Global rooftop photovoltaic market size is expanding at approximately USD 398.3 billion by 2030 and growing at a CAGR of 16.66% from 2022 to 2030.
The market is shifting towards renewable and clean energy due to the increasing worldwide awareness regarding the impact of climate change. Infrastructure development along with technological advancement increases the need for a sustainable source of energy. Photovoltaic solar panels are installed on the roof to convert solar energy into electricity. Solar photovoltaic panels on the roof help meet the electricity requirements of the building. These systems are generally small in size and installed on the roofs of residential and commercial buildings. The growing demand for energy across various sectors is also one of the major factors driving the growth of the industry.
According to global search precedence Rooftop solar PV market size It was valued at $99.5 billion in 2021 and is expected to reach approximately $398.3 billion by 2030, and is expected to grow at a compound annual growth rate (CAGR) of 16.66% from 2022 to 2030.
What is rooftop solar pv?
A rooftop solar photovoltaic system refers to the system installed on the roof of a building especially in the commercial and residential sector. This system helps convert sunlight into electricity. These systems are widely used in buildings to meet their electricity needs.
The panels consist of multiple cells, and the cells taken together form a module. Solar cells create an electron flow and generate an electric current. The systems are becoming increasingly popular with home and business owners due to their affordability. Moreover, the use of solar photovoltaic energy on rooftops reduces carbon emissions.
Market overview
Solar energy is gaining immense popularity due to the growing awareness of the benefits associated with renewable energy. The increasing demand for electricity due to the insufficient availability of fossil fuels to meet the growing electricity needs is shifting the market towards rooftop solar PV cells. Moreover, increasing initiatives by the government of the economies to increase the energy supply is also one of the major factors driving the growth of the market spread.
The growing awareness regarding the environmental benefits of solar energy is gaining consumer appeal. In addition, the increasing development of technology in the field of renewable energy is also adding to the development of the market. The Government of India also aims to expand its renewable energy capacity in the coming years. This factor will further accelerate market growth.
Government initiatives to drive market growth
The wide application of photovoltaic cells on rooftops in various locations such as residential and commercial buildings. Rooftop solar capacity can range from 1 watt to several GW for on-grid and off-grid connections. The government is taking various initiatives to promote the use of solar energy and renewable energy sources. Various incentive mechanisms such as renewable portfolio standards and tenders, tax credits, and traditional feed-in tariffs or PPAs.
Europe acquired a large share during 2021
On the basis of regions, the global rooftop photovoltaics market is segmented into the Middle East and Africa, Latin America, North America, Europe, and Asia Pacific. Europe accounted for a significant share of 59% of the total global market. Germany is also expected to grow significantly over the coming years due to the increasing shift to renewable energy sources. Moreover, the strict regulations imposed by the government in order to reduce carbon emissions is also one of the major factors driving the growth of the industry.
The North America region is also expected to grow, with the US being the major contributor to the overall market growth. Growing penetration of clean and environmentally friendly fuel production.
The rooftop solar PV market in Asia Pacific is also expected to gain the highest growth over the coming years. The region’s growth is attributed to the increasing initiatives taken by the country’s government such as providing financial incentives. The lower fixed cost of energy is driving demand in various developing economies including Indonesia, Malaysia and Vietnam.
In 2021, the China National Energy Administration published a notice on solar power generation pathways. Moreover, the government is selecting companies to install distributed solar power in order to start trials. These factors are expected to drive the growth in the market.
Increased consumer awareness, higher retail tariffs for C&I consumers are expected to drive the growth of the industry.
impact of the epidemic
The outbreak of the coronavirus pandemic has slowed the growth of almost every industry. The lockdown imposed by the country’s government led to a temporary ban on manufacturing, import and export activities, which led to a negative regression in the development of the market. Moreover, the closure of production and manufacturing units due to the spread of the deadly virus has hampered the growth of the industry.
The latest developments
– Petronas Group, subsidiary of Amplus Solar Malaysia Pvt. , a member, announced in April 2021 that it had purchased 17 rooftop solar assets from Sterling & Winson, totaling 7.2 MW.
– Tata Motors teamed up with Tata Power in September 2021 for the installation and commissioning of the MWp rooftop solar project at the passenger car business unit plant in Pune.
A recent strategic partnership between Nafath RE and Khimji Ramdas for the design, development, installation and operation of solar energy systems in the Sultanate of Oman. Navath RE is a well-known SME in the renewable energy industry. Moreover, Oman is beginning its work towards its ultimate goal of converting 30% of its energy sources into renewable energy by 2030.
– Tata Solar, an India-based manufacturer of rooftop solar PV systems, has reported the installation of a rooftop PV system at the Wankde Cricket Stadium in Mumbai.
– The University at Albany and the New York Energy Authority (NYPA) announce the opening of the largest rooftop solar array at SUNY in May 2022. The rooftops of multiple buildings on campus are covered by a 1.9 MW direct current (MWdc) solar project built under the auspices of NYPA. This will result in lower long-term energy costs and sustainability benefits.
Market segmentation
by technology
- thin
- crystalline silicon
- others
depending on the type of network
Depending on the end use
- residential
- industrial
- commercial
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