Global DG Rooftop Solar PV Market Size is Projected to Reach at USD 16.04 Billion by 2028, from USD 8.6 Billion in 2020, at a CAGR of 5.4% During 2021-2028
According to Vantage Market Research, the Global DG Rooftop Solar PV Market was valued at USD 8.6 Billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.4% between 2021 to 2028. A rooftop photovoltaic power station is a photovoltaic system that has its electricity-generating solar panels mounted on the rooftop of a residential or commercial building or structure. Global DG rooftop solar PV market report 2021 provides complete information about current market dynamics and future trends. It also highlights the investment scenario of the industry, market share, size, growth, and competitive landscape of the companies of the market. These details will help buyers, businesses, strategists, and individuals to get better conclusions.
Increase demand of DG rooftop solar market and its wide application boosting its market growth. The PV panels provide clean green energy. During electricity generation with PV panels, there are no harmful greenhouse gas emissions thus solar PV is environmentally friendly. Solar energy is the energy supplied by nature it is thus free and abundant. These factors are fueling market growth. Furthermore, solar panels cost is currently on a fast-reducing track and is expected to continue reducing for the next years – consequently, solar PV panels have indeed a highly promising future both for economic viability and environmental sustainability. This is also facilitating market growth.
The major factor that is obstructing the DG rooftop solar PV market is that all renewable energy sources, solar energy has intermittency issues; not shining at night but also during daytime, there may be cloudy or rainy weather. Consequently, the intermittency and unpredictability of solar energy make solar energy panels less reliable a solution. These factors are restraining the market growth.
The global DG rooftop solar PV market is segmented on the basis of products, crystalline silicon, and thin films. On the basis of applications, the market is divided into residential, non-residential, and utility.
Asia-Pacific is expected to grow at a higher rate over the forecast period. The Asia-Pacific is expected to account for the highest market share in 2020. This can be attributed to the fact that the region has favorable weather conditions where it is possible to harness solar energy. Moreover, the government of countries such as India and China is investing to develop infrastructure to support the expansion of solar energy. This is anticipated to fuel the market further.
Some of the major players operating in the global DG rooftop solar PV markets include Nautilus Inc., Nexersys Corp, Echelon Fitness LLC, Interactive Fitness Holdings LLC, Axtion Technology LLC, Peloton Interactive Inc., SMARTfit Inc., and Motion Fitness LLC.