The global solar rooftop market is projected to grow at a CAGR of 16.52% during the forecast period of 2019 to 2025. This market is driven by the widespread adoption of renewable sources of generation, especially solar photovoltaic (PV) generation. The increasing deployment of the bi-directional metering system along with remote monitoring systems for solar rooftop generation is significantly increasing the efficiency of the distributed generation. Moreover, favorable government regulations and initiatives for promoting clean and green sources of power generation are heightening the market growth for solar rooftop across all geographical regions. Government policies such as rebate in income tax and subsidies to renewable power generators are attracting many small and big market players into this market. Easy availability of soft loans by banks and long loan payback period are significantly driving the growth for solar rooftop market. Furthermore, the declining cost for storage systems such as batteries is contributing to decreasing the Levelized Cost of Electricity (LCOE), thus positively impacting the adoption of solar rooftops worldwide. Geographically, Asia Pacific will witness the fastest growth in solar rooftop during the forecast period owing to the increasing enhancement in the grid infrastructure coupled with increasing residential and commercial complexes. Moreover, consumer inclination towards the usage of clean and green power coupled with favorable government policies and regulations are triggering the overall growth of the solar roof-top market in this region.
Growing demand for clean energy
Rising cases of grid outages
Supportive government policies and initiatives
Overcapacity of solar panels
In January 2019, India’s largest solar energy company, Tata Power Solar launched a complete residential solar rooftop solution in Gujarat in India.
Recently in April 2019, Malaysian state-owned oil and gas company Petronas has acquired a Singapore-based solar energy company, Amplus Energy Solutions, as a part of its strategy to enter into the renewable energy market.
The major players profiled in the Global Solar Rooftop market include Insolergy Technologies Private Limited, Trina Solar, Sharp Corporation, GAF Energy, and SunPower Corporation among others.
The global solar rooftop market has been analyzed through the following segments:
By Grid Connectivity
By End Use
Middle East and Africa