Rooftop Solar Photovoltaic (PV) Installation Market Overview:
Global Rooftop Solar Photovoltaic (PV) Installation Market was valued at $29,770 million in 2016, and is expected to reach $64,671 million by 2023, registering a CAGR of 11.2% from 2017 to 2023. Rooftop solar PV installation is an electrical installation that converts solar energy into electricity. In the recent years, solar photovoltaic rooftop has emerged as a potential green technology to combat climatic change by reducing dependence on conventional fossil fuel based energy. Rooftop solar PV systems are distributed power generation systems, which helps to meet buildings energy needs by provide electricity within an existing distribution network. The rooftop PV (RTPV) systems are smaller in size and are installed on rooftop residential and commercial buildings. Moreover, solar energy being renewable source of energy, helps to meet the country specific policy goals for secure, reliable, and affordable energy by providing electricity access with lesser price variations. and therefore, decrease in price of solar energy has led to the demand for production of solar power, which proves to be a cost-effective solution.
Global Rooftop Solar Photovoltaic (PV) Installation Market Segmentation
The rooftop solar photovoltaic (PV) installation market is segmented based on technology, grid type, end use, and geography. Based on technology, it is classified into thin-film and crystalline silicon. Crystalline silicon is further divided into monocrystalline and multicrystalline. Based on grid type, it is bifurcated into grid connected and off-grid. Grid connected is further categorized into centralized and decentralized. By end use, it is classified into residential and non-residential. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market growth is boosted by demand for solar power in the emerging markets of all continents, especially in areas where electricity is needed the most. Moreover, rapid expansion of the market is due to the increase in competitiveness of solar photovoltaic and rise in government initiatives and programs, owing to increased demand for electricity. In addition, the demand for rooftop PV is driven with the start of feed-in-tariff (FIT) programs in several countries. Moreover, countries switch toward solar photovoltaic (PV) potential to overcome problems of alleviating pollution and CO2 emissions. Furthermore, use of solar photovoltaics in countries, such as India and China, was catered, owing to response to national feed-in tariff (FIT) payments and other incentives that aid in alleviating chronic power shortages and increase reliability.
The global rooftop solar photovoltaic (PV) installation market provides various opportunities to the market players, owing to disposable incomes and rapid growth in the global economy. Moreover, rooftop solar PV development in countries, such as Japan and Germany, is dependent on financial incentives and metering arrangements, as well as regulations of grid connectivity and motivating business strategies leading to increase in solar installations. However, rapid increase in solar power has led to grid congestion issues and interconnection delays in several emerging nations. In addition, Insufficient grid capacity create hurdles in set up of new plants, which is making key players over cautious of the installation of solar PV as it could lead to delays in subsidy collection as well as issues related with quality of solar panel.
Top Investment Pockets
China is projected to be the most lucrative region owing to its rising governmental initiatives and feed-in-tariff programs that is further leading to development of rooftop solar PV market. These initiatives have led to connectivity of remote areas to electricity coupled with growing demand for clean energy being it cheaper than fossil fuels and nuclear electricity.
Top Investment Pockets
The grid connected segment dominated the global market in 2016, and is anticipated to maintain its dominance throughout the forecast period. The non-residential segment is estimated to grow at a significant CAGR of 12.4%.
Rooftop Solar photovoltaic (PV) Installation Market Share, by Technology, 2016 (%)
Asia-Pacific accounted for a considerable share of the total revenue in 2016, followed by North America and Europe. Moreover, the demand for solar photovoltaics is on a rise in Latin America, specifically in Africa, owing to presence of widely distributed solar resources and is expected to witness high growth during the forecast period.
South Africa Rooftop Solar Photovoltaic (PV) Installation Market Value, 2016-2023 ($Million)
The key players in the market include Suntech Power Holding Co. Ltd., Sun Power Corporation, First Solar Inc., Yingli Green Energy Holding Co. Ltd., Canadian Solar Inc., Schott Solar Ag., Sharp Corporation, Solar World Ag, Jinko Solar Holding Company Ltd., and Trina Solar Ltd. These players invest in R&D activities to develop advanced products to cater to the requirements of the market.
The other players in the value chain (profiles not included in the report) include Kaneka Corporation, Kyocera Corporation, Panasonic Corporation, Renesola Co. Ltd., BP Solar International, Bloo Solar Inc., 1366 Technologies Inc., and 3GSolar Photovoltaics Ltd.
- The report provides an extensive analysis of rooftop solar photovoltaic (PV) installation market trends and size from 2016 to 2023 to determine the prevailing opportunities.
- It offers comprehensive analysis of North America, Europe, Asia-Pacific, and LAMEA to understand the regional trends.
- Comprehensive analysis of factors that drive & restrict the growth of the market is provided.
- Extensive analysis is conducted by following product benchmarking, positioning, and monitoring the top competitors within the global market.
- The report provides extensive qualitative solar photovoltaic (PV) market trends on the significant segments or regions.
- The report provides key insights on strategic solar photovoltaic (PV) industry analysis of various companies and the value chain analysis of solar photovoltaic.
- Porters Five Forces analysis highlights the potency of buyers & suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
Rooftop Solar Photovoltaic (PV) Installation Market Key Segments:
- Thin Film
- Crystalline Silicon
- Grid Connected
By End Use
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA