According to analysts at Vantage Market Research, the Rooftop Solar Photovoltaic (PV) Market is expected to reach USD 124.36 Billion by 2028, growing at a CAGR of 6.01% between 2021 and 2028. Increasing usage of renewable energy for electricity generation coupled with abundant availability of solar energy is a major factor driving the growth of the rooftop solar photovoltaic (PV) market.
- The Thin Film segment is projected to grow at a CAGR of over 7.5% in the estimated time frame. The thin-film technology is preferred for its low material consumption as compared to crystalline Silicon and other options available in the market.
- The Residential segment is projected to have a share of 38% in the estimated time frame. The market is driven by the fact that rooftop solar systems are small in size which can be easily installed on residential buildings.
- Asia Pacific will have a CAGR of around 5.19% from 2021 to 2028. The government in countries like India, China and Japan is promoting clean and green energy. Additionally, they are providing financial incentives and subsidies on solar PV projects.
Some of the key players in the Rooftop Solar Photovoltaic (PV) Market are SunPower, Sharp, Risen, Kyocera Solar, Canadian Solar, GCL, Yingli, Longi Solar, Trina Solar, Eging PV, Solarworld, JA Solar, First Solar, Jinko Solar, Hanwha, among others.
PV panels give clean–green energy and electricity generation with the PV panels no greenhouse gas emissions happen. The rising demand for rooftop solar among residential applications is a vital factor fuelling the market growth, also demand across the private and public sectors is rising for green electricity and decline in the cost of rooftop solar PVs coupled with the robust federal policies of the solar investment tax credit is raising awareness about the use of solar energy across the globe. Solar panels can be mounted on roofs of homes as well as businesses are factors driving the rooftop solar photovoltaic market. However, grid connection issues, as well as interconnection delays, are the major factors that will further challenge the growth of the rooftop solar photovoltaic market.
North America is expected to have a share of over 29% in 2020. The growth in the region is subjected to rise due to technological advancements in the solar PV modules, improvement of material efficiency, and optimization in production with economies of scale.