Global Rooftop Solar PV Market by Grid Type (On Grid, Off Grid), by Technology (Crystalline Silicon, Thin Film) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2019, the global rooftop solar PV market was worth USD 66.84 million. It is expected to grow at a 6.1% compound annual growth rate (CAGR), between 2020 and 2027. The market is expected to grow due to increased deployment of renewable energy for power generation and abundant solar energy availability during the day. End-use customers can protect their investment in rooftop solar PVs from fluctuating electricity prices. Because these photovoltaics are easily calculated, end-user segments can easily calculate their electricity generation costs for the next ten years. This trend will have a positive impact on the industry's landscape for the next ten years.

Due to rising demand from both the public and private sectors for green electricity, falling costs of rooftop solar PVs and strong federal policies like the solar investment credit, the U.S. market will expand at a significant CAGR. The Solar Energy Industries Association estimates that the U.S. has a solar industry with a total installed capacity of 78 GW and that it generated USD 18 billion investment in 2019.

Rooftop solar PVs have a value chain that includes trackers and mounting structure suppliers, raw material suppliers and rooftop module manufacturers. Distributors also serve as end-user consumers in the residential, commercial and industrial segments. Vertical integration is a popular practice among manufacturers. This is because it allows for the integration of many interdependent services in the supply chain, such as wholesale distribution, project planning and construction, operations and maintenance, and so on.

The global rooftop solar PV supply chain is expected to be severely affected by the Covid-19 pandemic. Market growth is being negatively affected by increased solar panel prices, stagnant global trading, material shortages, and manufacturing labor shortages. The market growth will be impeded by disruptions in the supply chain caused by delayed solar projects.

Technology Insights

The market share for thin film was over 35% in 2019, and it is expected to grow at the highest CAGR during the forecast period. Thin film manufacturing using lightweight and flexible materials, high durability, and a narrow design are responsible for the growth. Because of their light weight, thin film rooftop solar PV is most popular in the commercial sector.

In 2019, the market share for crystalline silicon was 30.6%. The key drivers of the segment's growth are the low cost manufacturing of silicon semiconductors and extended lifecycle of panels. Monocrystalline rooftop solar PV panels made from fine grade silicon have a higher space efficiency than thin film modules.

Application Insights

In 2019, the industrial sector was responsible for 40% of the total revenue. It is expected to continue its dominance in the future. Rooftop solar generates energy for industrial heating or cooling that is not possible with fossil fuels, which can cause harmful emissions. Over the forecast period, the market will see a significant increase in industrialization in developing countries.

Over the forecast period, the residential segment will experience the greatest CAGR. The segment's demand for products is boosted by off-grid rooftop solar PV systems that are equipped with energy battery storage systems. To protect peak demand power fluctuations, large-scale storage systems have been deployed on rooftop solar PV systems. These systems store the desired power in batteries.

In 2019, 30.37% market share was occupied by the commercial segment. The commercial segment is expected to see a rise in demand due to rooftop solar PV penetration across hospitals, hotels, corporate offices, and rising power demand from base stations & data centers. The main factors driving segment growth are module level monitoring, enhanced energy yield, and improved panel efficiency.

Grid Type Insights

The largest revenue share, at over 85%, was in the on-grid segment. This is because it transfers excess electricity to the grid. There are no batteries to store and there is no need to install near the source. The non-complexity and low cost of rooftop PV systems connected to the grid will drive demand for this segment.

The highest projected CAGR for the off-grid segment will be over the forecast period. This is due to the growing power demand from remote areas and strict regulatory schemes for decentralized electricity generation. Off-grid rooftop PV is self-sustaining and stores solar energy in a battery storage system. This allows for future use of the grid power when it goes down.

Regional Insights

Asia Pacific accounted for over 30% of the total revenue in 2019, and it is expected to maintain its dominance during the forecast period. China was the biggest contributor to market revenue generation. The market growth in China is largely due to favorable government policies that provide financial incentives and subsidies for PV projects, as well as the presence of large market players.

In 2019, the European regional market accounted for a revenue share exceeding 26.52%. The largest European revenue market share was held by the United Kingdom. The rising rooftop solar PV capacity is a result of the growing trend to generate power using renewable energy. The regional market is also growing due to strict regulatory reforms in clean energy deployment.

North America held a large market share. The U.S. was the main revenue contributor to regional growth. In the coming years, product penetration will increase across the country due to the increasing demand for clean fuel power generation and the growing capacity of residential solar.

Market Share Insights & Key Companies

The industry's competitiveness is influenced by strong R&D, skilled workers, security of raw material feedstocks, technology sourcing, and high levels of forward integration. There are many distribution channels available to rooftop solar PVs. These include direct supply to end users via various online portals and third-party supply agreements. Rooftop Solar PV also includes a variety of value-chain services, such as project planning, development, design, engineering and construction, wholesale distribution, operations and maintenance, and operation and maintenance. These interdependent activities are grouped by industry participants to lower transaction costs and optimize cost structures within the vertically integrated supply chains. The following are some of the most prominent players in rooftop solar PV market:

• JA Solar

• JinkoSolar

• SunPower Corporation

• Shenzhen Yingli New Energy Resources Co., Ltd,

• ReneSola

• First Solar

• Talesun

• Trina Solar

• LONGi Solar

• Canadian Solar

• Hanwha Q-CELLS

• Risen Energy

• GCL-SI

• Indosolar

• E-Ton Solar

Up Market Research published a new report titled “Rooftop Solar PV Market research report which is segmented by Grid Type (On Grid, Off Grid), by Technology (Crystalline Silicon, Thin Film), By Players/Companies JinkoSolar, First Solar, Hanwha Q-CELLS, Risen Energy, SunPower Corporation, ReneSola, Talesun, Trina Solar, E-Ton Solar, LONGi Solar, Shenzhen Yingli New Energy Resources Co Ltd, Indosolar, JA Solar, GCL-SI, Canadian Solar”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Rooftop Solar PV Market Report Segments:

The market is segmented by Grid Type (On Grid, Off Grid), by Technology (Crystalline Silicon, Thin Film).

Rooftop Solar PV Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Rooftop Solar PV Market

Overview of the regional outlook of the Rooftop Solar PV Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Rooftop Solar PV Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Rooftop Solar PV Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. On Grid

                2. Off Grid

                1. Crystalline Silicon

                2. Thin Film

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Rooftop Solar PV Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
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Reasons to Purchase the Rooftop Solar PV Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.