Global Rooftop Solar Photovoltaic Market Overview
As per MRFR analysis, the Rooftop Solar Photovoltaic Market Size was estimated at 35.82 (USD Billion) in 2022. The Rooftop Solar Photovoltaic Market Industry is expected to grow from 39.82 (USD Billion) in 2023 to 103.28 (USD Billion) by 2032. The Rooftop Solar Photovoltaic Market CAGR (growth rate) is expected to be around 11.17% during the forecast period (2024 - 2032).
Key Rooftop Solar Photovoltaic Market Trends Highlighted
Key market drivers for the rooftop solar photovoltaic market include increasing demand for renewable energy, rising energy costs, and government incentives and policies. The market is also driven by technological advancements, such as the development of more efficient solar panels and the integration of energy storage systems. Opportunities for growth in the rooftop solar photovoltaic market include expanding into emerging markets, developing new applications, and providing innovative financing and business models.
The market is also expected to benefit from the increasing adoption of smart grid technologies and the rise of distributed generation. Recent trends in the rooftop solar photovoltaic market include the declining cost of solar panels, the increasing popularity of community solar projects, and the growing demand for solar panel installation and maintenance services. The market is also seeing an increase in the adoption of solar PV systems by commercial and industrial consumers.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Rooftop Solar Photovoltaic Market Drivers
Soaring Energy Prices and Growing Environmental Concerns
The growth of the rooftop solar photovoltaic market is driven mainly by the increasing costs of traditional energy sources and the growing necessity to fight climate change. The cost of electricity generated by traditional energy sources, such as fossil fuels, is constantly increasing, which encourages businesses and households to switch to the more cost-efficient rooftop solar PV systems. The use of renewable energy sources is promoted on the international and national level, with xi governments supporting the rooftop solar PV market by implementing certain policies and incentives.Finally, the cultural shift toward more ecologically friendly living is expected to have a positive impact on the rooftop solar PV market, as supporting renewable energy sources helps people contribute to the prevention of climate change.
Technological Advancements and Cost Reductions
Ongoing advancements in solar PV technology are enhancing the efficiency and affordability of rooftop solar systems. The development of high-efficiency solar panels, coupled with the economies of scale achieved through mass production, has significantly reduced the cost of rooftop solar PV systems. These cost reductions have made rooftop solar PV systems more accessible to a broader range of consumers and businesses, stimulating market growth. Additionally, the development of innovative technologies, such as microinverters and smart monitoring systems, has improved the performance and reliability of rooftop solar PV systems, further driving market adoption.
Government Incentives and Supportive Policies
Summary Government initiatives and policies supporting the growth of the Rooftop Solar Photovoltaic Market Industry are contributing to its expansion. Due to its potential to help governments achieve their renewable energy targets and reduce their carbon footprints, authorities worldwide are promoting the adoption of rooftop solar PV systems by offering numerous incentives and implementing policies that stimulate industry expansion. Some of the incentives provided by the authorities include tax credits, rebates, feed-in tariffs, and net metering, which make rooftop solar PV systems more affordable to consumers and promote rapid market development.
Rooftop Solar Photovoltaic Market Segment Insights:
Rooftop Solar Photovoltaic Market Technology Insights
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 film is light in weight and can be bent or curled in a way depending on the limited layout. Monocrystalline panels are appropriate for high efficiency, polycrystalline for price versus yield balance and thin-film for low costs and spaced limited size. Market Overview The Rooftop Solar Photovoltaic Market is expected to witness significant growth in the coming future. The factors driving market growth are increasing concerns regarding the environment, rising energy demands, high costs, and government regulations.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Rooftop Solar Photovoltaic Market Installation Type Insights
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.
Rooftop Solar Photovoltaic Market Application Insights
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.
Utility-Scale applications, while having a smaller market share compared to residential and commercial/industrial segments, are gaining traction as governments and utilities seek to decarbonize the energy grid.Utility-scale solar projects offer economies of scale and can provide a significant contribution to renewable energy generation. The growth of this segment is expected to be driven by government targets for renewable energy adoption and the increasing competitiveness of solar power against traditional energy sources.
Rooftop Solar Photovoltaic Market Mounting Type Insights
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.
Rooftop Solar Photovoltaic Market System Size Insights
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.
Rooftop Solar Photovoltaic Market Regional Insights
The Rooftop Solar Photovoltaic Market is segmented into North America, Europe, APAC, South America, and MEA. The APAC region is expected to dominate the market with a revenue of USD 39.82 billion in 2023 and is projected to reach USD 103.28 billion by 2032, exhibiting a CAGR of 11.17%. The growth in this region can be attributed to the increasing adoption of solar energy in countries like China, India, and Japan. Europe is another significant market, with a revenue of USD 15.23 billion in 2023 and is expected to reach USD 38.72 billion by 2032, growing with a CAGR of 10.5%.
Government incentives and supportive policies are driving the growth in this region. North America is also a key market, with a revenue of USD 12.34 billion in 2023 and is projected to reach USD 31.49 billion by 2032, exhibiting a CAGR of 10.3%. The presence of well-established players and technological advancements is contributing to the growth in this region. South America and MEA are expected to witness steady growth in the coming years due to increasing awareness about renewable energy and government initiatives to promote solar adoption.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Rooftop Solar Photovoltaic Market Key Players And Competitive Insights:
Major players in the Rooftop Solar Photovoltaic Market industry are focusing on expanding their geographical presence by acquiring local players and establishing partnerships with regional distributors. Leading Rooftop Solar Photovoltaic Market players are also investing in research and development to improve efficiency and reduce the cost of their products. The Rooftop Solar Photovoltaic Market development is expected to be driven by the increasing demand for renewable energy sources and the growing awareness of the environmental benefits of solar energy.
