Solar Shingles Market Research Report - By Product Type (Monocrystalline Silicon Solar Shingles, Polycrystalline Silicon Solar Shingles, Thin-Film Solar Shingles), By End-User (Residential, Commercial, Industrial), By Application (New Construction, Roof Replacement, Retrofitting), By Distribution Channel (Direct-to-Consumer, Through Installers, Through Distributors) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Solar Shingles Market Overview:

As per MRFR analysis, the Solar Shingles Market Size was estimated at 2,069.95 (USD Billion) in 2022. The Solar Shingles Market Industry is expected to grow from 2,693.0 (USD Billion) in 2023 to 28,750.7 (USD Billion) by 2032. The Solar Shingles Market CAGR (growth rate) is expected to be around 30.1% during the forecast period (2024 - 2032).

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

Key Solar Shingles Market Trends Highlighted

The advancement in solar technology has driven significant growth in the solar shingles market. Homeowners and businesses are increasingly adopting these shingles as a sustainable and cost-effective energy solution.

Key market drivers include rising energy costs, growing environmental concerns, and government incentives promoting renewable energy adoption. This demand is further propelled by technological advancements, such as enhanced solar cell efficiency and improved aesthetics, aligning with the growing preference for aesthetically pleasing and environmentally friendly building materials.

Recent trends in the market reveal an increase in demand for integrated solar roofing systems, where solar shingles are seamlessly incorporated into the roof design. Additionally, the emergence of lightweight and flexible solar shingles is expanding application opportunities in various roofing types, including both residential and commercial buildings.

Solar Shingles Market Drivers

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  Rising Energy Costs and Environmental Concerns

  
  

Consumer and business migration to an alternative and sustainable source of energy, such as sun-generated electricity is the main factor creditable for the likely growth of demand for solar shingles. The need to curb and reduce wastage that emanates from the increased use and consumption of traditional energy sources is behind the new drive by the population to cut down expenditure on fossil fuels. For instance, gas generated from fossils is costly and requires transportation to where it is needed. 

This prolonged the gazettement of solar shingles, but recently use of the latter has been rapidly growing given the increased environmental pollution due to the continued use of fossils. Also, solar energy generated for use by households, businesses and local organizations is relatively cheaper and thus affordable, reducing the regular and callous felling of trees.

Government Incentives and Policy Support

The adoption of renewable energy technologies is becoming more and more common worldwide as many governments start to implement supportive policies and financial incentives. Tax credits, feed-in tariffs, and other types of subsidies allow consumers, as well as companies, to pay less for solar shingles and to purchase more. An exceptionally good regulatory framework combined with the simple and easy permitting process creates the optimal circumstances for the Solar Shingles Market Industry growth.

Technological Advancements and Cost Reductions

Continuous improvements in solar technology are causing increased efficiency and decreased manufacturing expenditure of solar shingles. The changes can be due to the advancement of new materials like thin-film solar cells and perovskite solar cells, which have allowed the enhancement of solar shingles. Besides, the reduction is also due to economy of scale and mass production, which decrease the per unit cost of production. As such, the decrease in manufacturing cost has increased the use of solar shingles among all consumers and businesses within the Solar Shingles Market Industry.

Solar Shingles Market Segment Insights:

Solar Shingles Market Product Type Insights

The product type segment of the Solar Shingles Market is further divided into Monocrystalline Silicon Solar Shingles, Polycrystalline Silicon Solar Shingles, and Thin-Film Solar Shingles. The Monocrystalline Silicon Solar Shingles segment is expected to be the largest segment of the product type segment in 2023, and it is also expected to remain so throughout the forecast period. Monocrystalline silicon solar shingles are made from a single crystal of silicon, and they are more efficient than the other types of solar shingles. In addition, they are more durable, and they have a longer lifespan.

However, they are also more expensive. On the other hand, the Polycrystalline Silicon Solar Shingles segment is expected to be the fastest-growing segment during the forecast period. Polycrystalline silicon solar shingles are made from multiple crystals of silicon, and they are less efficient than monocrystalline silicon solar shingles. However, they are also less expensive than the latter type, and the increased cost-efficiency is expected to drive the growth of the former during the forecast period. The Thin-Film Solar Shingles segment is expected to be the slowest-growing segment during the forecast period.

Thin-film solar shingles are made from a thin layer of semiconductor material, so they are lightweight and flexible. They are also less efficient and less expensive than crystalline silicon solar shingles. The major factors that are driving the growth of the market are the increasing demand for renewable energy sources, the rising cost of traditional energy sources, and the government subsidies for solar energy adoption.

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

Solar Shingles Market End-User Insights

The Solar Shingles Market segmentation by End-User consists of Residential, Commercial, and Industrial. The residential segment accounted for the largest market share in 2023 and is expected to remain dominant throughout the forecast period. The exponential growth of the residential segment can be attributed to the financial support from the government, the surging cost of electricity, and increasing environmental awareness. 

The commercial segment is projected to witness significant growth due to the surging number of commercial buildings integrating sustainable energy sources. Hence, the industrial segment is also expected to dominate due to the increasing demand for renewable sources in the manufacturing domain.

Solar Shingles Market Application Insights

The application segment of the Solar Shingles Market holds significant importance, categorizing the market into distinct applications where solar shingles are utilized. These applications include new construction, roof replacement, and retrofitting. New construction, a major application, is expected to drive substantial growth in the Solar Shingles Market due to the increasing adoption of sustainable building practices. 

