According to analysts at Vantage Market Research, the DG Rooftop Solar PV Market is expected to reach USD 16.04 Billion by 2028, growing at a CAGR of 5.4% between 2021 and 2028. Rising pollution because of fossils fuels, power outages due to climate conditions are factors anticipated to grow the DG rooftop solar PV market during the forecast period.
- The Crystalline Silicon segment is projected to have a CAGR of over 2.51% in the estimated time frame and the segment is holding its dominance which is driven by the features such as low extended life cycle, weight volume ratio, robustness, and strength are some benefits.
- The residential segment is projected to have a CAGR of over 2.18% in the estimated time frame. Increasing usage of power and increase in numbers of solar power generation plants set up in houses is driving the demand in the segment. The Application segment is further categorized into Non-residential and Residential.
- Asia Pacific is will have a CAGR of around 4.21% from 2021 to 2028 in DG Rooftop Solar PV Market growth is driven by strengthening policy and support from regulatory bodies is motivating deployment of DG PV systems for resiliency as well as public access to power during emergency satiations.
Some of the key players in the DG Rooftop Solar PV Market are First Solar, JA Solar, Risen, Longi Solar, Hanwha, Sharp, Canadian Solar, GCL, Yingli, Trina Solar, Eging PV, Solarworld, Kyocera Solar, Jinko Solar, SunPower, among others.
DG Rooftop Solar PV gives various benefits to the community and the owner as it saves them money for the owner and reduces load on-grid generation, distribution facilities, transmission, and the most important it contributes to a cleaner and greener environment and has the potential to supply electricity while grid outages impacted from the weather disruption. However, solar energy can have intermittency issues such as not shining at night, also during the daytime, it may be cloudy and rainy. The intermittency, as well as the unpredictability involved in solar energy, makes solar energy panels less reliable as a solution and this is also pulling the market growth down.
North America is expected to have a share of over 24% in 2020. The growth in the region is driven by increasing population and the requirement to meet the needs with some sustainable solution is also increasing in countries like the U.S., Canada, which are some factors driving the growth in the region.