Solar Shingles Market: Current Analysis and Forecast (2023-2030)
Emphasis on Type (Silicon Solar Shingle and CIGS Solar Shingles); End-user (Residential, Commercial, and Industrial); and Region/Country
Global Solar Shingles Market is expected to grow at a significant rate of around 11.9% during the forecast period. Factors such as increasing government regulations, increasing focus on Building Integrated Photovoltaics (BIPV), and increasing user adoption owing to its aesthetic looks. Significant players in energy, technology, startups, and innovators are actively contributing to developing and adopting Solar Shingles.
For instance, In November 2023, GAF Energy announced that it had completed the construction of its second manufacturing facility in Texas, making its Timberline Solar Energy Shingle (ES). The plant will have a manufacturing capacity of 250 MW of solar shingles. This will further make the company the largest producer of solar roofing in the world.
Sunflare, GAF Energy, Certainteed LLC, Solteq, SunTegra Solar, Sunroof.se, Ergosun, Tesla, RGS Energy, and FlexSol Solutions B.V. are some of the key players in the market. These players have undertaken several M&As along with partnerships to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, silicon solar shingle category to witness higher CAGR during the forecast period.”
Based on the type, solar shingles come in different types, the solar shingles are divided into Silicon Solar Shingles and Copper Indium Gallium Selenide (CIGS) Solar Shingles. The Silicon Solar Shingles systems are anticipated to capture a significant market share in the forecast period, owing to their wider adoption in developed countries as these panels offer more efficiency compared to CIGS shingles and have an increased adoption in countries with lower solar radiations. CIGS Solar Shingles Solar Shingles are also anticipated to capture a significant market share as they are comparatively cheaper. Moreover, CIGS solar shingles are thin-film based, thus offering more flexibility, and having a sleeker, more aesthetically pleasing appearance.
For instance: In June 2022, Eterbright Solar Corporation developed a solar tile based on copper, indium, gallium and selenium (CIGS) cells for applications in building-integrated photovoltaics (BIPV) with a conversion efficiency of 14.9%.
“Amongst process, the residential segment to hold a significant share in the market in 2022.”
The Solar Shingles market is categorized into three segments: residential, commercial, and industrial. The residential segment holds a major share of this market. This is mainly owing to factors including high durability and weather resistance, longer life span, and reduced need for frequent maintenance or replacements. Furthermore, homeowners are increasingly looking for ways to integrate renewable energy solutions without compromising the visual appeal of their properties. Solar shingles offer an aesthetically pleasing option for generating solar power as they are designed to integrate with the existing roof structure effortlessly.
Solar Shingles Market Report Coverage
“Europe to hold a considerable share in the market.”
Europe is expected to experience a significant growth rate in the projected period. The primary factor driving this growth is the increasing adoption of solar shingles in the residential and commercial sectors. Moreover, increasing adoption of smart homes and smart cities, the presence of major manufacturers, and the rise in BIPV investments. Solar Shingles, being environmentally friendly and sustainable and at the same time offering aesthetic looks, have increased their adoption, specifically in the residential sector. Furthermore, the growing emphasis on Net Zero Building (NZB) standards in Europe has prompted architects and developers to pursue construction practices that significantly reduce or eliminate carbon emissions. Solar shingles play a pivotal role in achieving such goals.
The Energy Performance of Buildings Directive announced that EU countries had to guarantee that all new buildings were nearly zero-energy by the end of 2020. Moreover, the EU has proposed to switch from the current close to zero-energy buildings to zero-emission buildings by 2030.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Solar Shingles market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Solar Shingles Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Solar Shingles market were the three major steps undertaken to create and analyze the adoption of Solar Shingles in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Solar Shingles market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Solar Shingles market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Solar Shingles market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and process. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Solar Shingles market. Further, we conducted factor analysis using dependent and independent variables such as type and process of Solar Shingles. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Solar Shingles market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Solar Shingles market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Solar Shingles market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Solar Shingles market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Solar Shingles market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and process in the global Solar Shingles market.
The main objective of the Global Solar Shingles Market Study
The current & future market trends of the global Solar Shingles market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Solar Shingles market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of type and end-user.
- Define and analysis of the regulatory framework for the Solar Shingles industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Solar Shingles market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Solar Shingles market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the global Solar Shingles market?
Q2: What are the driving factors for the growth of the global Solar Shingles Market?
Q3: Which segment has the largest share of the global Solar Shingles market by Type?
Q4: What are the emerging technologies and trends in the global Solar Shingles market?
Q5: Which region will dominate the global Solar Shingles market?
Q6: Who are the key players operating in the global Solar Power Recycling market?
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