Significant surge in demand for rooftop solar photovoltaic systems in residential buildings for saving expenditure on electrical energy, rise in the standard of living among people across the globe, a rise in the disposable income among people, and persistent technological advancements to provide electric power for the various home appliances to boost the growth of the global rooftop solar photovoltaic (PV) installation market.
Allied Market Research published a research report on the global rooftop solar photovoltaic (PV) installation market. The findings of the report state that the global market for rooftop solar photovoltaic (PV) installation generated $45.9 billion in 2020, and is projected to reach $84.2 billion by 2030, witnessing a CAGR of 6.3% from 2021 to 2030. The report offers valuable information on changing market trends, key segments, key investment pockets, and the competitive landscape for market players, shareholders, investors, and new entrants.
The report offers an extensive analysis of drivers, restraints, and opportunities to help market players in determining strategies based on driving forces and tap into new opportunities. Moreover, significant surge in demand for rooftop solar photovoltaic systems in residential buildings for saving expenditure on electrical energy, rise in the standard of living among people across the globe, rise in the disposable income among people, and persistent technological advancements to provide electric power for the various home appliances to boost the growth of the global rooftop solar photovoltaic (PV) installation market. On the other hand, need of enormous space for its installation are expected to hinder the growth of the global market. Nonetheless, escalating awareness about various renewable energy sources among people are set to create huge growth opportunities for the the industry.
The research provides detailed insights regarding the Covid-19 pandemic along with its impact on the rooftop solar photovoltaic (PV) installation market across the globe. The outbreak of the COVID-19 severely affected the growth of the global rooftop solar photovoltaic (PV) installation market, owing to the imposition of lockdowns in various countries globally. Lockdowns resulted in the closure of various production units, including those of rooftop solar photovoltaic (PV) deployment due to the strict social distancing restrictions levied by the government to curb the COVID-19 virus spread.
The report offers an extensive analysis of segments of the global rooftop solar photovoltaic (PV) installation market based on deployment, technology, end-use, and region. Based on deployment, the ground mounted segment held the largest market share in 2020, accounting for approximately three-fourths of the overall market share. On the other hand, the rooftop mounted segment, is predicted to record the highest CAGR of 6.4% during the forecast timespan.
In terms of end-use, the industrial segment held the majority share in 2020, holding nearly half of the overall market share. The residential segment, on the other hand, is anticipated to exhibit the fastest CAGR of 6.4% during the forecast period.
Region-wise, the market in the Asia-Pacific region held the lion’s share in 2020, contributing more than two-fifths of the global market share. In addition, the same region is projected to cite the fastest CAGR of 6.5% during the forecast period. The other regions analyzed in the report include North America, Europe and LAMEA.
Major players included in the global rooftop solar photovoltaic (PV) installation market report include Suntech Power Holding Co. Ltd, First Solar Inc., Yingli Solar, Sunpower Corporation, Sharp Corporation, JA Solar Holding Company Ltd., Kyocera, Shenzhen Topray Solar Co. Ltd., Tata Power Solar Systems Ltd.., and Wuxi Suntech Power Co. LTD.
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