Global Solar Rooftop Market is expected to foresee significant growth. Asia Pacific to lead the growth
- Himanshu Patni
- September 30, 2021
- ENERGY & POWER, NEWS
- Solar Rooftop Market, Solar Rooftop Market growth, Solar Rooftop Market share, Solar Rooftop Market size
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Global Solar Rooftop Market is expected to reach the market valuation of US$ XX billion by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ XX billion in 2020. Ever growing industrial sector paired with rising support of government policies to promote renewable energy increase the overall demand for solar modules. This would increase the demand for solar rooftop for generating electricity.
Supporting government regulations are predicted to propel the growth of the solar rooftop market during the forecast period. In addition, majority of population is shifting towards alternate sources of energy that may further increase the overall demand for solar modules. This would further propel the growth of the market. The push of renewable energy sources has led to a surge in solar energy use. Solar rooftop system mainly comprises of solar modules and electricity storage devices to store energy and a galvanized zinc structure. With new innovations and advancements in the industry the installation cost of solar rooftop solution has been reduced a lot and is now in the reachability of majority of population. For example, manufacturing cost of solar module has reduced to $0.38 per watt in 2019, which was $2.04 per watt. Thus, resulting in higher adoption in middle level income demographics. Furthermore, the installation of solar across the globe rose to 707 GW in 2020, compared to 217 GW in 2015. Asia Pacific held the largest market share in 2020 out of global 707 GW installed; 422 GW were installed in Asia Pacific. In wake of COVID-19 companies in solar rooftop market should focus on preparing well organized supply chain and cost-effective ways to gain rise in market.
For a detailed analysis of the market drivers browse through – https://univdatos.com/report/solar-rooftop-panel-market/
During the Covid-19 pandemic in the early 2020, majority of the countries and region witnessed a country wide lockdown. This has impacted the overall demand for solar modules. Majority of decline was witnessed in the industrial sector, where countries had imposed shut down of manufacturing facilities to reduce the spread of Covid-19. However, demand for solar modules is expected to come to normal post 2020.
- Based on grid type, the market is bifurcated into on grid and off grid solar rooftop solutions. Of both, on grid solar rooftop solutions are currently dominating the market due to less installation cost and no storage maintenance cost.
- On the basis of end user, the market is divided into residential, commercial, industrial sector. Among these, industrial sector held significant market share in 2020. Further, residential sector is expected to grow at a considerable rate by the end of forecast period, demonstrating a CAGR of xx%.
- Based on capacity, the market is categorized into 1KW–10KW, 11KW–100KW, 101KW–1MW, above 1MW. Among them 11KW–100KW category captured the significant market share in 2020 and is expected to grow at a rate of xx% during the forecast period to reach $xx billion by 2027.
- Based on technology, the market is divided into thin film, monocrystalline, polycrystalline, PERC monocrystalline solar cells. Monocrystalline solar panels captured market prominently owing to its low installation cost and high efficiency compared to other modules. In addition since PERC monocrystalline is an advance technology and has high efficiency. Hence, in coming years PERC monocrystalline is likely to showcase the significant growth rate during the forecast period owing to reduced cost and less rooftop space requirement as compared to other modules.
- Based on facial type, monofacial panels used in solar rooftop solutions held the significant share in past years owing to less cost but in near future bifacial solar modules may replace monofacial modules owing to high electricity generation, lowering cost and less roof space requirement.
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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Russia, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. Asia Pacific accounted for the largest market share in 2020 and is expected to continue its dominance over the forecast period. Availability of cheap raw material played a major role for Asia Pacific to hold the largest market share. Government subsidies and supporting government policies regarding clean energy are driving the market grow in the region. Moreover, with increasing population in the region requirement for clean fuel power generation along with people adopting solar rooftop in their residences, residential sector is anticipated to continue its dominance over the forecast period.
Global Solar Rooftop Market Segmentation
Market Insight, by Grid Type
- On Grid
- Off Grid
Market Insight, by End User
Market Insight, by Capacity
- Above 1MW
Market Insight, by Technology
- Thin Film
- PERC Monocrystalline
Market Insight, by Facial Type
Market Insight, by Region
- North America Solar Rooftop Market
- United States
- Rest of North America
- Europe Solar Rooftop Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Solar Rooftop Market
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- JA Solar Holdings
- JinkoSolar Holding Co. Ltd.
- SunPower Corporation
- Yingli Green Energy Holding Company Limited
- First Solar Inc.
- Trina Solar Co. Ltd.
- LONGi Green Energy Technology
- Canadian Solar Inc.
- Hanwha Q CELLS Co. Ltd.
- GCL-Poly Energy Holdings Ltd.