Roof solar photovoltaic (PV) systems provide alternate sources of electrical energy generation, either to meet the energy needs of a building or to supply electrical power within an existing distribution network. A photovoltaic system known as a rooftop solar photovoltaic arrangement is used to generate electrical energy from solar panels installed on the roof of commercial or residential buildings. The government’s various policies and efforts to promote the worldwide installation of rooftop solar photovoltaic systems fuel the market demand. Due to an increase in automation, industrialization, and people’s higher living standards, solar photovoltaic installations may share a portion of the rising demand for electrical energy. The rooftop solar photovoltaic (PV) installation market was worth $45.9 billion in 2020 and $84.2 billion in 2030, growing at a CAGR of 6.3% from 2021 to 2030.
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For the purpose of analysis, the rooftop solar photovoltaic (PV) installation market analysis is segmented into deployment, technology, grid type end-use and region. On the basis of technology, it is bifurcated into Thin Film and Crystalline Silicon and crystalline silicon is further classified into monocrystalline and multicrystalline. On the basis of grid type, it is classified into Off-grid and grid connected and grid connected is further bifurcated into centralized and decentralized. The end use covered in the study include residential, commercial, and industrial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the global rooftop solar photovoltaic (PV) installation market are Suntech Power Holding Co. Ltd, First Solar Inc., Yingli Green Energy Holding Co. Ltd., Canadian Solar Inc., Sharp Corporation, Solar World Ag, Jinko Solar Holding Company Ltd., and Trina Solar Ltd.
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Other players operating in the global rooftop solar photovoltaic (PV) installation industry are Aneka Corporation Ltd., Kyocera Corporation, Panasonic Corporation, Renesola Co. Ltd., BP Solar International, and Bloo Solar Inc.
COVID-19 impact on the market
Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries and electrical utilities, which decreased the demand for electricity from these consumers. Regardless of this strength, renewables’ growth is anticipated to decrease. The globe is set to include 67 gigawatts (GW) of renewable power capacity. This decrease reflects delays in construction due to supply chain disturbances, lockdown actions and also social distancing guidelines, along with emerging financing obstacles. According to the International Energy Agency forecast, utility-scale solar PV projects are expected to rebound as most of the projects are already financed and under construction. However, setups of rooftop solar PV for companies and homes might continue to be disrupted in the medium term without strong government assistance.
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Key Findings Of The Study
- By region, Asia-Pacific accounted for the largest market share in 2020.
- By deployment, ground-mounted segment holds the largest market share in 2020.
- By technology, the crystalline silicon segment accounted for the largest market share in 2020.
- By grid type, the grid connected segment accounted for the largest market share in 2020.
- By end use, the industrial segment accounted for the largest market share in 2020.
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