ID: MRFR/E&P/2830-HCR | 185 Pages | Published By Anshula Mandaokar on April 2023
Solar rooftop market is expected to grow at a CAGR of 20.6%, to reach valuation of USD 405110.02 Million during the forecast period 2022-2030. Rising concern for reduction of carbon emission is expected to drive global market.
The global solar rooftop market is a very dynamic market and expected to witness high growth over the forecast period. A solar rooftop photo voltaic (PV) system converts sun’s light energy into electricity energy through solar rooftop mounted on rooftop of a building. Solar rooftop systems can either connect to the grid, or they can be off-grid with battery storage. They are used in residential, commercial and Industrial purposes, with system ratings of upto 10 kW, 11 kW–100 MW and more than 100 MW, respectively.
Solar photovoltaic rooftop systems are widely used to produce electricity from sun light and are mounted on top of any commercial, industrial, residential or government building. Solar rooftop systems are either grid-connected of off-grid electricity generating systems. In the on-grid solar rooftop systems, the electricity is generated from solar PV rooftop which are connected to the utility grid. However, the off-grid systems generate electricity which is consumed by the connected load, and excess of power is stored in batteries to be used as and when needed. Over the past few years, the demand for solar rooftop systems is gradually rising and expecting a remarkable growth in future. Solar rooftop systems have been dominating the renewable energy market owing to its increasing demand from its end-use applications.
The key players of global solar rooftop 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 global growing demand for solar systems, primarily in residential rooftop application is driving the solar rooftop market. As, it is witnessed since last decade, a gradual downfall in the prices of key components such as, silver and poly-silicone, which are used in the manufacturing process of solar cells. Solar rooftop systems comes along with a great advantage through reduction in harmful emissions noise less operations and lowering the overall energy bills. A gradual downfall in the prices of industrial commodities used to manufacture solar panels, and the rising inflation in electricity & natural gas sector, will certainly act as a driving force for global solar rooftop market.
Currently, 11 kW- 100kW rooftop solar system segment by capacity, holds the largest market share and is expected to grow at the highest growth during the forecast period. A rooftop solar system ranging with a power capacity from 11 kW- 100 kW are the best investment for commercial and small-scale industry. A modern-day 100 kW rooftop solar system will be comprised of between 380-410 panels and will require about 600-656 m2 of roof space, depending upon the wattage of the panels. Reported pricing, for PV system installations, completed by project-level data from U.S. Department of Energy SunShot Initiative in January 2017, were about USD 3.78/W (Median) for commercial installation of over 10 kW to 100 kW.
Asia-Pacific region holds the largest share of approximately 50% in global solar rooftop market in 2016 and is expected to grow at a high rate resulting into growth in sale of solar rooftop subsequently. The continuous growth in industrial & commercial and utility sector in Asia –Pacific, requires a high amount of electricity for their operations. Also, the government initiative for utilization of renewable energy is making the end user opt for solar energy. All these factors will majorly constitute for the growth of solar rooftop in this Asia-Pacific for forecast period.
Geographically, the market has been segmented into four major regions such as North America, Asia-Pacific, Europe and Rest of the World. Among these regions, Asia-Pacific has emerged as the leading region in terms of value and volume, followed by Europe and North America. In 2016, Asia-Pacific solar installation capacity accounted for 144.8 GW, whereas Europe and North America were accounted for 102.1 GW and 35.6 GW, respectively. In Asia-Pacific region, China and Japan are the major dominating countries, whereas, India is projected to witness significant growth in the upcoming years.
|Market Size||2030: USD 405110.02 Million|
|CAGR||20.6% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Capacity, Connectivity and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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||Increasing demand for solar in microgrids|
|Key Market Drivers||Growing demand for solar panels installation Government Initiatives And Policies To Promote Solar Energy Rising concern for reduction of carbon emission|
The global Solar rooftop sales is expected to record a substantial market valuation by 2030.
The global Solar rooftop sales is projected to register a 20.6% CAGR in the forecast period.
A few major market players operating in the global Solar rooftop sales are Trina Solar (China), SMA Solar Technology AG (Germany), Yingli Green Energy Holding Company Limited (China), among others.
The industrial segment is slated to expand as the fastest-growing segment.
The off-grid segment is slated to expand as the fastest-growing segment.