Global Solar Rooftop Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Grid Connectivity (On-Grid, Off-Grid), By End-Use (Residential, Commercial), And By Geography - Forecasts From 2022 To 2027
- Published : Jan 2023
- Report Code : KSI061611354
- Pages : 145
The global solar rooftop market was valued at US$59.155 billion in 2020.
Solar rooftops are increasingly becoming popular as it is a renewable energy source. These are ideal for harnessing the sun’s energy as it converts it into electric power. It can be done by adding an interface which is known as an inverter that converts DC power generated by the solar panels on the rooftop into AC power for appliances and devices. Furthermore, three types of solar systems are considered when installing on the rooftops – On-grid systems allow power to be used from the grid supply when the rooftop solar system cannot supply power. An off-grid system is not linked to the rooftop solar system. It runs on its own via battery which is then used to power various applications. Hybrid systems work in both on-grid and off-grid systems. In this type of system when the battery is fully charged the excess power is fed to the grid which becomes profitable for the consumer.
An increase in demand for clean and green energy is expected to boost the global solar rooftop market.
In recent years, people are adopting renewable energy as it is cost-effective, requires less maintenance, and reduces the carbon footprint cutting down greenhouse gas emissions. Moreover, the shortage of conventional sources of energy such as coal is further leading to an increase in demand for solar energy. Additionally, the increase in carbon footprint and greenhouse gas emissions is further shifting the need for solar energy. As per United Nations, the extraction and processing of materials, fuels, and food contribute to half of the total global greenhouse gas emissions and over 90% of biodiversity loss and water stress. The photovoltaic cells in the panel absorb the sunlight and help in generating electric current.
Moreover, household pollution has been one of the key reasons for using solar energy as a power-generating source for household appliances. Household air pollution is a result of cooking using open fires or inefficient stoves that used kerosene, biomass, and coal. As per WHO, household air pollution was responsible for 3.2 million deaths per year in 2020 which included 273000 deaths of children under the age of 5. Therefore, it became essential to utilize rooftop solar for generating clean energy that does not require electricity but uses solar thermal energy to cook food.
Favorable government policies that provide financial incentives and subsidies for solar projects are driving the industry particularly in developing economies such as in China, Japan, and India. However, the installation of rooftop solar panels is labor-intensive, generating good-quality of jobs. High initial costs for materials and installation, weather conditions, and lack of skilled personnel can hinder the growth of the global solar rooftop market.
- Greenbacker Renewable Energy Company LLC which is a leading operator of sustainable infrastructure and energy efficiency projects, acquired a 16.3-MWdc operating rooftop solar portfolio in Massachusetts from ECA Solar which is a leader in commercial-scale solar development, in February 2022. The portfolio enabled cheaper and clean energy to the Greater Boston area.
- DSD Renewables acquired three rooftop solar projects in New Jersey and Connecticut and other three projects in Massachusetts and Virginia from Dynamic Energy in March 2022.The acquisition aimed at providing clean, renewable solar energy to unreserved communities.
- Radiance Renewables which is a provider of renewable energy solutions acquired solar rooftop assets worth 152 MW of Azure Power Global in April 2021. The acquisition enabled Radiance to provide service to high-quality customers in India such as Indian Railways, DMRC, JNV, and DJB.
Residential sector account for a sizable percentage of the global solar market throughout the anticipated timeframe.
The residential sector dominates the market in terms of end-use. The desire to lessen the risk of climate change, the need for a backup electrical supply, and predicted electricity cost reductions are the main drivers of the increase in solar photovoltaic system demand in the residential market. Rooftop solar power is advantageous in increasing electricity efficiency given the proximity and reduces the possibility of service interruption. As per Energy Information Administration, 13% of greenhouse gas emissions are caused by businesses and homes as a result of the use of primary fossil fuels which further shifts the demand towards renewable sources of energy such as solar energy that reduces greenhouse gas emissions and is cost-effective. Furthermore, residential usage of solar panels is increasingly being deployed due to the availability of a large amount of space. According to the Office of Energy Efficiency and Renewable Energy in the USA and National Renewable Energy Laboratory estimates, residential and other small rooftops represent 65% of national rooftop potential for solar energy, and 3.3 million homes per year in the USA will require a roof replacement and solar installations for generating 30 GW of solar capacity per year.
During the forecast period, North America is expected to gain a significant share of the global solar rooftop market.
North America being highly developed and urbanized consumes a great amount of electricity and conventional energy sources for power generation and consumption. Furthermore, government initiatives tax credits and incentives to those who installed rooftop solar panels are increasing the demand for rooftop solar systems in the region. For instance, the federal solar tax credit provided by the US government provides a 26% of tax credit to those who installed solar PV systems in 2020 and 2021.
Global Solar Rooftop Market Scope:
|Market Size Value in 2020||US$59.155 billion|
|Growth Rate||CAGR during the forecast period|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Grid Connectivity, End-Use, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Canadian Solar, Trina Solar, Sharp Corporation, GAF Energy, SunPower Corporation, Asun Solar Power, PROINSO, MYSUN, Tesla, Blue Raven Solar|
|Customization Scope||Free report customization with purchase|
- By Grid Connectivity
- By End-Use
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL SOLAR ROOFTOP MARKET, BY GRID CONNECTIVITY
6. GLOBAL SOLAR ROOFTOP MARKET, BY END-USE
7. GLOBAL SOLAR ROOFTOP MARKET, BY GEOGRAPHY
7.2. North America
7.2.1. United States
7.3. South America
7.4.3. United Kingdom
7.5. The Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrative
8.3. Mergers, Acquisition, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Canadian Solar
9.2. Trina Solar
9.3. Sharp Corporation
9.4. GAF Energy
9.5. SunPower Corporation
9.6. Asun Solar Power
9.10. Blue Raven Solar
Asun Solar Power
Blue Raven Solar
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