Solar Shingles Market Research, 2031
The global solar shingles market was valued at $326.2 million in 2021, and is projected to reach $555.2 million by 2031, growing at a CAGR of 5.5% from 2022 to 2031.
The solar shingle is a solar panel designed in such a way to integrate it into a conventional asphalt roof of the residential or commercial building without losing its aesthetic looks. They are installed similarly to a regular asphalt roof to provide both rain protection and solar energy production. Solar shingles are often less than an inch thick and smaller in size to mimic conventional roof tiles. The primary benefit of solar shingles is that they offer a modern aesthetic to standard solar panels and provide additional power to reduce energy costs.
The solar shingle is a solar panel designed in such a way to integrate it into a conventional asphalt roof of the residential or commercial building without losing its aesthetic looks. They are installed similarly to a regular asphalt roof to provide both rain protection and solar energy production. Solar shingles are often less than an inch thick and smaller in size to mimic conventional roof tiles. The primary benefit of solar shingles is that they offer a modern aesthetic to standard solar panels and provide additional power to reduce energy costs.
As per the solar shingles market forecast, the shingles are adaptable and durable, which further adds to their attractiveness and enables them to be employed on a range of buildings. Homeowners are becoming more interested in the CIGS thin-film solar shingle due to its portability, flexibility, and adaptability. Traditional solar panels' need for a huge installation space is further reduced by the solar shingles. The global market for solar shingles is anticipated to benefit from these characteristics. Rapid urbanisation and rising consumer expenditure on house renovations and improvements are other important industry development drivers. Further factors that are projected to spur the adoption of solar shingles include rising pollution levels, longer utility bills, and growing environmental concerns about the use of fossil fuels for power generation.
The favorable regulatory environment for the use of renewable energy technologies as well as the increased efforts toward sustainable development are estimated to further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Increasing adoption of the alternative source of energy will boost the solar shingles market size. Carbon reduction has accelerated the adoption of renewable energies as the globe transitions to a sustainable energy system. Solar technology has dramatically improved, offering affordable solutions for decarbonizing the energy sector which is driving the solar shingles market trends.
As a result of the numerous advancements in technology and R&D in the electronics sector, semiconductors are being employed across all electronic devices, in particular for those in the industrial sector creates the solar shingle market opportunity in coming years. Furthermore, the advancements related to solar energy harvesting coupled with the increasing investments in the development of manufacturing facilities are estimated to further provide solar shingle market growth.
GAF Energy is counting on the scale of the roofing industry to make solar more accessible. The roofing ecosystem is 20–30 times larger than solar. In the United States, 200,000–300,000 people get a new solar system each year which is increases solar shingles market share. In a solar roof installation, Tesla installs tiles with solar power and some without. The company tries to optimize each roof by installing the tiles with solar cells where they would be more efficient. Tesla install the solar tiles over existing roofs. It specifies these two roof types: three-tab composition shingle and architectural composition shingle.
"In Oct 2016, Tesla announces the production plan for four different types of solar tiles into its manufacturing. The solar tiles will be produced by SolarCity factory due from 2017. Furthermore, in October 2019, Tesla announced its plans of launching Solar Roof V3, a new version of its solar roof tiles. The company also disclosed the ramping up of its solar roof tile production to 1,000 roofs per week through the end of the year."
In the solar shingles market analysis, there are several acts and standards that are set up to safeguard the use of solar shingle in residential, commercial & industrial are studied. The rules and standards regarding global solar industry trade, technology and manufacturing in the U.S is controlled by the Solar Energy Industries Association (SEIA®).The installation of PV systems and the majority of other electrical installations must adhere to the National Electrical Code (NEC). IEC 61730-1:2016 specifies and describes the fundamental construction requirements for photovoltaic (PV) modules in order to provide safe electrical and mechanical operation. IEC 61730-2 defines the requirements of testing. This International Standard series lays down IEC requirements of terrestrial photovoltaic modules suitable for long-term operation in open-air climates. This standard is intended to apply to all terrestrial flat plate module materials such as crystalline silicon module types as well as thin-film modules.
The solar shingle is segmented on the basis of type, roofing type, end user and region.
On the basis of type, it is classified into silicon solar shingles, (CIGS) solar shingles and others.The silicon products exhibit several qualities such as a low weight-to-volume ratio, longer life cycle, resilience, strength which makes silicon solar shingles to dominate in the market.
By roofing type, the market is categorized new roofing and reroofing. The market is dominated by the new roofing segment as the demand for appealing, reliable, cost-effective, and energy-efficient roofing products grows. Several countries have embraced the idea of using commercial solar roofing panels to help reduce the energy deficit.
On the basis of end user, it is divided into residential, commercial and industrial. Every generation is more concerned with protecting the environment and lowering fossil fuel consumption and carbon footprints. The consumption of electricity in industry is increasing rapidly which boosting the demand solar singles in the industrial segment.
Region-wise, the market is studied across North America, Europe, Asia-Pacific, And LAMEA. Asia-Pacific dominates the solar shingle market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period.Asia-Pacific is the highest revenue contributor during the forecast period. Owing to countries such as China, Australia, and Indonesia are expected to gain the largest market opportunity owing to increasing huge potential of planned solar projects in the coming years. The increased growth of the market as the favourable regulations encouraging the installation of solar shingle and increased consumer spending on home upgrades and retrofits within the region in the forecast period of 2022 to 2029.
Positively, in the second half of 2021, the market for solar shingles rebounded from the COVID-19 pandemic. Additionally, in order to get a competitive edge in the market, the leading manufacturers have implemented a number of strategic strategies, such as product launches and expansion investments, which will support market growth throughout the forecast period. Rapid urbanisation and rising consumer expenditure on house renovations and improvements are other important industry development drivers. Further factors that are projected to spur the adoption of solar shingles include rising pollution levels, longer utility bills, and growing environmental concerns about the use of fossil fuels for power generation.
For instance, In Feb 2019, RGS Energy has won “Best Energy Efficiency Product” award for its stunning POWERHOUSE™ solar shingle system at 7th annual best of IBS awards during NABH International Builders’ Show in Las Vegas·
The global solar shingle market profiles leading players that include, Anu Solar Power Pvt Ltd, Canadian Solar, CertainTeed, Ertex Solar,Ergosun, FlexSol Solutions B.V., PV Technical Services Inc., SunTegra Solar, Sunflare, Tesla. The global solar shingle market report provides in-depth competitive analysis as well as profiles of these major players.
Key Strategies:
In March 2022, Canadian Solar announced it has started mass production of new 54-cell format module with 182 mm cell for residential, commercial and industrial rooftop solar systems. CS6R-MS, the new module type under HiKu6 series, has the power output of up to 420 W and module efficiency of up to 21.5%.
In February 2021, Ergosun have created an integral solution to combine roofing materials with Solar PV system, so that this could have a long-lasting positive effect on the future. Ergosun solar roof tiles produce much less of an environmental impact than a regular PV panel and helps to reduce CO2 emissions.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the solar shingles market analysis from 2021 to 2031 to identify the prevailing solar shingles market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the solar shingles market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global solar shingles market trends, key players, market segments, application areas, and market growth strategies.
Solar Shingles Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 555.2 million |
 Growth Rate | CAGR of 5.5% |
 Forecast period | 2021 - 2031 |
 Report Pages | 204 |
 By Type |
|
 By Roofing Type |
|
 By End User |
|
 By Region |
|
 Key Market Players | Canadian Solar, Ertex Solar, CertainTeed, SunTegra Solar, PV Technical Services Inc., Sunflare, tesla, Ergosun, FlexSol Solutions B.V., Anu Solar Power Pvt Ltd |
Analyst Review
According to CXOs of leading companies, the global solar shingle market is projected to exhibit high growth potential. Solar shingles that may be installed on concrete, tile, or slate roofs have recently been developed as a result of advancements in the efficiency of solar shingles or tiles. In addition to shielding your roof from the elements and looking like a typical asphalt shingle, they also have the added potential to optimize solar energy to power the house. Rising industrialization and a strong emphasis on increasing energy efficiency will boost market demand.
In addition, homeowners are becoming more interested in the CIGS thin-film solar shingle due to its portability, flexibility, and adaptability. Traditional solar panels' need for a huge installation space is further reduced by the solar shingles. The global market for solar shingles is anticipated to benefit from these characteristics. They blend nicely with both new and old roofs since they are lighter and more flexible. As a result, these benefits offered by solar shingles further accelerates their demand, thus propelling the overall market growth
The solar shingle industry is expanding as a result of governments and private investors spending more money in renewable energy sources. The expansion of the market is being fuelled by the creation of new technologies that enhance the effectiveness and performance of solar shingle.
The CXOs further added that sustained economic growth and the development of the semiconductors and power sectors have surged the popularity of solar shingle market.
Adoption of clean energy source is boosting the Trends of Solar Shingles Market in the World
residential segment is Leading in end user of Solar Shingles Market
Asia-Pacific is the Largest Regional Market for Solar Shingles Market
By 2031 market size of Solar Shingles Market will be around $555.2 million
Ertex Solar,Ergosun, FlexSol Solutions B.V., PV Technical Services Inc., SunTegra Solar, Sunflare
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