The Rooftop Solar Photovoltaic Market Competitive Landscape is expected to remain competitive, with a number of major players vying for market share. A leading company in the Rooftop Solar Photovoltaic Market is Canadian Solar Inc. The company provides a wide range of solar products, including solar panels, inverters, and mounting systems. Canadian Solar has a strong global presence, with operations in over 30 countries. The company has a proven track record of success in the solar industry, and it is well-positioned to continue to grow its market share in the coming years.
A competitor company in the Rooftop Solar Photovoltaic Market is SunPower Corporation. SunPower is a leading manufacturer of high-efficiency solar panels. The company has a strong focus on innovation, and it has developed a number of proprietary technologies that give its products a competitive advantage. SunPower has a global presence, with operations in over 20 countries. The company has a strong track record of success in the solar industry, and it is well-positioned to continue to grow its market share in the coming years.
Key Companies in the Rooftop Solar Photovoltaic Market Include:
- Generac Power Systems, Inc.
- Canadian Solar Inc.
- Trina Solar Co. Ltd.
- SolarEdge Technologies, Inc.
- Tesla, Inc.
- Sunrun, Inc.
- JinkoSolar Holding Co., Ltd.
- LONGi Solar Technology Co., Ltd.
- SunPower Corporation
- First Solar, Inc.
- REC Group
- Enphase Energy, Inc.
Rooftop Solar Photovoltaic Market Industry Developments
The Rooftop Solar Photovoltaic Market is anticipated to witness steady growth over the coming years, driven by increasing environmental concerns, government initiatives, and technological advancements. In 2023, the market was valued at around USD 39.82 billion, and it is projected to reach USD 103.28 billion by 2032, exhibiting a CAGR of 11.17%. Key market trends include rising demand for renewable energy sources, declining solar panel costs, and increasing adoption of smart grid technologies. Furthermore, supportive government policies, such as tax incentives and subsidies, are expected to drive market growth in the coming years. Recent news developments include the launch of innovative solar roofing products, strategic partnerships between major players, and the expansion of rooftop solar projects in emerging markets.
Rooftop Solar Photovoltaic Market Segmentation Insights
- Rooftop Solar Photovoltaic Market Technology Outlook
- Monocrystalline
- Polycrystalline
- Thin-Film (a-Si, CdTe, CIGS)
- Rooftop Solar Photovoltaic Market Installation Type Outlook
- Grid-Connected
- Off-Grid
- Hybrid
- Rooftop Solar Photovoltaic Market Application Outlook
- Residential
- Commercial/Industrial
- Utility-Scale
- Rooftop Solar Photovoltaic Market Mounting Type Outlook
- Rooftop-Mounted
- Ground-Mounted
- Rooftop Solar Photovoltaic Market System Size Outlook
- Small (10 kW)
- Medium (10-100 kW)
- Large (>100 kW)
| Report Attribute/Metric |
Details |
| Market Size 2022 |
35.82 (USD Billion) |
| Market Size 2023 |
39.82 (USD Billion) |
| Market Size 2032 |
103.28 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
11.17% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Generac Power Systems, Inc., Canadian Solar Inc., Trina Solar Co. Ltd., SolarEdge Technologies, Inc., Tesla, Inc., Sunrun, Inc., JinkoSolar Holding Co., Ltd., LONGi Solar Technology Co., Ltd., SunPower Corporation, First Solar, Inc., REC Group, Enphase Energy, Inc. |
| Segments Covered |
Technology, Installation Type, Application, Mounting Type, System Size, Regional |
| Key Market Opportunities |
Increasing government incentives Technological advancements Growing environmental concerns Rising energy costs Expanding residential and commercial construction |
| Key Market Dynamics |
Rising energy costs, government incentives, technological advancements, growing environmental awareness and increasing urbanization |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Rooftop Solar Photovoltaic Market is expected to reach a valuation of 39.82 Billion USD in 2023.
The Rooftop Solar Photovoltaic Market is expected to grow at a CAGR of 11.17% from 2024 to 2032.
Rooftop Solar Photovoltaic systems are primarily used for generating electricity for residential, commercial, and industrial applications.
The Asia-Pacific region is expected to dominate the Rooftop Solar Photovoltaic Market in the coming years, driven by increasing government initiatives and growing demand for renewable energy sources.
Some of the key competitors in the Rooftop Solar Photovoltaic Market include JinkoSolar, Trina Solar, LONGi Solar, Canadian Solar, and First Solar.
The Rooftop Solar Photovoltaic Market faces challenges such as high upfront investment costs, lack of awareness, and limited government incentives in certain regions.
The Rooftop Solar Photovoltaic Market has growth opportunities in emerging economies, technological advancements, and increasing demand for clean energy sources.
The Rooftop Solar Photovoltaic Market is expected to reach a valuation of 103.28 Billion USD by 2032.
Key trends shaping the Rooftop Solar Photovoltaic Market include increasing adoption of smart grid technologies, integration of energy storage systems, and growing demand for off-grid solutions.
The growth of the Rooftop Solar Photovoltaic Market is driven by factors such as rising energy costs, government incentives, and increasing environmental concerns.
