Global Rooftop Solar PV Module Market Overview:
As per MRFR analysis, the Rooftop Solar PV Module Market Size was estimated at 25.23 (USD Billion) in 2022. The Rooftop Solar PV module Market Industry is expected to grow from 27.74(USD Billion) in 2023 to 65.0 (USD Billion) by 2032. The Rooftop Solar PV Module Market CAGR (growth rate) is expected to be around 9.92% during the forecast period (2024 - 2032).
Key Rooftop Solar PV Module Market Trends Highlighted
Key market drivers for rooftop solar PV modules include rising energy costs, increasing environmental awareness, government subsidies, and technological advancements. Additionally, the growing adoption of smart grid technologies and the integration of renewable energy sources contribute to market growth.
Significant opportunities exist in emerging markets, developing economies, and regions with high solar radiation potential. As more countries adopt sustainable energy policies, the demand for rooftop solar PV modules is anticipated to rise. Technological innovations, such as improved module efficiency and cost reductions, create opportunities for manufacturers and installers to optimize system performance and reduce project costs.
Recent trends in the rooftop solar PV module market include the increasing popularity of bifacial modules, which can generate electricity from both sides and the adoption of microinverters, which enable individual panel-level monitoring and optimization. Moreover, the growth of self-consumption and net metering schemes is driving market expansion as homeowners and businesses seek to reduce their energy bills and contribute to environmental protection.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Rooftop Solar PV Module Market Drivers
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Shift Towards Renewable Energy Sources
Governments worldwide are implementing supportive policies and regulations to promote the adoption of renewable energy sources, such as solar photovoltaic (PV) systems. This shift is driven by increasing concerns about climate change and the need to reduce greenhouse gas emissions. Favorable feed-in tariffs, tax incentives, and net metering schemes are encouraging homeowners and businesses to invest in rooftop solar PV systems, contributing to the growth of the Rooftop Solar PV Module Market Industry. Additionally, the rising demand for clean and sustainable energy sources is fueling the market growth.
Technological Advancements and Cost Reductions
Ongoing advancements in solar PV technology are leading to increased efficiency and reduced manufacturing costs. The development of high-efficiency solar cells and modules is improving the power output and performance of rooftop solar PV systems. Moreover, economies of scale and technological innovations in the production process have resulted in significant cost reductions for solar PV modules. These advancements make rooftop solar PV systems more affordable and accessible to a wider range of consumers, driving market expansion.
Growing Demand for Distributed Energy Generation
The increasing adoption of distributed energy generation systems, such as rooftop solar PV, is driven by several factors. The rising cost of traditional energy sources, concerns about energy security, and the desire for greater energy independence are encouraging consumers to explore alternative energy options. Rooftop solar PV systems allow homeowners and businesses to generate their own electricity, reducing their reliance on the grid and providing them with greater control over their energy consumption. This growing demand for distributed energy generation is expected to continue to fuel the growth of the Rooftop Solar PV Module Market Industry.
Rooftop Solar PV Module Market Segment Insights:
Rooftop Solar PV Module Market Module Type Insights
The Rooftop Solar PV Module Market is segmented by Module Type into Monocrystalline, Polycrystalline, Thin Film, and Hybrid. Among these, the Monocrystalline segment held the largest market share in 2023 and is expected to continue its dominance during the forecast period. Monocrystalline modules are made from a single crystal of silicon, which results in higher efficiency and power output compared to other types of modules. The high efficiency of Monocrystalline modules makes them suitable for applications where space is constrained, such as rooftops.
The Polycrystalline segment is expected to witness significant growth during the forecast period. Polycrystalline modules are made from multiple crystals of silicon, which results in lower efficiency and power output compared to Monocrystalline modules. However, Polycrystalline modules are more cost-effective than Monocrystalline modules, making them a popular choice for large-scale solar installations. Thin Film modules are made from a thin layer of semiconductor material deposited on a substrate. Thin Film modules have lower efficiency and power output compared to Monocrystalline and Polycrystalline modules, but they are also more flexible and lightweight.
