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. 

We expect the market to really take off, mainly because we're all using more renewable energy to power our lives, and hey, there's tons of free solar energy out there during the day! That means end-users like you and me can make a smart move and invest in rooftop solar PV to shield ourselves from those unpredictable electricity bills. And here's the cool partit's easy to figure out how much electricity these solar panels will produce, so you can pretty much estimate your electricity costs for the next decade. This is going to have a huge, positive impact on the whole market landscape. Want the inside scoop? The Global Rooftop Solar Photovoltaic Market report gives you the full picture. It breaks down everything – the important parts, the latest trends, what's driving growth, what's holding it back, who the big players are, and all the other things that really matter.

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

So, when we look at the world, the Global Rooftop Solar Photovoltaic Market breaks down into North America, Europe, Asia Pacific, and, well, everywhere else. And guess what? Asia Pacific is expected to be the big player. Why? Well, all that industrialization and urbanization is really cranking up the demand for energy. Plus, folks are living better, which means homes are using more power. But it's not just about needing more juice – governments are helping out too! They're offering sweet deals like financial incentives and subsidies for solar projects. And with major companies in China, Japan, and India, things are really taking off.

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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