Covid-19 Impact & Market Status:
The pandemic caused several operational and financial setback to Global Rooftop Solar Photovoltaic Installation Market bringing down the growth estimates for 2022-2029 by almost 20%. The pandemic uncertainties, operational, supply chain, and financial disruption led to delays in construction progress, capacity addition, and financial challenges to the market players. This hampered the Global Rooftop Solar Photovoltaic Installation Market. Wide-scale disruption of economic activity, supply chain disruption, and employee health concerns leading to closures of all the activities, are the key factors that hampered the Global Rooftop Solar Photovoltaic Installation Market.
The global Rooftop Solar Photovoltaic Installation market is projected to reach US$ 397.3 Bn by 2031, growing at a CAGR of 15.1%
Renewables' growth is expected to slow regardless of this strength. Renewable energy capacity will total 67 gigawatts (GW) over the world. This drop reflects building delays caused by supply chain disruptions, lockout activities, and social distancing guidelines, as well as new financial challenges.
Asia-Pacific Region Accounted For Highest Market Share
The Asia-Pacific region accounted for more than half of the global solar rooftop installation market, and it is expected to continue to grow rapidly, resulting in increased solar rooftop sales. The ongoing expansion of Asia-industrial, commercial, and utility sectors necessitates a massive amount of electricity. In addition, the government's renewable energy plan encourages end consumers to adopt solar power. All of these factors will contribute considerably to the growth of solar rooftop in Asia-Pacific throughout the forecast period.
Increased global demand for solar systems, mainly in residential rooftop applications, is driving the solar rooftop market. Important components used in the fabrication of solar cells, such as silver and polysilicone, have gradually reduced in price over the last decade. Solar rooftop systems provide a significant benefit by reducing harmful pollutants, reducing noise, and cutting total energy bills. The worldwide solar rooftop market will undoubtedly benefit from a progressive decrease in the prices of industrial commodities required to make solar panels, as well as rising inflation in the electricity and natural gas sectors.
The cost-effectiveness of rooftop solar PV systems is one of the major factors driving their popularity. A 2-kWp rooftop solar system has an energy payback time (EPBT) of about 2–3 years. So, it is becoming more popular as a cost-effective and efficient solution.
Owing to benefits such as reliable power for both rural and urban areas, energy security, reduced greenhouse gas emissions, and minimal transmission and distribution losses, the rooftop solar photovoltaic systems are experiencing rapid adoption thus fostering remarkable progress in global rooftop solar photovoltaic market.
The increasing need to confront the threats of global climate change, increase energy security, and reduced greenhouse gas emissions has improved the reliance on rooftop solar photovoltaic systems furthering the global rooftop solar photovoltaic (PV) installation market.
The advantages such as minimal distribution losses, no requirement of land and extra space, and no need of dedicated transmission is increasing the demand of the rooftop soar systems. Also, rooftop solar photovoltaic is the most sustainable, and most mature in environmental in energy terms.
The global rooftop solar photovoltaic (PV) installation market is estimated to reach close to 6.3 percent through the forecast period with a market value of $78.89 billion by 2029.
A rooftop solar photovoltaic installation is a form of electrical installation that converts solar energy into electricity and is located on the roof. Rooftop solar PV systems are a type of distributed power generating system that helps meet the energy needs of buildings within the confines of an existing distribution network. The size of the installation varies substantially depending on the size of the structure. It is modest and put on the roofs of homes and businesses.
Rooftop solar PV systems are becoming more popular as a result of their numerous advantages. Rooftop solar PV is in high demand in both developed and developing countries throughout the world due to the product's ecologically friendly properties. Solar PV panels and a balance of system, which comprises power systems, monitoring and mounting equipment, transformers, and installing and mounting modules, make up rooftop solar PV systems.
One of the key elements driving rooftop solar PV systems' popularity is their cost-effectiveness. The (EPBT) of a 2-kWp is of 2–3 years. As a result, as a cost-effective and efficient option, these systems are becoming more common. Solar leasing systems are becoming more popular in various countries throughout the world as a result of the problems of FiT for DPV.
Demand for rooftop solar is boosted by tax subsidies, premiums for the feed-in of excess electricity generated in self-consumption systems, technology-specific renewable portfolio standards (RPS) and tenders, and classic feed-in tariffs or power purchase agreements (PPAs). Manufacturers' increased efforts have resulted in considerable price reductions for rooftop solar PV systems. As a result, demand for rooftop solar PV systems has surged over the world.
Rooftop solar systems require a significant initial investment as well as constant solar radiation. Thus the market is likely to decline during the period of 2022-2029 since the (EPBT) for 2 kW is 2-3 years. Also, it is observed that initiatives to address technology, process, and market related constraints which has plagued the growth of global rooftop solar photovoltaic (PV) installation market Additionally, lack of administrative setup and coordination is also one the major hurdles limiting the installation capacity. This is hampering the rooftop solar photovoltaic (PV) installation market.
Furthermore, increasing promotional activities and awareness environment sustainability, reduced costs, subsidies offered by governments to increase installation capacity, and other key advantages of the rooftop solar photovoltaic (PV) installation is increasing its demand in the market. This is anticipated to provide growth opportunity to the global rooftop solar photovoltaic (PV) installation market.
The major market players in Global Rooftop Solar Photovoltaic Installation Market are Wuxi Suntech Power, Tata Power Solar Systems, Shenzhen Topray Solar, Kyocera, JA Solar Holding Company, Sharp Corporation, Sunpower, Yingli Solar, First Solar, and Suntech Power Holding among others. These key stakeholders of the market are working on policies, implementation frameworks, capacity constraints, and faster installation of rooftop solar solutions. These market players have major share in the market of their rooftop projects and leading their products in the market with innovative designs, best practices and business models, advanced technical standards, and excellent foundation of the systems.
Major Developments in Global Rooftop Solar Photovoltaic Installation Market: A Snapshot
- In April 2019, Khimji Ramdas will design, build, install, and commission Oman's first 1MW solar rooftop in collaboration with Nafath Renewable Energy. The project will be carried out at Barka, and will entail the installation of a few thousand tier-1 solar PV modules covering 5,000 square metres.
- Tesco is planning to install 5MW of rooftop solar PV across the UK in January 2019 after signing a PPA with SDCL Energy Efficiency Income Trust (SEEIT). As an EPC and O&M contractor, Kingspan Energy will provide the supermarket with a complete design, construction, operation, and maintenance solution.
Rooftop Solar Photovoltaic Installation Market Scope
|Revenue forecast in 2028
|US$ 78.89 billion.
|CAGR of 6.3% during 2021-2028
|Type, End User, Regions
|North America, Europe, Asia Pacific, South America, Middle East and South Africa
|Key Players Profiled
|Wuxi Suntech Power, Tata Power Solar Systems, Shenzhen Topray Solar, Kyocera, JA Solar Holding Company, Sharp Corporation, Sunpower, Yingli Solar, First Solar & among others.
Key Segments of Global Rooftop Solar Photovoltaic Installation Market
Type Overview, 2019-2029 (USD Billion)
- Tracking System Mounted
- Rooftop Mounted
- Ground Mounted
End User Overview, 2019-2029 (USD Billion)
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa