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Rooftop Solar Photovoltaic Market Size to Hit USD 398.3 Bn by 2030

·7 min read
Precedence Research
Precedence Research

According to Precedence Research, the global rooftop solar photovoltaic market size is projected to be hit around USD 398.3 billion by 2030 from valued at USD 99.5 billion in 2021 and growing at a CAGR of 16.66% from 2022 to 2030.

Tokyo, July 15, 2022 (GLOBE NEWSWIRE) -- The global rooftop solar photovoltaic market size was estimated at USD 116.08 billion in 2022. A photovoltaic system converts solar energy into electrical energy. Solar photovoltaic is environmentally benign because it produces no damaging greenhouse gas emissions while producing electricity. Solar energy is abundant and free since it comes from the natural world.

An electrical system arrangement that is situated on a roof and uses solar energy to create power is called a rooftop solar photovoltaic installation. Rooftop solar PV systems are distributed power generation systems that assist in supplying buildings' energy needs within an already-existing distribution network. For end-user clients, it serves as a safe investment against the erratic price of electricity.

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Regional Snapshots

Asia-Pacific will be dominating region in rooftop solar photovoltaic market during forecast period. Governments in countries like Japan, China, and India promote both clean and green energy. In addition, they are providing incentives and subsidies for solar photovoltaic projects. Additionally, there is a growing need to develop alternatives to the rapidly depleting fossil fuels in this area due to the rising need for energy. Over the past few years, large-scale solar farms have become more prevalent across this region. Costs associated with technology have drastically declined. In order to fulfil the region's rising energy demand and lofty renewable energy objectives, Asian governments have gone on a building binge.

Key Highlights:

Asia Pacific region has contributed market share of over 41% in 2021
On-grid segment has garnered 76% of market share in 2021
By technology, thin film segment gas contributed highest revenue share of 38% in 2021
In 2021, crystalline silicon segment has accounted 31% revenue share
By application, the industrial sector has accounted 42% of revenue share in 2021
In 2021, commercial segment represented highest market share of over 31%

Scope of the Report

Report Attributes

Details

Market Size in 2021

USD 95.5 Billion

Revenue Forecast by 2030

USD 398.3 Billion

CAGR

16.66% from 2022 to 2030

Largest Market

Asia Pacific

Base Year

2021

Forecast Year

2022 to 2030

Key Players

Sharp Corporation, Pristine Sun LLC, Solimpeks Corp., Yingli Solar, Vikram Solar Limited, Trina Solar Limited, KYOCERA Corporation, JA Solar Co., Ltd., Canadian Solar Inc., RelyOn Solar Pvt, Ltd, Sunshot Technologies

Report highlights

  • On the basis of technology, the crystalline silicon accounts highest share in the photovoltaic market in the forecast period owning to its efficiency and reliability. Brand and type-specific estimations vary, but recent developments have pushed crystalline silicon panels to an efficiency of above 20%. Although the majority of thin film kinds are closer to 10%, CIGS variants are outperforming the others and are catching up to crystalline. This is important because thin film requires more panels to produce the same amount of power. This becomes a problem if roof space is small.

  • On the basis of grid type, the highest CAGR is projected for the off-grid segment during the forecasted period. Considering the impending energy crisis and fluctuating oil prices, off-grid solar solutions offer an alternative to storing renewable energy. Off-grid solar systems can operate on their own and use batteries to store electricity. Moreover, higher installations in household segment is influencing the market demands.

  • On the basis of end use, the residential segment is the dominating segment in photovoltaic market during the forecast period. The market is expected to grow due to its ease of design as rooftop solar photovoltaic systems are small in size and ease of installation on residential structures is easy.

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Market Dynamics

Drivers

Rooftop solar PV infrastructure costs have been gradually dropping, which has enriched the value chain of market manufacturers and suppliers. Low energy payback times on one hand, and advances in solar cell technology, on the other, have tremendously benefited stakeholders. Players in the rooftop solar PV market now have an incredible avenue to pursue owning to the versatility of photovoltaic systems' use in both off- and on-grid applications. The market for rooftop solar PV will be dominated by this remarkably profitable segment during the projected period. Moreover, the rooftop solar PV systems' small size and ease of installation on residential buildings are the main factors driving the industry.

Solar energy has the ability to assist in the transition of the nation to cleaner, more dependable, and more reasonably priced sources of electricity because it produces electricity with no global warming pollution, and risk of fuel price is not associated with it. The majority of solar installations are small-scale solar photovoltaic systems, often on rooftops. The use of solar energy has the capacity to produce a sizable amount of electricity that is both environmentally and financially desirable. The declining cost of technology, creative funding, and expanding networks of solar installers and investment is worthwhile are the main causes of their rising cost-effectiveness.

Restraints

The effectiveness of solar systems is reliant on the weather, and the need for large expanses limits the growth of solar power in the market. Solar panels typically produce between 10% and 30% of their capacity during cloudy days. The precise amount varies according to the solar panel type, cloud or fog density, and length of time the clouds are over the house. Hence, the amount of energy production reduces on several factors that restrain the growth of the market at some extent.

Opportunities

Massive interest in solar photovoltaics system is being sparked by rising power rates by energy suppliers. Consumers started to adopt solar based power supply owning to rising cost of power supply and power disruptions at many parts of country. Any increase in the price of fuel, either petroleum or natural gas, raises the price. Prices for fuel can also rise in situations where there are shortages of fuel or when the supply is interrupted by severe weather. Fuel distribution infrastructure damage might have an impact on costs as well. Costs for electricity directly increase as fuel prices rise.

Challenges

The public's opinion of the value and cost of solar energy has historically been one of the main obstacles for the solar business. The general population has the mistaken impression that solar is an inefficient technology and is far more expensive than it actually is. In markets like Germany, and Portugal country that rely on diesel to produce electricity, it has taken nearly 15 years for technological advancements to make solar competitive with conventional types of electricity. Technology will only get more affordable and efficient as advancements continue to be made and costs decline, opening up new markets and career options. To assure the broad use of solar, however, the public must be aware of its true costs and efficacy.

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Recent developments

For the installation and operation of a 3 megawatt (MW) solar rooftop project at its passenger vehicle facility in Pune, India, Tata Motors and Tata Power have signed a solar power purchase agreement. This occurs as the importance of environmental, social, and governance (ESG) investing increases.

Market Segmentation

By Technology

  • Thin Film

  • Crystalline Silicon

  • Others

By Grid Type

  • Off-grid

  • On-grid

By End Use

  • Residential

  • Industrial

  • Commercial

By Geography

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa (MEA)

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