The global rooftop solar PV market was valued at USD 97.44 billion in 2021 and it is predicted to surpass around USD 397.5 billion by 2030 with a CAGR of 16.91% from 2022 to 2030.
Report Highlights
Growing deployment of renewable energy due to increased demand cleaner power generation sources are likely to strengthen the increasing demand for rooftop solar PVs.
Proliferating demand for rooftop solar photovoltaic across end-use sectors owing to significant price difference between retail electricity and solar-generated electricity is bound to provide a major boost to the market growth. In addition, rooftop solar PV modules have low maintenance cost and require no additional land space for installation as they can be set up on any type of roof.
Growing advancements in solar PV manufacturing technology has resulted in declining costs and higher efficiency of rooftop solar PV modules, thereby driving the product demand across several end-use applications. Moreover, government support in form of tax credits and installation subsidies will further propel the market growth over the forecast period.
Market players are emphasizing on developing innovative design technology due to growing need for decarbonization of energy sector and reduction of carbon footprint. Manufacturers aim to generate the most immediate payback period by enhancing the overall conversion efficiency of rooftop solar PV modules. The improved efficiency modules are projected to lower the levelized cost of electricity by three to four percent, thereby making solar-generated electricity the most competitive.
Scope of The Report
Report Coverage | Details |
Market Size in 2021 | USD 97.44 billion |
Revenue Forecast by 2030 | USD 397.5 billion |
Growth rate from 2022 to 2030 | CAGR of 16.91% |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Segmentation | Technology, grid type, application, region |
Companies Covered |
JinkoSolar; JA Solar; Trina Solar; LONGi Solar; Canadian Solar; Hanwha Q-CELLS; Risen Energy; GCL-SI; First Solar; Talesun; SunPower Corporation; ReneSola; Shenzhen Yingli New Energy Resources Co., Ltd; E-Ton Solar; Indosolar |
Technology Insights
Thin film segment occupied a dominant market share of over 37% in 2021 and is expected to expand at the highest CAGR over the forecast period. The growth can be attributed to thin film manufacturing from lightweight and flexible materials, strong durability, and narrow design. Thin film rooftop solar PV majorly finds application in the commercial sector as they have lower installation costs due to their light weight.
The crystalline silicon segment occupied a 30.8% share of market revenue in 2021. Low cost manufacturing of silicon semiconductors, extended lifecycle of panels, and low weight volume ratio are among the key factors driving the segment growth. Mono crystalline rooftop solar PV made from fine grade silicon possesses enhanced space efficiency when compared to thin film modules.
Application Insights
The industrial sector accounted for the largest revenue share of around 42.7% in 2021 and is anticipated to maintain its dominance over the forecast period. Rooftop solar provides energy for industrial heating and cooling, which otherwise would be sourced from fossil fuels generating harmful emissions. Growing industrialization across developing economies is expected to provide a major impetus to the market demand over the forecast period.
The residential segment is expected to expand at the highest CAGR over the forecast period. Off-grid rooftop solar PV equipped with an energy battery storage system provides reliable secondary power in residential households, thereby boosting product demand across the segment. Deployment of large scale storage systems to protect against peak demand power changes have resulted in the adoption of extra-large rooftop solar PV system to store desired power in batteries.
The commercial segment occupied 31.07% of market revenue share in 2021. Growing penetration rooftop solar PV across hospitals, hotels, and corporate offices along with rising power demand from data centers & communication base stations is expected to propel the product demand across the commercial sector. In addition, module level monitoring, improved energy yield, and enhanced panel efficiency are among the major factors propelling the segment growth.
Grid Type Insights
On-grid segment accounted for the largest revenue share of over 86.8% in 2021, as it offers the benefit of transferring the excess electricity generated to the grid and no battery storage needs to be installed near the system source. Non-complexity of grid connected rooftop PV systems along with low operating and maintenance costs is bound to generate positive demand for on-grid segment market growth.
Off-grid segment is projected to ascend at the highest CAGR over the forecast period owing to growing power demand from remote locations coupled with stringent regulatory schemes for decentralized power generation. Off-grid rooftop PV are self-sustaining systems, saving and storing solar power into a battery energy storage system for later use when the grid power goes down.
Regional Insights
The Asia Pacific region accounted for the largest revenue share of over 32% in 2021 and is expected to continue its dominance over the forecast period. China accounted for the largest contributor to the market revenue generation. Favorable government policies providing financial incentives and subsidies to solar PV projects along with the presence of large market players are among the significant factors contributing to the market growth in China.
The European regional market captured a revenue share of over 27.64% in 2021. U.K. registered for the largest revenue market share in Europe. Increasing trend of generating power through renewable energy is adding to the rising rooftop solar PV capacity. Moreover, stringent regulatory reforms regarding clean energy deployment are driving the regional market growth.
North America occupied a significant market share, with the U.S. being the major revenue contributor to regional growth. The growing requirement for clean fuel power generation along with the surging capacity of residential solar is anticipated to enhance product penetration across the country in the forthcoming years.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Rooftop Solar PV Market
5.1. COVID-19 Landscape: Rooftop Solar PV Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Rooftop Solar PV Market, By Technology
8.1. Rooftop Solar PV Market, by Technology, 2022-2030
8.1.1 Thin Film
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Crystalline Silicon
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Others
8.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Rooftop Solar PV Market, By Grid Type
9.1. Rooftop Solar PV Market, by Grid Type, 2022-2030
9.1.1. On Grid
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Off Grid
9.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Rooftop Solar PV Market, By Application
10.1. Rooftop Solar PV Market, by Application, 2022-2030
10.1.1. Residential
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Commercial
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. Industrial
10.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Rooftop Solar PV Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.1.3. Market Revenue and Forecast, by Application (2017-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.4.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.1.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.5.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.1.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.2.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.4.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.2.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.5.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.2.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.6.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.2.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.7.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.2.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.3.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.4.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.3.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.5.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.3.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.6.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.3.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.7.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.3.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.4.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.4.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.5.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.4.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.6.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.4.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.7.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.4.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.4.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.5.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.5.2. Market Revenue and Forecast, by Grid Type (2017-2030)
11.5.5.3. Market Revenue and Forecast, by Application (2017-2030)
Chapter 12. Company Profiles
12.1. JA Solar
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. JinkoSolar
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. SunPower Corporation
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Shenzhen Yingli New Energy Resources Co., Ltd,
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. ReneSola
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. First Solar
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Talesun
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Trina Solar
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. LONGi Solar
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Canadian Solar
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms