Solar Rooftop Sales Market Analysis

Global Solar Rooftop Market Overview:

Solar Rooftop Market Size was valued at USD 80.5 Billion in 2022. The Solar Rooftop market industry is projected to grow from USD 97.08 Billion in 2023 to USD 434.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.60% during the forecast period (2024 - 2032). Declining solar panel costs, government incentives and policies, environmental awareness and sustainability, energy independence and resilience, advancements in energy storage, innovations in solar technology, corporate social responsibility (csr) initiatives, job creation and economic benefits, increasing urbanization, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Solar Rooftop Market Trends

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  Government Incentives and Policies is driving the market growth

  
  

The rise of the solar rooftop sector has been significantly fueled by government incentives and laws. Governments all around the world have put these measures in place to encourage the use of renewable energy sources, lower greenhouse gas emissions, and accomplish more general environmental and energy security goals. Governments have promoted solar rooftop installations by providing financial assistance, favorable regulatory conditions, and other incentives, which has increased acceptance and expanded the market.

Through financial incentives, governments have promoted the solar rooftop sector. These incentives frequently come in the form of low-interest loans, grants, tax credits, and refunds. Financial incentives make solar energy more affordable and accessible to a wider variety of users by lowering the initial cost of installing solar panels. These incentives have frequently played a crucial role in tilting the economic scales in favor of solar rooftop installations, making them a more affordable alternative to traditional fossil fuel-based energy sources.

The implementation of feed-in tariffs (FiTs) or other comparable programs is a potent instrument employed by governments. FiTs ensure a set, inflated price for electricity produced by solar rooftops, giving solar system owners a steady source of income over the long term. This method not only supports grid parity and solar energy investment, but also makes solar energy competitively priced with other energy sources. FiTs also give investors predictability, which aids in luring money for massive rooftop solar energy projects. Governments have put Renewable Portfolio Standards (RPS) or Renewable Energy Standards (RES) in place to promote the solar rooftop business even more. These regulations require a particular proportion of energy generation to originate from renewable resources, such as solar energy. Governments can encourage investments in solar rooftop installations by setting such goals, which provide a steady and predictable demand for solar energy. RPS and RES regulations also encourage solar technology innovation and cost reduction as the sector tries to satisfy the rising demand.

The solar rooftop sector has also been promoted using regulatory benefits. Consumers may now install solar panels on their rooftops more quickly and easily because to expedited interconnection procedures, simplified permitting procedures, and decreased bureaucratic barriers. Governments encourage more people and companies to consider solar energy as a feasible and desirable choice by removing obstacles and lowering administrative burdens.

Governments have put rules into place that either require or promote the use of solar energy in public structures and facilities. For instance, mandating solar roofing for new government structures or offering financial incentives for public organizations to switch to solar power can have a significant impact on the market. This sets a good example for private organizations and encourages a greater demand for rooftop solar power. Governments and utility corporations have collaborated in some areas to enable net metering. Solar rooftop owners who use net metering can sell any extra electricity they produce back to the grid. By embracing decentralized energy sources, this encourages users to invest in solar energy while also assisting in system stabilization. This is crucial during moments of high demand because Rooftop Solar PV frequently produce their highest levels of energy during these times. Thus, driving the Solar Rooftop market revenue.

Solar Rooftop Market Segment Insights:

Solar Rooftop Capacity Insights

The global Solar Rooftop market segmentation, based on Capacity includes <10 kW, 11 kW- 100kW and >100 kW. The 11 kW- 100 kW segment dominated the market in 2022. For medium-sized applications, such as mid-sized businesses, schools, small factories, or office buildings, solar installations in the 11 kW to 100 kW range are ideal. These installations may be able to supply a sizable amount of the electricity required for such facilities, resulting in long-term energy cost savings.

Solar Rooftop Connectivity Insights

The global Solar Rooftop market segmentation, based on Connectivity, includes On-Grid and Off-Grid. The On-grid category generated the most income in 2022. Being a part of the grid has advantages since it eliminates the need for the user to purchase a costly battery backup to store extra energy. As

Figure 1: Global Solar Rooftop Market, by Connectivity, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Solar Rooftop End User Insights

The global Solar Rooftop market segmentation, based on End User, includes Residential, Commercial and Industrial. The industrial segment dominated the market in 2022. Industrial sectors are becoming more and more interested in distributed solar power generation due to the numerous economic advantages and reliable energy supply that prevents equipment breakdowns and damage from voltage fluctuations in traditional power networks.

Solar Rooftop Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Solar Rooftop Market dominated this market in 2022 (45.80%). Many nations in the Asia-Pacific area have put supportive regulations and incentives in place to encourage the use of solar energy, including feed-in tariffs, tax breaks, and subsidies. The rooftop solar market may expand as a result of these policies. Moreover, China’s Solar Rooftop market held the largest market share, and the Indian Solar Rooftop market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Global Solar Rooftop Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The North America Solar Rooftop Market accounts for the second-largest market share. Solar technology in the area has significantly advanced, making solar panels more efficient and affordable, and increasing the appeal of solar installations for homeowners and businesses. Further, the U.S. Solar Rooftop market held the largest market share, and the Canada Solar Rooftop market was the fastest growing market in the North America region.

Europe Solar Rooftop market is expected to grow at the fastest CAGR from 2023 to 2032. The nations of Europe have made a commitment to cutting carbon emissions and switching to better energy sources. roof solar panels installations have been regarded as a practical means of achieving these environmental objectives. Further, the German Solar Rooftop market held the largest market share, and the UK Solar Rooftop market was the fastest growing market in the European region.

