Rooftop Solar PV Market

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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Report ID: 3364 | Published On: Feb 08, 2023

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Despite Inflation & Recession News, Businesses Across the Globe Expected to Do Better in 2023

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


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 Graph

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The 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.


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

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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


Rooftop solar PV Market Graph
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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


Electricity Consumption Image
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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)

Key Questions Answered in the Report

1) What are the major factors driving the growth of the rooftop solar PV market?

Ans: Rising environment awareness and increasing government initiatives to promote the use of solar energy are the major factors driving the market growth.

2) What would be the CAGR of rooftop solar PV market over the forecast period?

Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022-2030.

3) What are the challenges affecting the rooftop solar PV market growth?

Ans: High capital investment, and lack of proper infrastructure are some of the factors estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of rooftop solar PV market in future?

Ans: The market in North America is estimated to garner the largest market share owing to the large number of individuals adopting solar energy by installing solar PVs in their homes.

5) Who are the major players dominating the rooftop solar PV market?

Ans: The major players in the market are Trina Solar Co., Ltd, Sharp Corporation, TATA Power Solar Systems Limited, SunPower Corporation, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the rooftop solar PV market?

Ans: The market is segmented by application, end-user, and by region.

8) Which sub-segment captures the largest market size in the end-user segment in the market?

Ans: The residential segment is anticipated to hold largest market over the forecast period on the back of ease of installation of rooftop PVs for residential end-users.

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