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2022
Solar Shingles Market

Solar Shingles Market by Type (Silicon Photovoltaic, CIGS Thing Film Photovoltaic, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

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Jul 2022 | 451 Views
   
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Solar shingles, also known as solar roof tiles, are designed to blend into a traditional asphalt roof of a commercial or residential building without sacrificing the aesthetics of the roof. They are similar in size to traditional roof tiles and are typically less than an inch thick. A photovoltaic solar shingle is a solar panel that is configured as a roof shingle and is integrated into a traditional asphalt shingle roof. Recent improvements in the efficiency of solar shingles or tiles have resulted in the development of solar shingles that can be installed on shake, concrete, tile, or slate roofs. They have the appearance of a traditional asphalt shingle and protect your roof from rain, but they also have the added benefit of being able to convert solar energy into electrical energy for your home. There are two types of photovoltaic solar shingles currently available for home solar power generation. Traditional silicon solar cells and thin film photovoltaics made of copper-indium-gallium-selenide (CIGS). Solar shingles made of silicon are very similar to traditional solar panels. They are rigid and in a frame, but they are thin and proportional to traditional roofing materials, and they are installed in the same way. CIGS photovoltaic roof shingles use the most cutting-edge thin film technology to generate solar energy for the home. CIGS can be made into shingles that are more flexible and lighter in weight, allowing them to blend in with an existing or new roof.

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.

Top Impacting Factors

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.

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.

​​​​​​​Key Benefits of the Report

  • This study presents the analytical depiction of the solar shingles market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Solar shingles market share.
  • The current market is quantitatively analyzed from 2020 to 2030 to highlight the solar shingles market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed solar shingles market analysis based on competitive intensity and how the competition will take shape in coming years. 

Key Market Segments

Segments Sub-segments
By Type
  • Silicon Photovoltaic
  • CIGS Thing Film Photovoltaic
  • Others
By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Brazil
    • Saudi Arabia
    • South Africa
    • Rest of LAMEA


Key Market Players

  • Tesla, Inc.
  • RGS Energy
  • Sunflare
  • SunTegra
  • Solarmass Energy Group, Ltd.
  • PV Evolution Labs
  • Luma Solar
  • Solar Power Pvt. Ltd.
  • FlexSol Solutions
 
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