Solar Rooftop Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Solar Rooftop market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Solar Rooftop industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Solar Rooftop industry to benefit clients and increase the market sector. In recent years, the Solar Rooftop industry has offered some of the most significant advantages to medicine. Major players in the roof top solar market, including SMA Solar Technology AG (Germany), Trina Solar (China), Yingli Green Energy Holding Company Limited (China), Canadian Solar Inc. (Canada), Jinko Solar (China), SolarWorld AG (Germany), SunPower Corporation (U.S.), Shunfeng International Clean Energy Limited. (China), Tata Power Solar Systems Limited (India), Delta Energy Systems (Germany), JA Solar Holdings Co., Ltd. (China) and ABB Ltd. (Switzerland) and others, are attempting to increase market demand by investing in research and development operations.

The company Canadian Solar Inc. (Canadian Solar) offers solar energy products. The business creates, develops, and produces solar ingots, wafers, modules, cells, and other products for solar power. Residential, commercial, and industrial solar power generating systems use its wide selection of solar modules, and speciality solar products include solar modules that customers can design and incorporate into their own goods, including portable solar home systems. Distributors, project developers, system integrators, installers, and EPC firms in Asia, America, Europe, and other countries are all served by Canadian Solar. In addition to other countries, it has manufacturing sites in China, Taiwan, Canada, Vietnam, Thailand, and Indonesia. Guelph, Ontario, Canada, serves as the home base for Canadian Solar.

Manufacturer of vertically integrated solar power products is Trina Solar Co Ltd (Trina Solar). The business develops, erects, runs, and sells solar power plants both in China and abroad. It provides solar modules, energy storage systems, commercial and residential solutions, and intelligent PV solutions for big power plants. Engineering, procurement, finance, installation, monitoring, construction, operations, and maintenance are all included in the company's project development services. The business distributes its goods in the Asia-Pacific, Middle East, Europe, Africa, North and South America. In addition to other countries, it is present in China, Japan, Switzerland, the UK, and the US. The headquarters of Trina Solar are in Changzhou, Jiangsu, China.

Key Companies in the Solar Rooftop market include

• SMA Solar Technology AG (Germany)


• Trina Solar (China)


• Yingli Green Energy Holding Company Limited (China)


• Canadian Solar Inc. (Canada)


• Jinko Solar (China)


• SolarWorld AG (Germany)


• SunPower Corporation (U.S.)


• Shunfeng International Clean Energy Limited. (China)


• Tata Power Solar Systems Limited (India)


• Delta Energy Systems (Germany)


• JA Solar Holdings Co., Ltd. (China)


• ABB Ltd. (Switzerland)

Solar Rooftop Industry Developments

In April 2024, Apple announced plans to team up with CleanMax, a company that develops renewable energy sources. The two companies are joining hands in order to finance six rooftop solar projects across India that will power its operations in the country. When operational, the solar project will produce an additional 14.4 MW of electricity. thereby providing a local solution for powering the company’s offices and two retail stores found Mumbai and New Delhi. 

GAIL (India) had a call for tender notice for rooftop solar PV systems starting in March 2024. In this regard, it is estimated that the whole thing from designing to supplying, installing, testing and commissioning of the grid-tied rooftop solar PV system will be done. Moreover, within the project proposal was a detailed five-year Annual Maintenance Contract (AMC), which could assist in transmitting electricity generated from this scheme to the Krishna Godavari Basin area. 

In 2024, Grid Connected Solar Rooftop Scheme launched by Indian government to encourage state and central government agencies to install solar rooftops. By March 2026 India aims at adding about 40 GW of cumulative installed capacity through GRTPV projects. 

As per Ministry of New & Renewable Energy (MNRE), India became fifth largest global player in terms of installed capacity when it comes to PV segment. 

September 2023 saw the launch of National Portal that simplified process of consumers going online to get their RTS installed.The residential customers anywhere across the nation have permission for them to request for installation of household roof top solar panels to be subsidized in their bank accounts. 

In August 2023, Maharashtra Electricity Regulatory Commission dials up net metering cap for solar rooftop projects. For most states, net-metering applicability stood around 500 kW for rooftop solar plants as directed by MNRE. Proposed amendments approval might increase large consumers adoption of the rooftop projects that may help develop the solar rooftop market in India.

Ministry of New and Renewable Energy launched the Rooftop Solar Programme Phase-II scheme in March 2019 to meet the targets set under it. Accordingly, the ministry is likely to offer Central Financial Assistance (CFA) to consumers for installing RTS in individual households or Resident Welfare Associations/ Group Housing societies. 

The year 2019 saw Khimji Ramdas (KR) announce a major alliance with Nafath RE, one of the leading SMEs within the renewable energy sector. This partnership involves designing, developing, supplying and commissioning Solar Energy systems across Oman KR. This is part of Oman’s goal of achieving 30% power generation from renewables by 2032. The signing ceremony was held to mark the installation of Oman’s first significant one MW rooftop solar PV plant.

Solar Rooftop Market Segmentation:

Solar Rooftop Capacity Outlook

• <10 kW,


• 11 kW- 100kW


• >100 kW

Solar Rooftop Connectivity Outlook

• On-Grid


• Off-Grid

Solar Rooftop End User Outlook

• Residential


• Commercial


• Industrial

Solar Rooftop Regional Outlook

• North America
  
  
  
  • US.
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America