Global rooftop solar photovoltaic market is expected to reach USD 77.4 billion by 2025, at a CAGR of 11.2% between 2019 and 2025.
Rooftop Solar Photovoltaic Market
The rooftop solar photovoltaic systems are electrical systems that convert solar energy into electrical energy. These rooftop solar photovoltaic systems are used as renewable energy or green energy source for both residential and non-residential applications.
The global rooftop solar photovoltaic market is likely to experience significant growth in the future, owing to the rising number of rooftop solar photovoltaics (PV) panels in residential and commercial sectors. The growing awareness about energy sources, increasing regulatory policies, ongoing infrastructural developments, high GDP growth, sustainable energy requirements, low-cost power generation, large consumer base, and substantial technological advancements are also expected to fuel the global rooftop solar photovoltaic market in the upcoming years. Rapid urbanization and improving living standards of people will increase the demand for rooftop solar photovoltaic in the years to come. However, the huge initial cost investments in the installation of rooftop solar photovoltaic may hamper the growth of the rooftop solar photovoltaic market globally. Alternatively, the positive regulations, government support in the form of subsidies, feed-in tariffs, tax credits, and motivating business strategies in emerging countries is likely to create new opportunities for the major market players.
The global rooftop solar photovoltaic market is fragmented into technology, grid type, and end-use. By technology, the global rooftop solar photovoltaic market is bifurcated into crystalline silicon (monocrystalline and multicrystalline) and thin film. The monocrystalline was the fastest growing technology segment and accounted for a significant share in 2018. By grid type, the global rooftop solar photovoltaic market includes off-grid and grid connected (centralized and decentralized). The off-grid segment held a major market share in 2018. On the basis of end-use, the market is classified into the residential and non-residential. In 2018, the non-residential segment led the global rooftop solar photovoltaic market.
In 2018, Europe held the largest share of the rooftop solar photovoltaic market and Germany contributed the leading revenue share. The German government is promoting rooftop solar photovoltaic systems by offering incentives to the consumers and collaborations with the providers. Additionally, several European governments are offering tax benefits to providers of solar panels, which is expected to propel the European rooftop solar photovoltaic market growth in the upcoming years. Government subsidiaries and schemes for rooftop solar photovoltaic systems, like direct capital subsidies, green electricity schemes, and financing schemes will further fuel the region’s rooftop solar photovoltaic market.
Some major players of the global rooftop solar photovoltaic market are Pristine Sun, Suntech Power, Schott Solar, Sunpower, First Solar, Yingli Green Energy, Canadian Solar, Sharp Corporation, Solar World, Jinko Solar, and Trina Solar.