In 2023, new construction accounted for a notable share of the market and is projected to maintain a significant contribution in the coming years. Roof replacement presents another key application segment, offering a cost-effective solution for homeowners seeking to upgrade their existing roofs. The rising demand for energy-efficient roofing options is fueling the growth of this segment, with solar shingles gaining traction as an aesthetically pleasing and environmentally conscious choice. 

Retrofitting, the process of incorporating solar shingles into existing structures, is gaining momentum as homeowners recognize the benefits of converting their homes into solar energy generators. This application segment is anticipated to witness steady growth as more homeowners seek to reduce their energy costs and contribute to sustainability efforts. The Solar Shingles Market segmentation provides valuable insights into the diverse applications of solar shingles. Understanding these segments enables market players to tailor their strategies to meet the specific needs and preferences of each application, driving growth and innovation in the industry.

Solar Shingles Market Distribution Channel Insights

The Solar Shingles Market is segmented into several distribution channels, including direct-to-consumer, through installers, and through distributors. Direct-to-consumer sales involve the manufacturer selling solar shingles directly to the end-user, typically through online platforms or company-owned stores. This channel offers advantages such as lower costs, customization options, and direct customer engagement. 

Through installers is a common distribution channel where solar shingles are sold through authorized installers who specialize in solar system installations. This channel provides professional installation, ensuring quality and safety, and offers convenience to customers. Distributors involve the manufacturer selling solar shingles to distributors who then resell them to retailers or installers. 

Distributors play a crucial role in reaching a wider customer base and ensuring product availability in different regions. The choice of distribution channel depends on factors such as market demand, product type, and target customer segment. By analyzing market data and customer preferences, manufacturers can optimize their distribution strategies to maximize market penetration and revenue generation.

Solar Shingles Market Regional Insights

North America dominated the Solar Shingles Market revenue in 2023, accounting for nearly 40% share due to the increasing adoption of solar energy and government incentives. The region is expected to maintain its dominance over the forecast period, driven by the growing demand for sustainable energy solutions and favorable regulatory policies. Europe holds the second-largest market share, supported by stringent environmental regulations and initiatives to reduce carbon emissions.

The APAC region is projected to witness the fastest growth during the forecast period, owing to the rising demand for solar energy in developing countries such as China and India. South America and MEA represent emerging markets with significant growth potential, driven by increasing urbanization and government efforts to promote renewable energy.

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

Solar Shingles Market Key Players And Competitive Insights:

Key players in the solar shingles market industry are focusing on new innovative products as well as increasing their geographical footprint. Prominent solar shingles market participants are investing heavily in research and development to improve the efficiency and reliability of their products. 

The growth of the solar shingles market share is driven by the increasing demand for renewable energy sources and the rising popularity of solar panels. The Solar Shingles Market Competitive Landscape is expected to be competitive in the coming years as both emerging companies and established players attempt to gain significant market shares.

One of the prominent players in the Solar Shingles Market is Tesla. Tesla offers a range of solar shingles, which are designed to integrate seamlessly into a roof. Tesla’s shingles are known for their high efficiency and durability, and they can be customized to fit the unique needs of any homeowner. CertainTeed is another established participant in the Solar Shingles Market, which offers a range of affordable and durable solar shingles. 

CertainTeed’s solar shingles are available in a wide range of colors and styles, and they can be installed on any roof, including new and existing ones. Lastly, GAF is a leading participant in the solar shingles market, which offers durable and easy to install solar shingles. GAF’s solar shingles are available in various colors and styles, and they can be installed on new and existing roofs.

Key Companies in the Solar Shingles Market Include:

• Ludovico


• Dow Chemical Company


• REC Group


• GAF Energy


• SunTegra


• Canadian Solar


• SolarEdge Technologies


• Tesla


• Hanwha Q Cells


• CertainTeed


• Astronergy


• First Solar


• Ja Solar


• Mission Solar Energy


• Solaria Corporation

Solar Shingles Market Industry Developments

The solar shingles market is projected to reach USD 28,750.7 billion by 2032, exhibiting a CAGR of 30.1% during the forecast period. Increasing government incentives and supportive policies, coupled with rising energy costs and growing environmental concerns, are driving the market growth. Technological advancements, such as the development of high-efficiency solar cells and lightweight, flexible shingles, are further contributing to the market expansion.

Recent news developments in the market include: Tesla's acquisition of SolarCity in 2016 marked a significant milestone in the solar shingles industry, consolidating the market and enhancing Tesla's position as a leading player. In 2023, GAF Energy launched its Timberline Solar roof, a revolutionary product that integrates solar panels into traditional asphalt shingles. Several startups, such as CertainTeed and SunTegra, are emerging with innovative solar shingle solutions, increasing competition and driving down costs.

Solar Shingles Market Segmentation Insights

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   Solar Shingles Market Product Type Outlook

  
  
  
  
  • Monocrystalline Silicon Solar Shingles
  
  
  • Polycrystalline Silicon Solar Shingles
  
  
  • Thin-Film Solar Shingles
  
  
  
  


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   Solar Shingles Market End-User Outlook

  
  
  
  
  • Residential
  
  
  • Commercial
  
  
  • Industrial
  
  
  
  


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  Solar Shingles Market Application Outlook

  
  
  
  
  • New Construction
  
  
  • Roof Replacement
  
  
  • Retrofitting
  
  
  
  


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  Solar Shingles Market Distribution Channel Outlook

  
  
  
  
  • Direct-to-Consumer
  
  
  • Through Installers
  
  
  • Through Distributors
  
  
  
  


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  Solar Shingles Market Regional Outlook

  
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa