The Global Solar Rooftop Market size was estimated at USD 50.17 billion in 2021 and is expected to hit around USD 95.87 bn by 2030, poised to grow at a CAGR of 6.5% during the forecast period from 2022 to 2030.
The solar rooftops are solar panels installed on various infrastructures kinds. This configuration is frequently referred to as a solar rooftop photovoltaic system. This kind of system offers a clean form of energy, which means it does not create any kind of pollution or emit dangerous pollutants into the atmosphere. This renewable energy is also safe, sustainable, and environmentally friendly. The sector is flourishing as more homes choose solar rooftop technology to generate sustainable energy. The depletion of fossil fuel reserves, such as those of petroleum, crude oil, and natural gas, is encouraging the development of clean, green, and renewable energy sources. The solar rooftop market is anticipated to increase as a result.
Market Dynamics
Drivers:
Around 40% of all revenue in 2019 came from the industrial sector, and it is projected that this sector would continue to dominate during the forecast period. Solar energy from rooftops replaces the need for damaging emissions-producing fossil fuels to power industrial heating and cooling. Over the forecast period, it is anticipated that the increasing industrialization of developing economies will significantly boost market demand.
In 2019, the commercial segment held 30.37% of the market revenue share. Rising power demand from data centres and communication base stations, together with increasing rooftop solar PV penetration in hospitals, hotels, and corporate offices, are predicted to drive product demand in the commercial sector. Among the key factors driving the growth of this market sector are higher energy yield, increased panel efficiency, and module-level monitoring.
Restraints:
However, solar rooftop installation is a one-time expense requiring technical know-how. In addition, the solar energy system's installation fees and cost are marginally more than those for other energy sources. This will impede solar rooftop market expansion.
Key players:
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SMA Solar Technology AG,
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Trina Solar Limited,
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Yingli Green Energy Holding Company Limited,
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Canadian Solar Inc.,
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Jinko Solar,
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SolarWorld AG,
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SunPower Corporation,
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Shunfeng International Clean Energy Limited.,
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Tata Power Solar Systems Limited.
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And Others
Market Segmentation:
Solar Rooftop Market, By Capacity
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Below 10 kW,
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11 kW- 100kW,
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and Above 100 kW
Solar Rooftop Market, By Connectivity
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On Grid
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and Off Grid
Solar Rooftop Market, By End User
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Residential,
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Commercial,
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and Industrial
Solar Rooftop Market, By region:
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North America
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Europe
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Asia Pacific
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Latin America
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Middle East & Africa
Regional Analysis:
The market segments are North America, Asia/Pacific, Europe, Latin America, and the Middle East/Africa. The highest market share for solar rooftops is held by Asia Pacific, which has experienced rapid industrial and commercial expansion. For all industrial operations, the big manufacturing bases in China and India require a lot of electricity, which is anticipated to stimulate the local market.
Due to the strict regulations placed on the use of fossil fuels and other harmful energy sources, North America is predicted to possess the second highest share. Adopting cleaner and greener energy sources to support consumers' growing knowledge is predicted to cause Europe to grow significantly. By the conclusion of the forecast period, growth in Latin America, the Middle East, and Africa is anticipated to be significant.
Scope of the Report:
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Report Coverage |
Details |
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Base year |
2021 |
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Forecast period |
2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.5% |
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YoY growth (%) |
XX% |
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Regional analysis |
North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa |
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Current Market size |
USD 50.17 billion |
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Forecast market growth |
USD 95.87 billion |
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Introduction
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Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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