This makes them suitable for applications where weight and flexibility are important considerations, such as vehicle-mounted solar panels. Hybrid modules combine the features of Monocrystalline and Polycrystalline modules. Hybrid modules typically have a higher efficiency than Polycrystalline modules and a lower cost than Monocrystalline modules. The growth of the market is attributed to the increasing demand for renewable energy sources, government incentives, and technological advancements. The rising concerns about climate change and the need to reduce carbon emissions are driving the demand for solar energy. Government incentives, such as tax credits and rebates, are also making solar energy more affordable for consumers. Technological advancements, such as the development of more efficient and cost-effective solar modules, are also contributing to the growth of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Rooftop Solar PV Module Market Cell Type Insights
The Rooftop Solar PV Module Market is segmented by Cell Type into PERC, HIT, HJT, and IBC. Among these, the PERC segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The rising demand for high-efficiency solar modules and the cost-effectiveness of PERC technology are the key factors driving the growth of this segment.
The HIT segment is expected to witness significant growth during the forecast period due to its high efficiency and temperature coefficient. The HJT segment is also expected to grow at a notable rate due to its potential for even higher efficiency than PERC and HIT cells. The IBC segment is expected to have a relatively smaller market share but is expected to grow at a steady pace due to its potential for ultra-high efficiency.
Rooftop Solar PV Module Market Application Insights
The Rooftop Solar PV Module Market is segmented by Application into Residential, Commercial and Industrial, and Utility-Scale. Among these segments, the Residential segment is expected to hold the largest market share in 2023, accounting for around 35.0% of the Rooftop Solar PV Module Market revenue. The growth of the Residential segment can be attributed to the increasing adoption of rooftop solar PV systems by homeowners, driven by factors such as rising energy costs, government incentives, and environmental concerns.
The Commercial and Industrial segment is also expected to experience significant growth during the forecast period, with a CAGR of 9.92%, due to the increasing demand for solar energy in commercial and industrial buildings. The Utility-Scale segment is expected to have a CAGR of 9.2% as more and more utilities are investing in solar power plants to meet the growing demand for renewable energy.
Rooftop Solar PV Module Market Power Output Insights
The Rooftop Solar PV Module Market is segmented by power output into ' 5 kW', '5-10 kW', '10-50 kW', and '> 50 kW'. Among these segments, the '5-10 kW' segment is expected to hold the largest market share in 2023, accounting for around 38.4% of the global market revenue. The ' 5 kW' segment is projected to grow at the highest CAGR of 8.7% during the forecast period, owing to the increasing adoption of rooftop solar systems in residential and commercial buildings.
The '10-50 kW' segment is anticipated to witness a steady growth rate, driven by the rising demand for solar power in industrial and agricultural applications. The '> 50 kW' segment is expected to account for a significant share of the market as large-scale solar projects continue to gain traction.
Rooftop Solar PV Module Market Mounting System Insights
The mounting system segment of the Rooftop Solar PV Module Market is expected to grow significantly in the coming years, driven by the increasing adoption of solar PV systems worldwide. The segment is expected to account for a major share of the overall market revenue in 2023 and is projected to continue its dominance in the coming years. The growth of the mounting system segment can be attributed to the rising demand for efficient and cost-effective solar PV installations. Fixed-tilt mounting systems are the most common type of mounting system used in rooftop solar PV installations.
These systems are relatively simple to install and maintain, and they offer good performance in most locations. Single-axis tracking systems are more efficient than fixed-tilt systems, but they are also more complex and expensive to install. Dual-axis tracking systems offer the highest efficiency, but they are also the most expensive and complex to install.
The choice of mounting system depends on a number of factors, including the location of the installation, the size of the solar PV system, and the budget. In regions with high solar insolation, single-axis or dual-axis tracking systems can significantly increase the energy yield of a solar PV system. However, in regions with lower solar insolation, fixed-tilt systems may be a more cost-effective option.
Rooftop Solar PV Module Market Regional Insights
The Rooftop Solar PV Module Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in 2023 and is estimated to reach $21.54 billion by 2032. The growth in this region is primarily attributed to the increasing adoption of solar energy in countries such as China, India, and Japan.
