Rooftop Solar Photovoltaic Market

Segmentation Insights The Rooftop Solar Photovoltaic Market is segmented based on technology into monocrystalline, polycrystalline, and thin film. Among these, the monocrystalline segment held the largest share in 2023 and is projected to dominate throughout the forecast period. Monocrystalline solar panels offer high efficiency, are highly durable, and have a longer lifespan in comparison to alternative technologies. Such materials are visually appealing due to their sleek black design. Polycrystalline solar panels are less efficient as compared to the earlier segmented technology but are cost-effective.

Polycrystalline panels are constructed using multiple silicon crystals with a slight blue tone. The segment is widely popular among the residential and commercial sectors due to the balance of cost and higher efficiency. The lastly used technology is the thin-film or Amorphous Silicon ASI, Cadmium Telluride CdTe, and Copper Indium Gallium Selenide CIGS technology category. Thin-film solar panels are the cheapest option but are less efficient as compared to the former technologies. The materials are incorporated with a thin layer of semiconductor material, which is deposited onto a substrate.

The Rooftop Solar Photovoltaic Market is segmented by Installation Type into Grid-Connected, Off-Grid, and Hybrid. Among these segments, the Grid-Connected segment is expected to hold the biggest market share of the Rooftop Solar Photovoltaic Market in 2023, generating over 70% of the revenue. The market’s growth can be explained by the increasing affordability and popularity of grid-connected solar systems among residential, commercial, and industrial consumers.

Nevertheless, the Off-Grid segment is also expected to grow at the highest rate, as the demand for solar systems, which are not connected to the grid and can be used in remote areas and places with unreliable infrastructure, is increasing. Finally, the Hybrid segment is also expected to grow in the upcoming years, as there is a rising need to become energy-independent and resilient.

The Rooftop Solar Photovoltaic Market segmentation by application showcases a diversified landscape with distinct market dynamics. Residential applications dominated the market in 2023, accounting for nearly 62.5% of the global revenue. This dominance is attributed to the growing adoption of rooftop solar systems among homeowners seeking to reduce energy costs and gain energy independence. The residential segment is projected to maintain its leading position throughout the forecast period, driven by increasing urbanization, government incentives, and rising environmental consciousness.

Commercial/Industrial applications represent the second-largest segment, with a significant share of the Rooftop Solar Photovoltaic Market revenue. Businesses and industries are increasingly turning to rooftop solar solutions to reduce operating expenses, enhance energy efficiency, and align with sustainability goals. The commercial/industrial segment is anticipated to witness robust growth over the coming years, supported by favorable government policies and corporate sustainability initiatives. 

Mounting Type Segment Insights and Overview The Rooftop Solar Photovoltaic Market segmentation by mounting type comprises rooftop-mounted and ground-mounted systems. The rooftop-mounted segment is projected to account for a larger revenue share over the forecast period due to the increasing adoption of rooftop solar systems in residential and commercial buildings. 

The ground-mounted segment is anticipated to witness substantial growth, primarily driven by the development of large-scale solar power plants. In 2023, the rooftop-mounted segment held a dominant position in the Rooftop Solar Photovoltaic Market, capturing over 60% of the market revenue. The segment is expected to maintain its lead throughout the forecast period, driven by factors such as increasing urbanization, rising energy costs, and government incentives. The ground-mounted segment is projected to witness significant growth, especially in regions with ample land availability and favorable solar insolation.

The Rooftop Solar Photovoltaic Market is segmented based on system size into small (10 kW), medium (10-100 kW), and large (>100 kW). The small system size segment accounted for the largest share of the market in 2023 and is expected to continue to dominate the market through 2032. The medium system size segment is expected to grow at the highest CAGR during the forecast period due to the increasing adoption of solar PV systems by commercial and industrial consumers.

The large system size segment is expected to witness moderate growth over the forecast period due to the high cost of installation and maintenance of large-scale solar PV systems.