Rooftop Solar Photovoltaic PV Installation Market Overview:
As per MRFR analysis, the Rooftop Solar Photovoltaic PV Installation Market Size was estimated at 89.29 (USD Billion) in 2022. The Rooftop Solar Photovoltaic PV Installation Market Industry is expected to grow from 99.13 (USD Billion) in 2023 to 253.84 (USD Billion) by 2032. The Rooftop Solar Photovoltaic PV Installation Market CAGR (growth rate) is expected to be around 11.02% during the forecast period (2024 - 2032).
Key Rooftop Solar Photovoltaic PV Installation Market Trends Highlighted
Incentives provided by the government, increasing energy prices and a growing environmental consciousness are key market drivers for Rooftop Solar Photovoltaic (PV) Installation. In the market, growth opportunities involve advances in efficient and cost-effective PV technologies as well as expanding solar installations in emerging economies.
Recent trends in the Rooftop Solar PV Installation Market include the decentralization of energy generation, smart grid technology integration and the emergence of community-based solar projects. They are motivated by reasons like wanting to be in control of their own energy requirements, cost-effectiveness and environment friendliness. Moreover, innovative financing models such as power purchase agreements (PPAs) and solar leasing have emerged on the market, making PV installations more accessible to consumers.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Rooftop Solar Photovoltaic PV Installation Market Drivers
Government Policies and Regulations
Government policies and regulations play a crucial role in driving the growth of the Rooftop Solar Photovoltaic PV Installation Market Industry. Governments worldwide are enacting favorable policies, such as feed-in tariffs, tax incentives, and renewable portfolio standards, to encourage the adoption of solar photovoltaic (PV) systems. These policies provide financial incentives to homeowners and businesses to install rooftop solar PV systems, making them more affordable and attractive. Additionally, governments are implementing regulations that require new buildings to be equipped with solar PV systems or to meet certain energy efficiency standards. This regulatory push is expected to further stimulate the demand for rooftop solar PV installations in the coming years.
Technological Advancements
Technological advancements are another key driver of growth in the Rooftop Solar Photovoltaic PV Installation Market Industry. Ongoing innovations in solar PV technology are leading to increased efficiency and cost reductions. The development of high-efficiency solar panels, improved inverter technology, and optimized system designs are making rooftop solar PV systems more cost-effective and reliable. As the technology continues to improve, the payback period for rooftop solar PV installations will decrease, making them even more attractive to homeowners and businesses.
Rising Energy Costs
Rising energy costs are also driving the growth of the Rooftop Solar Photovoltaic PV Installation Market Industry. The increasing cost of electricity from traditional sources, such as fossil fuels, is making solar PV systems a more cost-competitive option. In many regions, the cost of rooftop solar PV electricity is now comparable to or even lower than the cost of grid electricity. As energy costs continue to rise, the demand for rooftop solar PV installations is expected to increase.
Rooftop Solar Photovoltaic PV Installation Market Segment Insights:
Rooftop Solar Photovoltaic PV Installation Market Installation Type Insights
The Global Rooftop Solar Photovoltaic (PV) Installation Market is segmented based on installation type into rooftop, ground-mounted, and floating. Among these, the rooftop segment held the largest market share in 2023, accounting for over 60% of the global market revenue. This dominance is attributed to the increasing adoption of rooftop solar PV systems in residential and commercial buildings. The growth of this segment is driven by factors such as rising electricity costs, government incentives, and increasing awareness of environmental sustainability. The ground-mounted segment is expected to witness significant growth during the forecast period, owing to its suitability for large-scale solar PV installations. Ground-mounted systems are typically deployed in open fields or on unused land, offering advantages such as higher energy yield, ease of maintenance, and lower installation costs compared to rooftop systems.
Floating solar PV systems, which are installed on water bodies such as lakes, reservoirs, and oceans, represent a niche segment but offer unique advantages. These systems are less affected by shading and have higher energy yields due to the cooling effect of water. However, the high cost of installation and maintenance limits their widespread adoption. The Rooftop Solar Photovoltaic PV Installation Market is projected to grow at a CAGR of over 11% during the forecast period, reaching a valuation of approximately USD 253.84 billion by 2032. This growth is driven by increasing demand for renewable energy, government initiatives to promote solar PV adoption, and technological advancements that enhance system efficiency and reduce costs.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Rooftop Solar Photovoltaic PV Installation Market System Capacity Insights
The Rooftop Solar Photovoltaic PV Installation Market is segmented by System Capacity into Residential, Commercial, Industrial, and Utility-scale. Among these segments, the residential segment is expected to hold the largest market share in 2023, accounting for approximately 35% of the Rooftop Solar Photovoltaic PV Installation Market revenue. The commercial segment is projected to follow the residential segment, capturing around 28% of the market share. The industrial segment is estimated to hold a market share of approximately 22%, while the utility-scale segment is projected to account for the remaining market share. The market growth for the rooftop solar photovoltaic PV Installation market is driven by factors such as increasing government initiatives, supportive policies, and growing environmental concerns. Additionally, technological advancements, declining system costs, and rising energy demand are contributing to the market's expansion.
