Rooftop Solar Photovoltaic Market

Rooftop Solar Photovoltaic Market Size Survey Report – In a Glance

As per the survey report on global Rooftop Solar Photovoltaic Market, the market is projected to foresee a CAGR of 15.6% between 2024-2033, and further generate a market size of USD 514.7 billion revenue by the end of 2033. In the year 2024, the market size was valued at USD 124.5 billion revenue.

• The global Rooftop Solar Photovoltaic Market is projected to grow on account of increasing demand for renewable energy.
• In Japan, the increased demand for rooftop solar in residential application can be attributed to the growth in the Rooftop Solar Photovoltaic Market.
• KDMI analyst’s growth analysis foresees high installation cost batteries compliance to challenge the market growth.
• Asia Pacific, having the highest market share in the Rooftop Solar Photovoltaic Market, is projected to dominate the global market.

Rooftop Solar Photovoltaic Market Analysis

A rooftop solar having solar photovoltaic panels along with safety and electrical equipment such as cables, switch gears and inverters are typically fitted on residential or commercial rooftops. Increasing demand for renewable energy use is driving the growth of the rooftop solar photovoltaic market. As of 2023, renewable energy capacity added to energy mechanisms worldwide expanded by 50%, reaching almost 510 gigawatts, with solar OV registering for three-quarters of additions globally. The biggest demand came from China, which demanded solar PV in 2023, equal to global demand as of 2022. Sharp Corporation, Pristine Sun LLC and Solimpeks Corp. are significant players in the global Rooftop Solar Photovoltaic market.

Analyst’s Observation on Japan Rooftop Solar Photovoltaic Market Survey

Solar PV deployments are growing extensively in Japan and the region intends to expand the proportion of photovoltaic energy in its combination of electricity manufacture from 4.5% as of 2018 to 12% by 2030. The FIT policy in Japan incentivized spending in renewable energy mechanisms by ensuring that utilities would acquire electricity at a fixed minimum rate. The Japanese FIT increases solar PV volume distribution because of longer payment periods and generous tariffs. ENF Solar and Solar Frontier Kabushiki Kaisha are significant players in the Japanese Rooftop Solar Photovoltaic market. Japanese organizations target to establish solar panels on rooftops in expecting demand for steady green energy sources.

Rooftop Solar Photovoltaic Market Growth Driver & Market Restraint

Growth Driver

Increasing demand for electricity:

The fixing of rooftop solar offers encouragement to a customer’s energy independence in case of network overload or power outrage. Rooftop solar PV could, efficiently cater to cumulative electricity demand without much transition in operational design. Worldwide electricity demand is anticipated to expand by 4% as of 2024, an increase of 2.5% as of 2023. The global electricity demand is growing at its fastest rate in years, propelled by strong economic growth, penetrating heatwave and expanding acceptance of technologies that function on electricity, such as heat pumps and EVs. The robust expansion in worldwide electricity consumption is set to grow into 2025, with an expansion of around 4%. The growing electricity demand bodes well for the growth of the rooftop solar photovoltaic market.

Market Restraint

High installation cost:

The average cost for a 1 400W solar panel is between USD 250 and USD 360 when it is fixed as a segment of a rooftop solar array. This aggregates to USD 0.625. Rooftop PV mechanisms for household fixing are approximately USD 1/watt, which is a highly competitive price. The high installation cost acts as a market restraint for the growth of the rooftop solar photovoltaic market.

