Solar Rooftop Market - Greater Growth Rate during forecast 2020 - 2023

Posted by Anvi on January 22nd, 2020

Solar Rooftop Market - Overview

The worldwide solar rooftop market is a very dynamic market. It is likely to experience increased growth during the forecast period. A solar rooftop photo voltaic (PV) system transforms sun’s light energy into electricity power by the means of solar rooftop installed on rooftop of a building. Solar rooftop units can either link to the grid, or they can be off grid with battery storage. They are applied in commercial, industrial and residential purposes with system ratings of up to 11 kW–100 MW, 10 kW, and above 100 MW. In the last few years, the requirement for solar rooftop systems has gradually surged and it is estimated to witness prominent growth in the future. The worldwide Solar Rooftop Market is estimated to develop at 20.14% CAGR over the forecast period. Solar rooftop systems have been leading the renewable energy market due to its growing demand from its end-use markets. The worldwide growing demand for solar systems, mostly in residential rooftop usage is also fueling the solar rooftop market. Since last decade, a consistent drop in the prices of key elements such as, poly-silicone and silver has been driving the solar systems market since poly-silicone and silver find wide application in the manufacturing technique of solar cells. Solar rooftop systems play crucial role in reducing harmful emissions, reducing the overall energy bills, and conducting noise less operations. A consistent drop in the prices of industrial commodities employed to create solar panels coupled with the surging inflation in natural gas & electricity, is playing a significant role in encouraging the growth of the global solar rooftop market.

Solar Rooftop Market Market Segmentation

The global solar rooftop market has been segmented based on connectivity, end-users, and capacity.

Based on capacity, the global solar rooftop market has been segmented into >10 kW, 11 kW-100 kW, and <100 kW. Among these, the 11 kW-100 kW segment dominates the global solar rooftop market. This segment is also projected to develop at a rapid rate within the global solar rooftop market over the forecast period.

Based on connectivity, the global solar rooftop market has been segmented into off-grid and on-grid.

Based on end users, the worldwide solar rooftop market has been segmented into commercial, industrial, and residential.

Regional Analysis

On regional basis, the worldwide solar rooftop market has been segmented into four key regions such as Europe, North America, Asia Pacific (APAC), and the rest of the world.

The Asia Pacific market represented a share of 50 percent in the worldwide solar rooftop market during 2016. The demand for solar rooftop in this market is also expected to grow at a rapid rate over the forecast period 2017 to 2023. Application of renewable energy sources owing to the fast depletion of non-renewable sources is leading to major energy crisis. Surged demand for electrical power as a result of rapid expansion of commercial sector coupled with industrialization, growth in government initiatives for optimum usage of solar energy to carry out several operations in public infrastructures and increased adoption rate of solar water heaters in residential buildings are primarily driving the demand of the global solar rooftop in the Asia Pacific (APAC) market.

Surged demand for energy owing to rapid urbanization, industrialization, collectively with rapid adoption of advanced solutions as alternatives for non-renewable energy sources and the growth in population are propelling the demand for global solar rooftop market in the North America market.

Key Players

Global solar rooftop market is dominated by key players such as Trina Solar (China), SMA Solar Technology AG (Germany), Canadian Solar Inc. (Canada), Yingli Green Energy Holding Company Limited (China), Jinko Solar (China), SunPower Corporation (U.S.), SolarWorld AG (Germany), Tata Power Solar Systems Limited (India), Shunfeng International Clean Energy Limited (China), JA Solar Holdings Co., Ltd. (China), ABB Ltd. (Switzerland), and Delta Energy Systems (Germany).

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