Solar Rooftop Market Size, Share, Analysis & Forecast [2031]
Solar Rooftop Market Size, Share, Analysis & Forecast [2031]
Segments - Solar Rooftop Market by Type (Off-grid and On-grid), Application (Industrial, Commercial, and Residential), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :EP-5157
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| 201 Pages
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Report Description
The solar rooftop market size was valued at nearly USD 105.7 Bn in 2022 and is anticipated to reach USD 587.7 Bn by 2031, expanding at a CAGR of 8.1% during the forecast period, 2023 – 2031. The growth of the market is attributed to the growing demand for cheap and renewable energy resources, favorable government policies, initiatives, and incentives provided for deploying rooftop solar systems.
Solar rooftop systems are solar photovoltaic (PV) systems integrated into the roof of buildings for generating electrical energy through available sunlight. Solar panels, inverter, and wiring make up the system. The use of solar rooftop systems is rising through their use in smart homes, communities, and businesses.
Solar rooftop systems are broadly categorized into systems with battery storage and grid connected solar rooftop systems. Solar rooftop systems are connected to power grids and work with off-grid systems as well. Off-grid solar rooftop systems use batteries for energy storage when the sun is not shining. Governments around the world are aiming to minimize CO2 emissions in reducing pollution through the use of low-carbon energy resources such as nuclear and renewable energy.
Solar PV resources and energy generation systems through wind energy are estimated to account for two-thirds of renewable energy in the coming years. China accounts for almost 75% of the global solar module manufacturers. One of the largest solar photovoltaic power plants was developed in the Golmund Solar Park, China, having a capacity of 4,500 megawatts of power generation.
The market report finds that the COVID-19 pandemic restrained the solar rooftop market due to the shutting down of supply chains with lockdowns imposed by governments around the world. The distribution and operations of private solar panel manufacturers came to a standstill with labor shortage that hampered the market during the pandemic.
Solar Rooftop Market Dynamics
Major Drivers
Stringent government policies and reforms around the world for reducing carbon emissions are expected to significantly propel the solar rooftop market as the most sought-after renewable energy resource. Growing investments by leading technology firms around the world for producing self-sufficient energy through renewable energy resources is expected to propel the market. The availability of power generated through solar energy at cheap prices in comparison to traditional energy resources is expected to boost the solar rooftop market.
Existing Restraints
High initial investments for setting up a solar rooftop network through the installation of solar panels and storage systems may hamper the market growth. Regular maintenance and related costs are likely to impede the market.
Emerging Opportunities
Reduction in energy prices is increasing the use of renewable energy resources. Energy produced through solar energy requires less cost of production. High coverage of solar rooftop power systems for power generation through solar energy is expected to create lucrative opportunities for the solar rooftop market in the coming years.
Scope of the Solar Rooftop Market Report
The report on the global solar rooftop market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Solar Rooftop Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016 – 2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (Off-grid and On-grid) and Application (Industrial, Commercial, and Residential) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
SolarCity Corporation; Fourth Partner Energy Pvt Ltd; SolarWorld AG; Shunfeng International Clean Energy Limited; Thermax Limited; Hero Future Energies; KEC International Limited; Thermax Limited; Hero Future Energies; Elecomponics Technologies India Pvt Ltd.; Tata Power Solar Systems Limited; Sharp Energy Solutions; CleanMax Solar; Hanwha Q CELLS Co. Ltd.; Jaksons Engineers Limited; RelyOn Solar Private Limited; and SOLON India Private Limited |
Solar Rooftop Market Segment Insights
Based on type, the market is bifurcated into off-grid and on-grid. The on-grid segment is expected to expand at a significant pace during the projection period, owing to optional availability of exporting excess electricity generated from solar energy. The excess power exported into power grids can be imported at later stages when the demand for power surges. Public electricity grids that allow the transfer of excess power are expected to boost the segment.
The off-grid segment is anticipated to hold a key share of the market, owing to the growing use of battery connected solar panels that are utilized during power outages. Off-grid solar panels are best suitable for places far away from the public grid coverage and for installation of independent solar panels for personal, which is expected to boost the segment during the forecast period.
On the basis of application, the market is divided into industrial, commercial, and residential. The commercial segment is projected to hold large revenue share in the market, owing to the flexibility in installation of on-site power generation systems and exporting the excess commercially. The generation of power through solar panels, compliments the green policies laid down by governments around the world, which is expected to drive the segment during the forecast period.
Solar shingles, also called solar roof tiles, made of slim photovoltaic (PV) solar roofing sheets, are widely used to overlay or replace the existing shingles on a roof. Solar shingles’ ability to produce electricity by absorbing sunlight is expected to drive the commercial segment in the coming years.
The industrial segment is anticipated to gain significant revenue share, owing to the wide applications and consumption for manufacturing, warehousing, and processing. The ability of solar rooftop panels in generating power to suffice the industry requirements on-site and the continuous availability of power than traditional power sources is likely to boost the segment in the coming years.
In terms of region, the global solar rooftop market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period owing to favor government policies and backing in the form of incentives for rooftop solar installations. Growing power charges of coal and electricity is expected to enhance the solar rooftop market as cost-friendly alternative in North America, which is expected to drive the market.
The market in Asia Pacific is projected to grow at a rapid pace in the coming years, owing to the rise in the industrial and commercial sectors for the growing need in operations. Government norms and incentives promoting the use of renewable energy are expected to drive the market in Asia Pacific.
Segments
The global solar rooftop market has been segmented on the basis of
Type
- Off-grid
- On-grid
Application
- Industrial
- Commercial
- Residential
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- SolarCity Corporation
- Fourth Partner Energy Pvt Ltd
- SolarWorld AG
- Shunfeng International Clean Energy Limited
- Thermax Limited
- Hero Future Energies
- KEC International Limited
- Thermax Limited
- Hero Future Energies
- Elecomponics Technologies India Pvt Ltd
- Tata Power Solar Systems Limited
- Sharp Energy Solutions
- CleanMax Solar
- Hanwha Q CELLS Co. Ltd.
- Jaksons Engineers Limited
- RelyOn Solar Private Limited
- SOLON India Private Limited
Competitive Landscape
Players in the solar rooftop market include SolarCity Corporation; Fourth Partner Energy Pvt Ltd; SolarWorld AG; Shunfeng International Clean Energy Limited; Thermax Limited; Hero Future Energies; KEC International Limited; Thermax Limited; Hero Future Energies; Elecomponics Technologies India Pvt Ltd.; Tata Power Solar Systems Limited; Sharp Energy Solutions; CleanMax Solar; Hanwha Q CELLS Co. Ltd.; Jaksons Engineers Limited; RelyOn Solar Private Limited; and SOLON India Private Limited. They engage in strategies including business-to-business marketing, mergers, acquisitions, product launches, and expansions to boost their market share.
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In July 2019, Sharp Energy Solutions, a solar pioneer, launched a photovoltaic power business, installed a rooftop solar power system for Yokohama Rubber Co. Ltd. For reducing power expenses of the plant.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Solar Rooftop Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Solar Rooftop Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Solar Rooftop Market - Supply Chain
4.5. Global Solar Rooftop Market Forecast
4.5.1. Solar Rooftop Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Solar Rooftop Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Solar Rooftop Market Absolute $ Opportunity
5. Global Solar Rooftop Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Solar Rooftop Market Size and Volume Forecast by Types
5.3.1. Off-grid
5.3.2. On-grid
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Solar Rooftop Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Solar Rooftop Market Size and Volume Forecast by Applications
6.3.1. Industrial
6.3.2. Commercial
6.3.3. Residential
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Solar Rooftop Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Solar Rooftop Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Solar Rooftop Demand Share Forecast, 2019-2026
8. North America Solar Rooftop Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Solar Rooftop Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Solar Rooftop Market Size and Volume Forecast by Types
8.4.1. Off-grid
8.4.2. On-grid
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Solar Rooftop Market Size and Volume Forecast by Applications
8.7.1. Industrial
8.7.2. Commercial
8.7.3. Residential
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Solar Rooftop Demand Share Forecast, 2019-2026
9. Latin America Solar Rooftop Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Solar Rooftop Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Solar Rooftop Market Size and Volume Forecast by Types
9.4.1. Off-grid
9.4.2. On-grid
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Solar Rooftop Market Size and Volume Forecast by Applications
9.7.1. Industrial
9.7.2. Commercial
9.7.3. Residential
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Solar Rooftop Demand Share Forecast, 2019-2026
10. Europe Solar Rooftop Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Solar Rooftop Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Solar Rooftop Market Size and Volume Forecast by Types
10.4.1. Off-grid
10.4.2. On-grid
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Solar Rooftop Market Size and Volume Forecast by Applications
10.7.1. Industrial
10.7.2. Commercial
10.7.3. Residential
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Solar Rooftop Demand Share Forecast, 2019-2026
11. Asia Pacific Solar Rooftop Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Solar Rooftop Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Solar Rooftop Market Size and Volume Forecast by Types
11.4.1. Off-grid
11.4.2. On-grid
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Solar Rooftop Market Size and Volume Forecast by Applications
11.7.1. Industrial
11.7.2. Commercial
11.7.3. Residential
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Solar Rooftop Demand Share Forecast, 2019-2026
12. Middle East & Africa Solar Rooftop Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Solar Rooftop Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Solar Rooftop Market Size and Volume Forecast by Types
12.4.1. Off-grid
12.4.2. On-grid
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Solar Rooftop Market Size and Volume Forecast by Applications
12.7.1. Industrial
12.7.2. Commercial
12.7.3. Residential
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Solar Rooftop Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Solar Rooftop Market: Market Share Analysis
13.2. Solar Rooftop Distributors and Customers
13.3. Solar Rooftop Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. SolarCity Corporation
13.4.2. Fourth Partner Energy Pvt Ltd
13.4.3. SolarWorld AG
13.4.4. Shunfeng International Clean Energy Limited
13.4.5. Thermax Limited
13.4.6. Hero Future Energies
13.4.7. KEC International Limited
13.4.8. Thermax Limited
13.4.9. Hero Future Energies
13.4.10. Elecomponics Technologies India Pvt Ltd
13.4.11. Tata Power Solar Systems Limited
13.4.12. Sharp Energy Solutions
13.4.13. CleanMax Solar
13.4.14. Hanwha Q CELLS Co. Ltd.
13.4.15. Jaksons Engineers Limited
13.4.16. RelyOn Solar Private Limited
13.4.17. SOLON India Private Limited
Methodology
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