Rooftop Solar Photovoltaic Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Rooftop Solar Photovoltaic Market grew at a CAGR of 8.7% between 2017-2021 and is estimated to be US$ 52,765.1 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 10.8% and is expected to reach a valuation of US$ 1,47,144.6 Mn by 2032 end.
One or more solar panels, an inverter, and other mechanical and electrical parts make up a photovoltaic (PV) system, which uses solar energy to generate electricity. The process through which sunlight, which is made up of energy particles called photons, strikes a solar panel and produces an electric current is known as the photovoltaic effect.
Each solar panel has only a small amount of electricity, but a solar array can make much more electricity when joined to other solar panels. Solar photovoltaic systems come in a wide range of sizes, from small rooftops or portable units to enormous utility-scale power plants.
DROPPING COSTS OF ROOFTOP SOLAR PV INFRASTRUCTURE HAS ENRICHED THE VALUE CHAIN OF MARKET MANUFACTURERS AND SUPPLIERS
Costs for rooftop solar PV infrastructure have been steadily declining, which has benefited the market’s manufacturers and suppliers along the value chain. Stakeholders have greatly benefited from solar technological advancements and low energy payback times. Due to the adaptability of photovoltaic systems’ use in both off- and on-grid applications, players in the rooftop solar PV market now have a fantastic avenue to explore.
During the anticipated time, this amazingly lucrative category will dominate the rooftop solar PV market. Additionally, the sector is primarily driven by the small and simple installation of rooftop solar PV systems on residential structures.
THE DEPENDENCE ON WEATHER FOR THE ENERGY PRODUCTION HAMPERS THE MARKET
The market potential for solar electricity is constrained by the necessity for broad tracts of land and the weather dependence of solar systems. On gloomy days, solar panels typically yield between 10% and 30% of their capacity. The exact quantity depends on the kind of solar panel, the amount of cloud cover or fog, and how long the clouds are over the house. Consequently, the amount of energy produced decreases due to several variables that partially limit market expansion.
MASSIVE INTEREST IN SOLAR PHOTOVOLTAIC SYSTEMS IS BEING SPARKED BY RISING POWER RATES BY ENERGY SUPPLIERS
A huge surge in interest in solar photovoltaic systems is caused by rising electricity prices charged by energy providers. Due to escalating energy costs and widespread power outages, consumers began to switch to solar-powered energy sources. Any increase in fuel cost, whether natural gas or petroleum, raises the cost. When gasoline shortages or when the supply is disrupted by bad weather, fuel prices may also increase. Damage to the fuel distribution infrastructure may also increase costs. As fuel prices rise, power costs also climb directly.
Market Segments Covered in Report
By Grid Type:
By Region and Country:
Why is the ground-mounted rooftop solar photovoltaic increasing in demand?
Due to more installation setups in the ground-mounted segment globally, the ground-mounted sector contributes more to the solar photovoltaic industry than the roof segment. The demand for utility-scale is expected to remain high during the projection period because of significant growth in emerging regions like China.
Why is the residential segment expected to expand the fastest during the forecast period?
The largest segment, Residential, experienced a significant increase throughout the projection period. Rooftop solar PV systems’ small size and ability to be swiftly installed on residential structures are the main factors driving the market.
Why is the off-grid segment anticipated to have a larger market share?
From 2022 to 2032, the off-grid segment is predicted to develop at the greatest CAGR. The off-grid solar industry is driven by governmental needs for solutions with a sustainability focus. Demand may increase due to high electricity prices and the nearly full depletion of fossil fuel reserves. The order may rise due to the use of off-grid solar power systems to light up villages and power isolated populations. To encourage the installation of solar panels, communities may be provided incentives, and solar panel producers may receive subsidies.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
These actions have enabled market participants to increase their clientele and revenue. With the increasing demand for rooftop solar photovoltaic in the worldwide industry, market players in the chlorinated solvents market can anticipate attractive growth prospects in the future.
Some of the key developments that have taken place in the Rooftop Solar Photovoltaic Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Deployment, Technology, Grid Type, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 10.8%.
Dropping rooftop solar infrastructure costs has enriched the value chain of market manufacturers and suppliers.
Major global Rooftop Solar Photovoltaic Market players are Sharp Corporation, Pristine Sun LLC, Solimpeks Corp., Yingli Solar, Vikram Solar Limited, Trina Solar Limited, KYOCERA Corporation, JA Solar Co., Ltd., Canadian Solar Inc., RelyOn Solar Pvt Ltd, Sunshot Technologies
The amount of energy production reduces on several factors that restrain the growth of the market to some extent.
North America is expected to account for the largest market revenue share in the Global Rooftop Solar Photovoltaic market.
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