Rooftop Solar PV Market to Exceed US$ 397.3 Bn by 2031, Finds TMR Study

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Jun 28, 2022, 09:30 ET

End-use customers benefit from cost-effectiveness and flexibility of on-grid and off-grid installations; growing government subsidies and favorable regulatory mandates incentivize investments in rooftop solar PV market notably in Asia Pacific
Rise in installation by municipal and cooperative utilities underpins vast lucrative avenue; demand for distributed solar photovoltaic (PV) systems to generate substantial opportunities

ALBANY, N.Y., June 28, 2022 /PRNewswire/ -- An in-depth demand analysis of rooftop solar PV market by analysts at TMR found that end users worldwide are attracted toward the largely promising energy payback times (EPBT) and robust push by policymakers to generate electricity through renewables. Off-grid solutions have emerged as one of the key market segments in rooftop solar PV market, assert the TMR study. The global market is forecast to clock CAGR of 15.1% during 2022–2031.

Stakeholders operating in the rooftop solar PV market reiterate the flexibility of rooftop solar PV systems to be used in both grid-connected and as part of stand-alone systems. Indeed, this value proposition has spurred installations of distributed solar photovoltaic systems, and the trend will continue to enrich sales projections in rooftop solar PV market. Continued efforts to reduce volatility in electricity prices is catalyzing the market prospects.

The research report on rooftop solar PV market the past few years have witnessed extensive R&D in rooftop solar PV systems, leading to decline in their prices and significant improvements in solar cell efficiencies. Coupled with the technological advancements, renewable portfolio standards (RPS) play a positive impetus to the expansion of avenues in the rooftop solar PV market.

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Key Findings of Rooftop Solar PV Market Study

Low Energy Payback Times (EPBT) and Declining Cost of PV Systems Spurs Revenue Growth: Implementation costs of rooftop solar PVs have been steadily declining, thus enriching the value chain of manufacturers and vendors in the market. Stakeholders have greatly benefitted from low energy payback times (EPBT) on one hand while technological advancements in solar cells on the other. The flexibility of use of PV systems in off- and on-grid applications has presented an incredible avenue for players in the rooftop solar PV market. Of note, according to the projections in the TMR study, off-grid is a remarkable lucrative segment and will account for the major share of the global rooftop solar PV market during the forecast period.
Favorable Policy Outlook Catalyzing Investments in Rooftop Solar PV Market: The cost competitiveness of rooftop solar PV systems hinges on wide-ranging support by government in the form of subsidies, favorable power purchase agreements, and technology-specific renewable portfolio standards (RPS). Regulatory mandates in various countries of Asia Pacific, Europe, and the U.S. are expected to engender investments in solar power generation for electricity production, thus boosting rooftop solar PV market.
Growing Electricity Generation from Distributed Solar Photovoltaic Systems Steer Market Expansion: The study found that distributed solar PV systems have generated massive attention among customers in the rooftop solar PV market. Rise in implementation by households and building owners will bolster revenue streams for companies. The role of these is likely to expand in clean electricity generation.

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Rooftop Solar PV Market: Key Drivers

Enormous efforts globally to combat climate change impacts through decarbonization of economy has spurred investments in renewable energy generation. These have been pivotal to the evolution of the rooftop solar PV market.
Need for expanding solar PV capacity expansion especially in emerging economies has filliped the prospects of the rooftop solar PV market. The growing share of solar power in the global electricity generation has expanded the horizon.

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Rooftop Solar PV Market: Regional Growth Dynamics

Europe held a major share of the global rooftop solar PV market in 2021. The growth has been fueled by rise in installations due to preference in generating electricity from residential rooftop solar PV. Clean energy generation units are growing in capacity in European countries, which will steer the revenue growth for companies in the Europe market.
Asia Pacific emerged as a promising region in the global rooftop solar PV market. Strides made in the renewable power sector and considerable supports by governments in some countries have underpinned massive lucrative opportunities. China held a promising revenue share of the Asia Pacific rooftop solar PV market.

Rooftop Solar PV Market: Key Players

Some of the key players in the rooftop solar PV market are Sunshot Technologies, RelyOn Solar Pvt Ltd., Canadian Solar Inc., Vikram Solar Limited, Yingli Solar, JA Solar Co., Ltd., KYOCERA Corporation, Trina Solar Limited, Sharp Corporation, Solimpeks Corp., and Pristine Sun LLC.

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Rooftop Solar PV Market Segmentation

Application

On-Grid
Off-Grid

Regions

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

Countries

U.S.
Canada
Germany
U.K.
France
Spain
Italy
Russia & CIS
Japan
China
India
ASEAN
Brazil
Mexico
GCC Countries
South Africa

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