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.
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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
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.
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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
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)
