Global Rooftop Solar Photovoltaic Market Size By Technology (Thin Film, Crystalline Silicon), By Grid Type (On Grid, Off Grid), By Application (Commercial, Industrial), By Geographic Scope And Forecast

Rooftop Solar Photovoltaic Market Size And Forecast

Rooftop Solar Photovoltaic Market size was valued at USD 95.15 Billion in 2021 and is projected to reach USD 163.4 Billion by 2030, growing at a CAGR of 6.3% from 2023 to 2030. 

The market is anticipated to grow as a result of the increasing use of renewable energy for the generation of electricity and the abundance of solar energy available during the day. End-user customers can invest safely in rooftop solar PV to protect themselves from changing electricity prices. Because the cost of the electricity produced by these photovoltaics can be easily calculated, end-use segments can estimate their electricity generation costs for another ten years. Over the course of the forecast, this trend will have a favorable impact on the market environment. The Global Rooftop Solar Photovoltaic Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Rooftop Solar Photovoltaic Market Definition

A rooftop photovoltaic system is one that has its electricity-producing solar panels mounted on the roof of a home or other building. Photovoltaic modules, mounting systems, cables, solar inverters, and other electrical accessories are some of the system’s various parts. In comparison to photovoltaic power plants that are ground-mounted and have capacities in the megawatt range, rooftop-mounted systems are small.

The most well-known feature of solar energy is that it is a pure, green source of power. Solar energy can significantly reduce your carbon footprint. Solar energy does not harm the environment in any way. It is therefore safe and considerate of the environment. Solar panel installation on your roof is a safe and easy way to support a sustainable future because it is independent.

Global Rooftop Solar Photovoltaic Market Overview

In order 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 reliance on grid power and diesel generators by providing users with a continuous, long-term, and dependable source of energy.

The cost-effectiveness of the rooftop solar concept is demonstrated by comparing it to commercial and industrial electricity. Up to 25% of the tariff rates have been decreased. The rooftop solar idea also benefits the residential sector because it might be able to supply power directly to their buildings through the grid. This model has the potential to be more durable and dependable while still being affordable in terms of tariff rates.

Using the balance of the system, which includes inverters and monitoring equipment, rooftop solar systems are a practical option because they can be installed in a variety of locations, including the rooftops of residential and commercial buildings as well as over parking lots. Rooftop solar applications can operate both on and off the grid with capacities ranging from 1 watt to several GW. Because of this, rooftop solar panels are favored over other eco-friendly options as a source of energy.

Demand for rooftop solar systems is primarily driven by various incentive programs, such as premiums for the feed-in of excess power produced by self-consumption systems, tax credits, conventional feed-in tariffs or Power Purchase Agreements, renewable portfolio standards, and technology-specific tenders.

Global Rooftop Solar Photovoltaic Market Segmentation Analysis

The Global Rooftop Solar Photovoltaic Market is Segmented on the basis of Technology, Grid Type, Application, And Geography.

Rooftop Solar Photovoltaic Market, By Technology

• Thin Film
• Crystalline Silicon
• Others

Based on Technology, The market is segmented into Thin Film, Crystalline Silicon, and Others. The Thin Film segment is anticipated to dominate the Rooftop Solar Photovoltaic market. The production of thin films from lightweight, flexible materials, along with their robust durability and compact design is responsible for the growth. Due to their low installation costs and lightweight, thin film rooftop solar PV is mostly used in the commercial sector.

Rooftop Solar Photovoltaic Market, By Grid Type

• On Grid
• Off Grid

Based on Grid Type, The market is segmented into On Grid and Off Grid. The On Grid segment is anticipated to dominate the Rooftop Solar Photovoltaic market as it has the advantage of transferring any excess electricity produced to the grid, requiring no installation of battery storage close to the system source. Grid-connected rooftop PV systems’ low operating and maintenance costs and lack of complexity are certain to lead to a rise in demand for the on-grid market.

Rooftop Solar Photovoltaic Market, By Application

• Commercial
• Industrial
• Residential

Based on Application, The market is segmented into Commercial, Industrial, and Residential. The Industrial segment is anticipated to dominate the Rooftop Solar Photovoltaic Market as industrial heating and cooling are now made possible by rooftop solar, as opposed to the harmful emissions produced by fossil fuels. Over the course of the forecast period, growing industrialization in developing economies is anticipated to significantly boost market demand.

Rooftop Solar Photovoltaic Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, The Global Rooftop Solar Photovoltaic Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Asia Pacific will hold the largest market share for Rooftop Solar Photovoltaic. The increase in industrialization and urbanization is to blame for the rising energy requirements. The sudden increase in residential energy demand and consumption is a result of the region’s residents’ rising standards of living. Favorable government policies that provide financial incentives and subsidies for solar PV projects, along with the presence of significant market participants, are driving the industry in China, Japan, and India.

Key Players

The “Global Rooftop Solar Photovoltaic Market” study report will provide valuable insight with an emphasis on the global market. The major players 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., and RelyOn Solar Pvt Ltd. 

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Key Developments

• In 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 new subsidy rates.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Rooftop Solar Photovoltaic Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Rooftop Solar Photovoltaic Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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