from their own customers under new laws to be introduced this week. Homeowners who install new rooftop solar panels from 1 January 2020 will be able to lower their bills by selling the energy they do not need to their supplier. Such regulations are boosting the rooftop solar market.
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Rooftop Solar Market Challenges
High associated costs
High associated costs are one of the major hindrances of the rooftop solar market. Rooftop solar systems require capital investments and solar radiation for a significant duration of time. The energy payback time (EPBT) for 2 kW rooftop solar systems is typically around two years, this is likely to inhibit the growth of the rooftop solar market during the forecast period.
Product launches, acquisitions, and partnerships activities are key strategies adopted by players in the Rooftop Solar Market. Rooftop Solar driver market is expected to be dominated by major companies such as Sharp Corporation, Trina Solar, Pristine Sun LLC, Solimpeks Corporation, Kyocera Corporation, JA Solar Co. Ltd., Yingli Solar, Vikram Solar, Canadian Solar Inc., RelyOn Solar Pvt. Ltd., Sunshot Solar Co. Ltd., and Tata Solar Power among others.
In 2018, Tata Solar Power, an Indian company that manufactures and deploys solar PV rooftop systems, announced the installation of a rooftop PV system in the Mumbai Cricket Stadium, India.
In 2017, The European Investment Bank inked a partnership agreement with International Solar Alliance for an 800 million euro financial aid to support India’s clean energy project. The partnership between the two bodies will mobilise finance to develop affordable solar energy in countries that get ample sunlight.
The thin-film segment held the major share accounting to 45% in 2019 attributed to thin film manufacturing from lightweight and flexible materials, strong durability, and narrow design.
Global Rooftop Solar Market is dominated by Europe with a share of 38% in 2019 accredited to the stringent regulatory reforms regarding clean energy deployment.
Increasing demand for clean energy is one of the primary drivers for the rooftop solar market across the globe.
Rooftop solar systems require capital investments and solar radiation for a significant duration of time which is one of the major hindrances of the market.
Related Reports :
A. Rooftop Solar Photovoltaic (PV) Installation Market
B. Rooftop Solar Photovoltaic Market
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