Rooftop Solar Photovoltaic PV Installation Market Technology Insights
The technology segment plays a pivotal role in driving the Rooftop Solar Photovoltaic PV Installation Market growth. Monocrystalline, polycrystalline, and thin-film technologies are the primary types of solar panels used in rooftop installations. Monocrystalline panels, with their high efficiency and durability, captured a significant market share of 45% in 2023 and are projected to maintain their dominance throughout the forecast period. Polycrystalline panels, known for their cost-effectiveness, held a market share of 38% in 2023 and are expected to witness steady growth in the coming years.Thin-film panels, while offering advantages like flexibility and lightweight, accounted for a smaller market share of 17% in 2023 but are anticipated to gain traction due to their potential in specific applications. The continuous advancements in technology, coupled with government incentives and declining manufacturing costs, are key factors driving the growth of the rooftop solar photovoltaic PV Installation market.
Rooftop Solar Photovoltaic PV Installation Market Application Insights
The Rooftop Solar Photovoltaic PV Installation Market is segmented by Application into Residential, Commercial, Industrial, Agricultural, and Public buildings. Among these segments, the commercial segment is expected to hold the largest market share in 2023, accounting for around 45% of the Rooftop Solar Photovoltaic PV Installation Market revenue. The commercial segment is projected to continue its dominance throughout the forecast period, owing to the increasing adoption of solar PV systems by businesses and organizations to reduce energy costs and meet sustainability goals.
The residential segment is expected to be the second-largest segment, driven by rising consumer awareness about the benefits of solar energy and government incentives for rooftop solar installations. The industrial segment is anticipated to witness steady growth due to the increasing demand for renewable energy sources in manufacturing and industrial processes. The agricultural segment is expected to show significant growth potential, as farmers and agricultural businesses look to adopt solar PV systems to reduce their reliance on grid electricity and improve energy efficiency. The public buildings segment is also expected to contribute to market growth, with government initiatives and regulations promoting the adoption of solar PV systems in public infrastructure.
Rooftop Solar Photovoltaic PV Installation Market Mounting Structure Insights
Fixed-tilt mounting structures are the most commonly used type, accounting for over 60% of the Rooftop Solar Photovoltaic PV Installation Market revenue. They are relatively inexpensive and easy to install, making them a good option for residential and commercial applications. Single-axis tracking systems are becoming increasingly popular, as they can increase energy yield by up to 25%. They are more expensive than fixed-tilt systems, but they can be a worthwhile investment for larger systems. Dual-axis tracking systems offer the highest energy yield, but they are also the most expensive and complex to install. They are typically used for large-scale commercial and utility-scale installations.
Rooftop Solar Photovoltaic PV Installation Market Regional Insights
The Rooftop Solar Photovoltaic PV Installation Market segmentation by region offers insights into the market's footprint across different geographies. North America held a significant market share in 2023, owing to the rising adoption of solar energy in the United States and Canada. The region's focus on sustainability and government incentives has driven market growth. Europe followed closely behind, driven by countries like Germany and the United Kingdom, which have been at the forefront of solar energy adoption. Additionally, the European Union's renewable energy targets have bolstered market growth in the region. APAC, led by China and India, is expected to witness substantial growth due to increasing energy demand and government initiatives to promote solar energy. South America and MEA are poised for significant growth in the coming years as they seek to diversify their energy mix and reduce reliance on fossil fuels.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Rooftop Solar Photovoltaic PV Installation Market Key Players And Competitive Insights:
Major players in the Rooftop Solar Photovoltaic PV Installation Market industry are focusing on developing innovative products and expanding their geographical reach. Leading Rooftop Solar Photovoltaic PV Installation Market players are also investing in research and development to improve the efficiency and cost-effectiveness of their products. The competitive landscape of the Rooftop Solar Photovoltaic PV Installation Market is expected to remain fragmented over the next few years, with a number of small and medium-sized players competing for market share. However, the market is also expected to see increasing consolidation as larger players acquire smaller companies to expand their product portfolios and geographic reach. One of the leading competitors in the Rooftop Solar Photovoltaic PV Installation Market is SunPower Corporation.
SunPower is a global provider of solar photovoltaic systems, and it has been in business for over 30 years. The company offers a wide range of solar products, including rooftop solar panels, solar inverters, and solar batteries. SunPower also provides installation and maintenance services. Another major competitor in the Rooftop Solar Photovoltaic PV Installation Market is SolarEdge Technologies. SolarEdge is a leading provider of solar power optimizers, which are devices that improve the efficiency of solar panels. The company also offers a range of other solar products, including solar inverters and solar monitoring systems. SolarEdge has a strong presence in the commercial and industrial solar markets.
Canadian Solar Inc. is another major competitor in the Rooftop Solar Photovoltaic PV Installation Market. Canadian Solar is a global provider of solar photovoltaic modules, and it has been in business for over 20 years. The company offers a wide range of solar products, including rooftop solar panels, ground-mounted solar panels, and solar inverters. Canadian Solar also provides installation and maintenance services. These are just a few of the leading competitors in the Rooftop Solar Photovoltaic PV Installation Market. The market is expected to continue to grow over the next few years, and it is likely that we will see even more competition in the future.