Rooftop Solar Photovoltaic Market Segmentation

Our experts at KD Market Insights have segmented the global Rooftop Solar Photovoltaic Market research report as:

Rooftop Solar Photovoltaic Market Regional Synopsis

Asia Pacific is expected to dominate the Rooftop Solar Photovoltaic market due to the increasing governmental assistance. The rooftop PV development is strongly assisted by Chinese policy making as it brings along positive side impacts such as guaranteeing a shift to a low-carbon society, offering electricity for its residents and generating jobs and added worth. A significant push to fix rooftop solar panels on Chinese buildings has put the nation on a path for another record-setting year of renewable energy. As of 2022, the National Development and Reform Commission and the housing department, which supervises strategic planning, broadcasted a plan for newly built public buildings and factories in cities & towns to include solar panels by 2025, complementing a rule to fix solar PV on existing buildings. As of September 2021, the National Energy Bureau encouraged a pilot scheme that enables local establishments to amalgamate with solar developers, frequently state-owned organizations, to satisfy rooftop solar targets for distinct sectors. Under the Rooftop Solar/PM Surya Ghar Muft Bijli Yojana Installation Subsidies and Rooftop Solar Scheme, the administration will offer subsidies for fixing solar panels.

Europe is the fastest growing region due to the inclination of Europe’s businesses, and citizens have chosen low-cost solar to control their energy bills. Secure, clean and affordable energy for Europe’s businesses and citizens is at the centre of the European Commission’s energy policy. According to the analysis, the EU Rooftop Solar Standard within the EPBD drives the installation of 150 GW to 200 GW of additional rooftop solar capacity in the EU between 2026 and 2030. The EU Solar Rooftop Standard applies to new public buildings and non-residential from 2027 to current non-residential buildings experiencing significant renovations by 2028, to new residential buildings from 2030 and all the appropriate current public buildings by 2031. The European rooftop solar industry is booming due to the steep rise in electricity prices over the previous years have led to a significant opportunity for businesses and households to produce renewable solar power for personal use and sell any excess quantity back to the grid. Rooftop solar indicates about 60% of complete EU solar capacity, and SolarPower Europe expects that it will last to indicate the majority of the market.

Regional Company Names

• 5StarSolar
• Am Solar
• Akcome Optronics Science & Technology
• Amerisolar
• Atsun Solar

Rooftop Solar Photovoltaic Market Competitive Landscape

Some of the key players who top the global Rooftop Solar Photovoltaic Market share:

• Sharp Corporation
• Pristine Sun LLC
• Solimpeks Corp.
• Yingli Solar
• Vikram Solar Limited
• Trina Solar Limited
• KYOCERA Corporation
• JA Solar Co., Ltd.
• Canadian Solar Inc.
• RelyOn Solar Pvt Ltd

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Rooftop Solar Photovoltaic Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Technology
      2. By Grid Type
      3. By Application
      4. By Region
5. Market Segmentation by Technology
   1. Thin Film
   2. Crystalline Silicon
   3. Others
6. Market Segmentation by Grid Type
   1. On Grid
   2. Off Grid
   3. Others
7. Market Segmentation by Application
   1. Commercial
   2. Industrial
   3. Residential
   4. Others
8. Regional Analysis
   1. North America
      1. United States
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      2. Canada
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      3. Mexico
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
   2. Europe
      1. United Kingdom
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      2. Germany
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      3. France
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      4. Italy
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      5. Spain
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      6. Rest of Europe
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
   3. Asia Pacific
      1. China
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      2. Japan
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      3. India
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      4. Australia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      5. South Korea
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      6. Rest of Asia Pacific
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
   4. Latin America
      1. Brazil
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      2. Argentina
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      3. Colombia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      4. Rest of Latin America
         1. Market Size and Forecast
         2. Key Trends and Developments
         3.               Market Analysis by Technology, Grid Type and Application      
   5. Middle East & Africa
      1. South Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      2. Saudi Arabia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application       
      3. UAE
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
      4. Rest of Middle East & Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Technology, Grid Type and Application      
9. Competitive Landscape
   1. Market Share Analysis
   2. Company Profiles
      1. Sharp Corporation
      2. Pristine Sun LLC
      3. Solimpeks Corp.
      4. Yingli Solar
      5. Vikram Solar Limited
      6. Trina Solar Limited
      7. KYOCERA Corporation
      8. JA Solar Co., Ltd.
      9. Canadian Solar Inc.
      10. RelyOn Solar Pvt Ltd
      11. Others
10. Strategic Recommendations
11. Appendix
    1. List of Tables
    2. List of Figures
12. References