Rooftop Solar PV Market Revenue to Reach USD 397.3 billion by 2031 | Says Transparency Market Research, Inc.
Rooftop solar PV systems are becoming more and more popular because of their many advantages, which include affordability and the capacity to provide both on- and off-grid flexibility.
Wilmington, Delaware, United States, Nov. 24, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global rooftop solar PV market was estimated at a value of US$ 97.3 billion in 2021. It is anticipated to register a 15.1% CAGR from 2022 to 2031 and by 2031, the market is likely to attain US$ 397.3 billion by 2031.
Within an established distribution network, rooftop solar PV systems are one kind of distributed power producing system that helps meet building energy demands. For end users, rooftop solar PV systems provide a safe investment that protects against fluctuations in power costs.
The affordability of the power supplied by solar photovoltaics allows end-use sectors to project their electricity generating costs for an additional ten years. It is projected that throughout the projection period, this trend will have a favorable impact on the market landscape.
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Global Rooftop Solar PV Market: Key Players
A small number of big providers holds the majority of the market share in the consolidated global rooftop solar PV industry. Many companies are investing a large amount of money in thorough research and development, mostly to create environmentally friendly products.
Product portfolio expansion and mergers and acquisitions are two noteworthy tactics used by major organizations. The following companies are well-known participants in the global rooftop solar PV market:
- Pristine Sun LLC
- Solimpeks Corp.
- Sharp Corporation
- Trina Solar Limited
- KYOCERA Corporation
- JA Solar Co., Ltd.
- Yingli Solar
- Vikram Solar Limited
- Canadian Solar Inc.
- RelyOn Solar Pvt Ltd
- Sunshot Technologies
Key Findings of the Market Report
- Rooftop solar systems are a handy alternative since they can be put in a variety of locations, including above parking spots and on the rooftops of residential and commercial buildings, utilizing a balance of system that includes inverters, transformers, wiring, and monitoring equipment.
- Rooftop solar systems can be used off-grid or on-grid, with capacities ranging from 1 Watt to several GW. Rooftop solar systems are far more favored as a power source than other environmentally friendly alternatives.
Market Trends for Rooftop Solar PV
- The global rooftop solar PV market has been divided into two segments based on application: off-grid and on-grid. Over the course of the forecast period, the off-grid sector is anticipated to dominate the market.
- A viable substitute for storing renewable energy in the face of an impending energy crisis and fluctuating oil prices is off-grid solar technology. With the aid of batteries, off-grid solar systems may function independently and store energy.
- In terms of volume, off-grid rooftop solar PV accounted for 74% of the global market in 2021, making it a significant market sector.
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Global Market for Rooftop Solar PV: Regional Outlook
Various reasons are propelling the growth of the rooftop solar PV market throughout the region. These are:
- Europe had a significant portion of the global rooftop solar PV market in terms of volume, accounting for about 59% of the market in 2021. It is anticipated that Germany will have a significant portion of the European market.
- Incorporation of renewable energy sources to generate electricity is contributing to the increase in rooftop solar PV capacity. The industry in the area is being driven by strict regulatory reforms pertaining to the deployment of sustainable energy.
- North America is anticipated to account for a sizeable portion of the market, with the United States accounting for the majority of the region’s revenue. Growing need for clean fuel power production combined with a spike in domestic solar capacity is expected to increase rooftop solar PV system adoption nationwide in the coming years.
- Over the projected period, the Asia Pacific market is anticipated to develop at a rapid rate. In terms of revenue, China had a significant portion of the market. The presence of major market participants and supportive government policies that offer financial subsidies and other advantages for solar PV projects are important factors driving the industry in China.
Some key developments by the players in this market are:
| Company name | Key Developments |
| Amplus Solar Power Pvt. Ltd |
|
| Tata Motors |
|
Global Rooftop Solar PV Market Segmentation
Application
- On-Grid
- Off-Grid
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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