Solar Rooftop Market Size was valued at USD 80.5 Billion in 2022. The Solar Rooftop market industry is projected to grow from USD 97.08 Billion in 2023 to USD 434.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.60% during the forecast period (2024 - 2032). Declining solar panel costs, government incentives and policies, environmental awareness and sustainability, energy independence and resilience, advancements in energy storage, innovations in solar technology, corporate social responsibility (csr) initiatives, job creation and economic benefits, increasing urbanization, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The rise of the solar rooftop sector has been significantly fueled by government incentives and laws. Governments all around the world have put these measures in place to encourage the use of renewable energy sources, lower greenhouse gas emissions, and accomplish more general environmental and energy security goals. Governments have promoted solar rooftop installations by providing financial assistance, favorable regulatory conditions, and other incentives, which has increased acceptance and expanded the market.
Through financial incentives, governments have promoted the solar rooftop sector. These incentives frequently come in the form of low-interest loans, grants, tax credits, and refunds. Financial incentives make solar energy more affordable and accessible to a wider variety of users by lowering the initial cost of installing solar panels. These incentives have frequently played a crucial role in tilting the economic scales in favor of solar rooftop installations, making them a more affordable alternative to traditional fossil fuel-based energy sources.
The implementation of feed-in tariffs (FiTs) or other comparable programs is a potent instrument employed by governments. FiTs ensure a set, inflated price for electricity produced by solar rooftops, giving solar system owners a steady source of income over the long term. This method not only supports grid parity and solar energy investment, but also makes solar energy competitively priced with other energy sources. FiTs also give investors predictability, which aids in luring money for massive rooftop solar energy projects. Governments have put Renewable Portfolio Standards (RPS) or Renewable Energy Standards (RES) in place to promote the solar rooftop business even more. These regulations require a particular proportion of energy generation to originate from renewable resources, such as solar energy. Governments can encourage investments in solar rooftop installations by setting such goals, which provide a steady and predictable demand for solar energy. RPS and RES regulations also encourage solar technology innovation and cost reduction as the sector tries to satisfy the rising demand.
The solar rooftop sector has also been promoted using regulatory benefits. Consumers may now install solar panels on their rooftops more quickly and easily because to expedited interconnection procedures, simplified permitting procedures, and decreased bureaucratic barriers. Governments encourage more people and companies to consider solar energy as a feasible and desirable choice by removing obstacles and lowering administrative burdens.
Governments have put rules into place that either require or promote the use of solar energy in public structures and facilities. For instance, mandating solar roofing for new government structures or offering financial incentives for public organizations to switch to solar power can have a significant impact on the market. This sets a good example for private organizations and encourages a greater demand for rooftop solar power. Governments and utility corporations have collaborated in some areas to enable net metering. Solar rooftop owners who use net metering can sell any extra electricity they produce back to the grid. By embracing decentralized energy sources, this encourages users to invest in solar energy while also assisting in system stabilization. This is crucial during moments of high demand because Rooftop Solar PV frequently produce their highest levels of energy during these times. Thus, driving the Solar Rooftop market revenue.
The global Solar Rooftop market segmentation, based on Capacity includes <10 kW, 11 kW- 100kW and >100 kW. The 11 kW- 100 kW segment dominated the market in 2022. For medium-sized applications, such as mid-sized businesses, schools, small factories, or office buildings, solar installations in the 11 kW to 100 kW range are ideal. These installations may be able to supply a sizable amount of the electricity required for such facilities, resulting in long-term energy cost savings.
The global Solar Rooftop market segmentation, based on Connectivity, includes On-Grid and Off-Grid. The On-grid category generated the most income in 2022. Being a part of the grid has advantages since it eliminates the need for the user to purchase a costly battery backup to store extra energy. As
Figure 1: Global Solar Rooftop Market, by Connectivity, 2024 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The global Solar Rooftop market segmentation, based on End User, includes Residential, Commercial and Industrial. The industrial segment dominated the market in 2022. Industrial sectors are becoming more and more interested in distributed solar power generation due to the numerous economic advantages and reliable energy supply that prevents equipment breakdowns and damage from voltage fluctuations in traditional power networks.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Solar Rooftop Market dominated this market in 2022 (45.80%). Many nations in the Asia-Pacific area have put supportive regulations and incentives in place to encourage the use of solar energy, including feed-in tariffs, tax breaks, and subsidies. The rooftop solar market may expand as a result of these policies. Moreover, China’s Solar Rooftop market held the largest market share, and the Indian Solar Rooftop market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Global Solar Rooftop Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The North America Solar Rooftop Market accounts for the second-largest market share. Solar technology in the area has significantly advanced, making solar panels more efficient and affordable, and increasing the appeal of solar installations for homeowners and businesses. Further, the U.S. Solar Rooftop market held the largest market share, and the Canada Solar Rooftop market was the fastest growing market in the North America region.
Europe Solar Rooftop market is expected to grow at the fastest CAGR from 2023 to 2032. The nations of Europe have made a commitment to cutting carbon emissions and switching to better energy sources. roof solar panels installations have been regarded as a practical means of achieving these environmental objectives. Further, the German Solar Rooftop market held the largest market share, and the UK Solar Rooftop market was the fastest growing market in the European region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Solar Rooftop market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Solar Rooftop industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Solar Rooftop industry to benefit clients and increase the market sector. In recent years, the Solar Rooftop industry has offered some of the most significant advantages to medicine. Major players in the roof top solar market, including SMA Solar Technology AG (Germany), Trina Solar (China), Yingli Green Energy Holding Company Limited (China), Canadian Solar Inc. (Canada), Jinko Solar (China), SolarWorld AG (Germany), SunPower Corporation (U.S.), Shunfeng International Clean Energy Limited. (China), Tata Power Solar Systems Limited (India), Delta Energy Systems (Germany), JA Solar Holdings Co., Ltd. (China) and ABB Ltd. (Switzerland) and others, are attempting to increase market demand by investing in research and development operations.
The company Canadian Solar Inc. (Canadian Solar) offers solar energy products. The business creates, develops, and produces solar ingots, wafers, modules, cells, and other products for solar power. Residential, commercial, and industrial solar power generating systems use its wide selection of solar modules, and speciality solar products include solar modules that customers can design and incorporate into their own goods, including portable solar home systems. Distributors, project developers, system integrators, installers, and EPC firms in Asia, America, Europe, and other countries are all served by Canadian Solar. In addition to other countries, it has manufacturing sites in China, Taiwan, Canada, Vietnam, Thailand, and Indonesia. Guelph, Ontario, Canada, serves as the home base for Canadian Solar.
Manufacturer of vertically integrated solar power products is Trina Solar Co Ltd (Trina Solar). The business develops, erects, runs, and sells solar power plants both in China and abroad. It provides solar modules, energy storage systems, commercial and residential solutions, and intelligent PV solutions for big power plants. Engineering, procurement, finance, installation, monitoring, construction, operations, and maintenance are all included in the company's project development services. The business distributes its goods in the Asia-Pacific, Middle East, Europe, Africa, North and South America. In addition to other countries, it is present in China, Japan, Switzerland, the UK, and the US. The headquarters of Trina Solar are in Changzhou, Jiangsu, China.
January 2023: The Ministry of New and Renewable Energy (MNRE) announced an increase in residential rooftop solar subsidies. In order to install rooftop solar (RTS) in the residential sector across India, MNRE has increased Central Financial Assistance (CFA). The North East regions would be subject to the increased subsidy rates.
January 2023: To encourage distributed electricity generation and prevent blackouts, Telangana State Renewable Energy Development Corporation Ltd. (TSREDCO) will install solar panels on 500 school buildings. By March 2023, TSREDCO hopes to have the project finished.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 80.5Â Billion |
| Market Size 2023 | USD 97.08 Billion |
| Market Size 2032 | USD 434.4 Billion |
| Compound Annual Growth Rate (CAGR) | 20.60% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Capacity, Connectivity, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | SMA Solar Technology AG (Germany), Trina Solar (China), Yingli Green Energy Holding Company Limited (China), Canadian Solar Inc. (Canada), Jinko Solar (China), SolarWorld AG (Germany), SunPower Corporation (U.S.), Shunfeng International Clean Energy Limited. (China), Tata Power Solar Systems Limited (India), Delta Energy Systems (Germany), JA Solar Holdings Co., Ltd. (China) and ABB Ltd. (Switzerland) |
| Key Market Opportunities | Microgrids are using solar energy more and more. |
| Key Market Dynamics | Increasing demand for the installation of solar panels Initiatives and Regulations by the Government to Promote Solar Energy Concern over reducing carbon emissions is growing. |
Solar Rooftop Sales Market Highlights:
Frequently Asked Questions (FAQ) :
The global Solar Rooftop market size was valued at USD 80.5 Billion in 2022.
The global market is projected to grow at a CAGR of 20.60% during the forecast period, 2024-2032.
Asia- Pacific had the largest share in the global market
The key players in the market are SMA Solar Technology AG (Germany), Trina Solar (China), Yingli Green Energy Holding Company Limited (China), Canadian Solar Inc. (Canada), Jinko Solar (China), SolarWorld AG (Germany), SunPower Corporation (U.S.), Shunfeng International Clean Energy Limited. (China), Tata Power Solar Systems Limited (India), Delta Energy Systems (Germany), JA Solar Holdings Co., Ltd. (China) and ABB Ltd. (Switzerland).
The 11 kW- 100kW category dominated the market in 2022.
The On-Grid had the largest share in the global market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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