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Rooftop Solar PV Market Segmentation by Application (Solar Electricity, Heating, Water Heating, Lighting, and Others); by End-User (Residential, Commercial, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Rooftop Solar PV Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

· January 14, 2021: Trina Solar Co. Ltd., launched Trina Tracker Vanguard 600+ Series which can increase the solar panel efficiency by 2%-8%.

Global Rooftop solar PV Market Highlights over 2022-2030

The global rooftop solar PV market is estimated to garner notable CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to growing awareness regarding environmental conservation, along with adoption of renewable energy to curb the pollution level. Burning of fossil fuels in thermal power plants is one of the biggest causes of air pollution, and global warming. Solar energy refers to the energy of the sunlight which is trapped by solar cells to generate electricity. The increasing prominence of solar energy on residential scale is expected to boost the market growth. According to the International Energy Agency (IEA), solar power generation crossed 720 TWh in 2019, registering a growth of 22%.  Rising government initiatives to promote the use of solar energy, such as subsidized solar panels are estimated to drive the market growth. Moreover, rising individual awareness regarding the adoption of solar energy and installation of solar panels in houses are estimated to fuel the market growth.

Rooftop solar PV Market GraphThe global rooftop solar PV market is segmented by end-user into residential, commercial, and others, out of which, the residential segment is anticipated to hold the largest share in terms of revenue during the forecast period on account of increasing installation of rooftop PV in households, as they are cost effective, space saving, and easy to install.

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption Image

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years. CLICK TO DOWNLOAD SAMPLE REPORT

Global Rooftop Solar PV Market Regional Synopsis

Regionally, the global rooftop solar PV market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to grab major share over the forecast period on the back of high public awareness and government policies to encourage the adoption of solar farms in the region. According to the data by the U.S. Energy Information Administration (EIA), more than 2,500 utility scale solar power plants were functioning in the U.S. in 2018. Moreover, increasing installation of solar panels on utility scale is estimated to boost the market growth. According to the data by IEA, in the United States 13.2 GW of solar PV were installed in 2019, which was 25% higher than 2018.

The market in the Asia Pacific is growing rapidly and is estimated to record highest CAGR in the forecast period owing to the growing government investment in renewable energy sources, in China, India, Japan, and other developing countries in the region. China currently is the largest producer of solar energy in APAC region, producing more than 170 GW electricity in the year 2018. Moreover, the latitudinal location of this region and abundant sunlight available all around the year is estimated to boost the market growth in the region.

Rooftop Solar PV Market Share Graph

The global rooftop solar PV market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global rooftop solar PV market includes the following segments:

By Application

  • Solar Electricity
  • Heating
  • Water Heating
  • Lighting
  • Others

By End-User

  • Residential
  • Commercial
  • Others

Growth Drivers

  • Escalating Demand for Clean Energy
  • Increasing Government Initiatives to Promote the Use of Solar Energy

Challenges

  • High Cost of Investment
  • Lack of Proper Infrastructure in Developing Nations

Top Featured Companies Dominating the Market

  • Canadian Solar Inc, S.A.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • SunPower Corporation
  • First Solar, Inc.
  • Shanghai Aiko Solar Energy Co., Ltd.
  • JA Solar Technology Co., Ltd.
  • Jinko Solar Denmark ApS
  • Trina Solar Co., Ltd
  • GreenBrilliance Renewable Energy LLP
  • Sharp Corporation
  • TATA Power Solar Systems Limited (TATA Group)

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