North America is expected to be the second-largest market, with a market size of $12.23 billion in 2023 and is projected to reach $27.68 billion by 2032. The growth in this region is driven by the rising demand for renewable energy sources and government incentives. Europe is expected to be the third-largest market, with a market size of $10.29 billion in 2023 and is projected to reach $23.57 billion by 2032. The growth in this region is attributed to the increasing focus on reducing carbon emissions and the adoption of sustainable energy sources.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Rooftop Solar PV Module Market Key Players And Competitive Insights:
Major players in the Rooftop Solar PV module Market industry are continuously developing and launching new products to meet the growing demand for renewable energy solutions. Leading Rooftop Solar PV Module Market players are focusing on expanding their global presence and establishing strategic partnerships with local companies to increase their market share. The Rooftop Solar PV Module Market is highly competitive, with several major players such as Trina Solar, JinkoSolar, Canadian Solar, First Solar, and Hanwha Q CELLS dominating the market.
These companies are investing heavily in research and development to improve the efficiency and performance of their products. A prominent competitor in the Rooftop Solar PV Module Market, Trina Solar, focuses on providing innovative solar solutions for residential, commercial, and utility-scale applications. The company's commitment to sustainability and technological advancements has enabled it to secure a strong position in the global market. Trina Solar boasts a wide range of high-efficiency solar modules, including mono- and polycrystalline panels, as well as advanced technologies such as PERC and bifacial cells. Its global presence and established distribution network contribute to its competitive edge.
Another key player in the Rooftop Solar PV Module Market, JinkoSolar, is known for its cost-effective and reliable solar products. The company has a vertically integrated manufacturing process, allowing it to control the production of its solar modules from raw materials to finished products. JinkoSolar offers a comprehensive portfolio of solar panels, including monocrystalline, polycrystalline, and high-efficiency PERC modules. Its strong financial performance and global presence have positioned it as a formidable competitor in the Rooftop Solar PV Module Market.
Key Companies in the Rooftop Solar PV Module Market Include:
- Canadian Solar
- Tigo Energy
- Schneider Electric
- REC Group
- JA Solar
- Enphase Energy
- LONGi Solar
- SolarEdge
- JinkoSolar
- Hanwha Q CELLS
- ABB
- Trina Solar
- First Solar
- SunPower
- SMA Solar Technology
Rooftop Solar PV Module Market Industry Developments
The Rooftop Solar PV Module Market is projected to reach USD 65.0 billion by 2032, exhibiting a 9.92% CAGR from 2024 to 2032. Increasing government initiatives and supportive policies, coupled with rising energy demand and environmental concerns, are driving market growth. Technological advancements, such as the development of high-efficiency solar panels and cost reductions, are further propelling market expansion.
Key players are focusing on strategic partnerships and acquisitions to expand their global footprint and enhance their product offerings. Recent developments include Tesla's launch of its solar roof system, which combines solar panels with traditional roofing materials, and SunPower's acquisition of SolarWorld Americas, strengthening its position in the North American market.
Rooftop Solar PV Module Market Segmentation Insights
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Rooftop Solar PV Module Market Module Type Outlook
- Monocrystalline
- Polycrystalline
- Thin Film
- Hybrid
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Rooftop Solar PV Module Market Cell Type Outlook
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Rooftop Solar PV Module Market Application Outlook
- Residential
- Commercial and Industrial
- Utility-Scale
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Rooftop Solar PV Module Market Power Output Outlook
- 5 kW
- 5-10 kW
- 10-50 kW
- > 50 kW
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Rooftop Solar PV Module Market Mounting System Outlook
- Fixed-Tilt
- Single-Axis Tracking
- Dual-Axis Tracking
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Rooftop Solar PV Module Market Regional Outlook
- North America
- Europe
- South America
- Asia-Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
25.23(USD Billion) |
| Market Size 2023 |
27.74(USD Billion) |
| Market Size 2032 |
65.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
9.92% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Canadian Solar, Tigo Energy, Schneider Electric, REC Group, JA Solar, Enphase Energy, LONGi Solar, SolarEdge, JinkoSolar, Hanwha Q CELLS, ABB, Trina Solar, First Solar, SunPower, SMA Solar Technology |
| Segments Covered |
Module Type, Cell Type, Application, Power Output, Mounting System, Regional |
| Key Market Opportunities |
1 Technological Advancements2 Growing Demand in Developing Countries3 Government Incentives and Subsidies4 Increasing Energy Efficiency5 Environmental Concerns |
| Key Market Dynamics |
Growing demand for renewable energy Government incentives and subsidies Technological advancements Increasing awareness of environmental sustainability Declining costs |
| 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.