Key Companies in the Rooftop Solar Photovoltaic PV Installation Market Include:
- SunPower
- Yingli Green Energy
- LONGi
- Hanwha Q CELLS
- Astronergy
- Talesun
- First Solar
- JA Solar
- REC Group
- Boviet Solar
- JinkoSolar
- Canadian Solar
- Suntech
- ReneSola
- Trina Solar
Rooftop Solar Photovoltaic PV Installation Market Industry Developments
The Rooftop Solar Photovoltaic PV Installation Market is projected to reach USD 253.84 Billion by 2032, exhibiting a CAGR of 11.02% during the forecast period. Increasing government initiatives and supportive policies to promote renewable energy adoption, coupled with technological advancements enhancing efficiency and cost-effectiveness of solar PV systems, are driving market growth. Furthermore, rising energy demand, concerns over climate change, and the need for energy independence are contributing to the market's expansion. Recent news developments include:- In 2023, the US Department of Energy announced a $2.3 billion investment in solar energy projects, aiming to reduce costs and increase solar deployment.- The European Union has set a target of installing 100 GW of solar PV capacity by 2030, highlighting the region's commitment to clean energy.- In India, the government has launched a new solar rooftop scheme to promote the adoption of solar PV systems in residential and commercial buildings.
Rooftop Solar Photovoltaic PV Installation Market Segmentation Insights
-
Rooftop Solar Photovoltaic PV Installation Market Installation Type Outlook
- Rooftop
- Ground-mounted
- Floating
-
Rooftop Solar Photovoltaic PV Installation Market System Capacity Outlook
- Residential
- Commercial
- Industrial
- Utility-scale
-
Rooftop Solar Photovoltaic PV Installation Market Technology Outlook
- Monocrystalline
- Polycrystalline
- Thin-film
-
Rooftop Solar Photovoltaic PV Installation Market Application Outlook
- Residential
- Commercial
- Industrial
- Agricultural
- Public buildings
-
Rooftop Solar Photovoltaic PV Installation Market Mounting Structure Outlook
- Fixed-tilt
- Single-axis tracking
- Dual-axis tracking
-
Rooftop Solar Photovoltaic PV Installation Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
89.29 (USD Billion) |
| Market Size 2023 |
99.13 (USD Billion) |
| Market Size 2032 |
253.84 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
11.02% (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 |
SunPower, Yingli Green Energy, LONGi, Hanwha Q CELLS, Astronergy, Talesun, First Solar, JA Solar, REC Group, Boviet Solar, JinkoSolar, Canadian Solar, Suntech, ReneSola, Trina Solar |
| Segments Covered |
Installation Type, System Capacity, Technology, Application, Mounting Structure, Regional |
| Key Market Opportunities |
1 Growing demand for renewable energy 2 Government incentives and subsidies 3 Technological advancements 4 Increasing cost-effectiveness5 Environmental concerns |
| Key Market Dynamics |
Growing demand for renewable energy Government incentives and subsidies Technological advancements Increasing awareness of environmental sustainability Fluctuating raw material prices |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Rooftop Solar PV Module Market is expected to reach a valuation of USD 27.74 billion in 2023, with projections to reach USD 65.0 billion by 2032, exhibiting a CAGR of 9.92% during the forecast period.
The Asia-Pacific region is anticipated to lead the Rooftop Solar PV Module Market due to increasing government initiatives promoting renewable energy, rising electricity demand, and supportive policies in countries like China, India, and Japan.
The Rooftop Solar PV Module Market growth is primarily driven by factors such as increasing environmental concerns, government incentives for renewable energy adoption, technological advancements, and rising electricity consumption.
Rooftop Solar PV Modules find extensive applications in residential, commercial, and industrial sectors for generating electricity from solar energy, contributing to reduced energy costs and environmental sustainability.
Prominent players in the Rooftop Solar PV Module Market include JinkoSolar, Canadian Solar, Trina Solar, LONGi Solar, and JA Solar, among others. These companies focus on innovation, expanding production capacity, and strategic partnerships to maintain their market positions.
The Rooftop Solar PV Module Market faces challenges such as high upfront investment costs, limited space availability in urban areas, and unfavorable weather conditions in certain regions, which can hinder market growth.
The Rooftop Solar PV Module Market is projected to witness continued growth in the coming years, driven by increasing adoption of renewable energy sources, technological advancements, and supportive government policies aimed at decarbonization and clean energy transition.
Emerging trends in the Rooftop Solar PV Module Market include the integration of smart technologies for monitoring and optimization, the rise of building-integrated photovoltaics (BIPV), and advancements in module efficiency and durability.
Government policies play a crucial role in shaping the Rooftop Solar PV Module Market. Favorable policies, such as feed-in tariffs, tax incentives, and renewable portfolio standards, stimulate market growth by encouraging the adoption of solar energy systems.
Businesses can reap several benefits by investing in Rooftop Solar PV Modules, including reduced operating costs, enhanced energy independence, improved corporate social responsibility profile, and increased property value.
