The Global Rooftop Solar Photovoltaic (PV) Installation Market size was valued at US$ 124.47 billion in 2023 and is anticipated to reach US$ 259.14 billion by 2029 and register a CAGR of 15.80% during the forecast period 2024 - 2029.
Market Overview:
Market Drivers and Restraints:
Solar power demand boosts rooftop solar photovoltaic installation market growth in growing countries across the globe, particularly in areas where electricity is most required. Furthermore, due to the rising power demand, the industry is rapidly expanding due to increased solar photovoltaic competitiveness and government efforts and programs. In addition, the launch of feed-in-tariff (FIT) programs in various countries has boosted demand for rooftop PV. Furthermore, governments are shifting to solar photovoltaic (PV) technology to address pollution and CO2 emissions. Furthermore, responding to national feed-in tariff (FIT) payments and other incentives that reduce chronic power shortages and increase reliability aided the adoption of solar photovoltaics in India and China.
Rising demand for rooftop solar among residential applications, as well as increasing demand for green electricity across the private and public sectors, rising declines in the cost of rooftop solar PVs, and robust federal policies such as the solar investment tax credit, growing awareness of the use of solar energy around the world, increasing shift toward clean, reliable, and affordable electricity, and rising rapid proliferation of solar generating systems are all contributing to market growth. Furthermore, in the forecast period of 2022 - 2027, rising fossil fuel prices, rising research and development activities in the industry, rising technological developments, and increasing modernization in the product would provide new chances for the rooftop solar photovoltaic installation market. Because of the increased demand for power and the availability of solar energy, the global rooftop solar photovoltaic installation market has seen a surge in demand. Furthermore, the government has taken several encouraging and incentivized initiatives, such as the feed-in tariff along with the adoption of a gross metering policy, which has aided the development of rooftop solar PV. Furthermore, the global deployment of distributed PV technology is likely to drive rooftop solar photovoltaic installation market expansion. Furthermore, because of intense market rivalry, the cost of these installations has decreased. Moreover, market expansion in residential regions is aided by increases in property value and durability.
However, an increase in grid connection challenges and interconnection delays, and an increase in insufficient smart grid infrastructure are among the primary factors acting as barriers, which will further hamper the growth and revenue of the rooftop solar photovoltaic (PV) market throughout the projection period.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
15.80% |
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Segments Covered |
By Structure, Gird Type, End-User, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Kaneka Corporation, Kyocera Corporation, Panasonic Corporation, Renesola Co. Ltd, BP Solar International, Bloo Solar Inc,1366 Technologies Inc.,3GSolar Photovoltaics Ltd., Suntech Power Holding Co. Ltd, Sun Power Corporation, and Others. |
Market Segmentation:
Based on structure, crystalline silicon is anticipated to dominate the global rooftop solar photovoltaic installation market in the upcoming years. In photovoltaic technology, crystalline silicon is the most common semiconducting material used to make solar cells. To generate solar power from sunlight, these cells are combined into solar panels as part of a photovoltaic system. Currently, crystalline silicon solar cells are the most widely used solar cells, owing to their stability, ability to provide efficiencies in the 15% to 25% range, reliance on well-established process technologies with an extensive database, and overall reliability. Moreover, crystalline silicon, c-Si, is a poor light absorber, and it must be relatively thick and inflexible, which may be a sin in this micro-miniature age. Crystalline silicon currently accounts for more than 90% of the solar cell market, primarily due to its semiconductor material at its core and poor conductor of electricity; crystalline silicon has a significant demand in the rooftop solar photovoltaic installation market in the upcoming years.
Based on grid type, grid-connected tends to dominate the global rooftop solar photovoltaic installation market during 2022 - 2027. A grid-connected photovoltaic system is often referred to as a grid-connected PV system. Most probably, grid-connected is generally assembled to the utility grid in order to produce electricity. Hence, it is usually considered a solar PV power system. Moreover, they range in size from tiny rooftop solar systems for homes, i.e., for residential purposes and businesses, i.e., non-residential purposes, to massive utility-scale solar power plants. Instead, when the conditions are favourable, the grid-connected PV system sends excess electricity to the utility grid that is not consumed by the associated load. Moreover, Grid-connected PV systems are less complicated to install because they don't require a battery. The grid interconnection of photovoltaic (PV) power generation systems benefits from maximizing generated energy usage due to the absence of storage losses.
Based on End-user, the residential sector is expected to have the largest global rooftop solar photovoltaic installation market share in the next six years. Solar panels mostly absorb solar energy and convert it to electricity using the photovoltaic (PV) effect. Most houses have a roof or a backyard where solar panels can be installed to generate electricity. Therefore, a house solar system must supply adequate electric energy to meet the needs of the residential sector. Moreover, it can offer AC power since most of the gadgets, appliances, lighting systems, and equipment including refrigerators, mixers, computers, fans, air conditioners, TVs, and music systems, all require AC power.
On the other hand, the non-residential sector is anticipated to grow with the highest CAGR in the global rooftop solar photovoltaic installation market due to the increasing installation of solar PC at offices, malls, and also at airports. It is done to decrease the consumption of fossil fuels.
Market Regional Analysis:
The Global Rooftop Solar Photovoltaic (PV) Installation Market Report includes the segmentation of Regions:
Due to rising favorable government policies giving financial incentives and subsidies to solar PV projects and the presence of prominent market participants in this area, Asia-Pacific dominates the rooftop solar photovoltaic (PV) industry. However, due to the rising trend of generating power through renewable energy and more severe legislative reforms addressing clean energy deployment in this region, Europe is predicted to be the fastest-growing region in terms of rooftop solar photovoltaic (PV) installation market growth.
Because of the growing demand for clean fuel power generation and the growing residential solar capacity in this region, North America is predicted to develop in terms of the growth of rooftop solar photovoltaic (PV) installation.
Europe has experienced significant growth in the global rooftop solar photovoltaic installation market during 2022 - 2027. Moreover, the Europe region is trying to achieve clean energy package legislation, further propelling the market growth.
The Coronavirus has impacted the utility-scale solar industry hard since almost 80% of solar cells and modules utilized in Indian projects are exported from China. However, the rooftop sector has been hit the hardest, as most of the players are tiny businesses. Only ten to twelve significant players account for around 25% of rooftop installations. As a result of the current lockout, small companies are likely to go bankrupt or cease operations entirely. Smaller rooftop players lack the financial resources to absorb losses or fulfill additional working capital needs. They are also unlikely to receive any government or bank financial help.
Market Recent Developments:
Kaneka Corporation declared a partnership with Taisei Corporation for the development of T-green multi-solar. It is an external system that helps generate electricity through photovoltaic laminates into the wall and surfaces of windows of buildings.
Panasonic has announced that it will stop producing solar products in its Malaysian and Japanese factories by March 2022, effectively quitting the solar panel and wafer manufacturing business. However, Panasonic will continue to sell Panasonic-branded modules, although a subcontractor will make them.
Market Key Players:
The companies covered in the report include:
Frequently Asked Questions
The Global Rooftop Solar Photovoltaic (PV) Installation Market is expected to grow with a CAGR of 15.80% between 2024-2029.
The Global Rooftop Solar Photovoltaic (PV) Installation Market size is expected to reach a revised size of US$ 259.14 billion by 2029.
Panasonic Corporation, Renesola Co. Ltd., and BP Solar International are three rooftop solar photovoltaic (PV) installation market key players.
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