Solar Shingles Market Latest Advancements and Business Opportunities by 2030

Increased consumer spending on home upgrades and retrofits, as well as growing environmental concerns about fossil fuel-based power generation, will drive product adoption.  The expansion of the worldwide solar shingles market will be aided by growing levels of pollution and a favorable regulatory environment for the use of renewable energy technologies. Furthermore, as people become more conscious of clean energy and solar goods, as well as adding aesthetic appeal to their buildings, the market is projected to increase. In addition, rising consumer expenditure on home upgrades and retrofitting will propel the market forward.

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Market Trends

  • The expansion of the worldwide solar shingles market will be aided by increased efforts toward sustainable development, as well as investments in the construction of new production facilities.
  • Solar energy is becoming increasingly popular as a renewable energy source, particularly in tropical nations like India. Newer technologies are being released on a regular basis, and the global solar shingles market is projected to grow as more innovations connected to solar energy harvesting are presented.
  • Despite their higher initial investment costs, solar shingles have been proved more efficient than traditional solar panels.
  • The shingles are flexible and resilient, which adds to their appeal and allows them to be used in a variety of structures. Because it is lightweight, flexible, and pliable, the CIGS thin-film solar shingle is becoming increasingly attractive for residential use. These factors are expected to have a favorable influence on the growth of the global solar shingles market through 2026.
  • Increased off-grid solar use, owing to lower solar PV equipment costs and a worldwide push to reduce carbon emissions, is expected to open up numerous prospects for the industry in the future.
  • The Asia-Pacific area has dominated the solar energy market in recent years because of its rising solar installations, and it is anticipated to be the biggest and fastest-growing region in the solar energy market throughout the projection period.
  • For the next five years, solar photovoltaic (PV) is anticipated to contribute for the most yearly renewable capacity increases, well outpacing wind and hydro. Through economies of scale, the solar PV sector has drastically reduced costs during the last six years.
  • Utility-scale PV systems have dominated the PV industry in recent years; however, distributed PV systems, primarily in the commercial and industrial sectors, have become indispensable in many countries due to their advantageous economics, especially when paired with rising self-consumption. The continued cost decrease of PV systems favors growing off-grid applications, which drives the solar PV industry.
  • During the projected year, ground-mounted utility-scale solar PV systems are likely to dominate the market. Ground-mounted utility-scale solar accounted for roughly 64% of solar PV installed capacity in 2019, with China and India leading the way. This is reinforced by the fact that deploying significant amounts of utility-scale solar is far easier than establishing a distributed PV rooftop market.

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COVID-19 Impact analysis

The recent COVID-19 pandemic has caused the global economy to slow down. The food, pharmaceutical, and chemical industries are all experiencing significant sales declines. This scenario has had a negative impact on the global solar shingles market’s growth. Aside from that, many players in the solar shingles market are experiencing production and trading disruptions. As a result, key players in the solar shingles market are focusing more on strategizing their business moves in order to resume normal operations.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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