Rooftop Solar Photovoltaic Market to Reach $84.2 Billion by 2030

The rooftop solar photovoltaic (PV) installations market is estimated to reach $84.2 billion by 2030, at a compound annual growth rate (CAGR) of 6.3% between 2021 and 2030. This steadily increasing demand is due to the policies and efforts implemented by governments around the world to encourage the installation of rooftop solar PV systems.

Rooftop solar PV systems are an excellent alternative for generating electrical power, either to meet the energy demands of a building or to supply power to an existing distribution network. These systems are composed of solar panels installed on the roofs of residential or industrial buildings, harnessing the sun’s energy to produce electricity.

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The market analysis of rooftop solar PV installations is divided into different segments, such as deployment, technology, grid type, end-use, and region

Technology is divided into thin film and crystalline silicon, the latter being classified into monocrystalline and polycrystalline. Grid type includes off-grid and grid-connected, with the latter divided into centralized and decentralized. The end-use categories included in the study are residential, commercial, and industrial.

Major players in the global rooftop solar PV installation market include Suntech Power Holding Co Ltd, First Solar Inc, Yingli Green Energy Holding Co Ltd, Canadian Solar Inc, Sharp Corporation, Solar World Ag, Jinko Solar Holding Company Ltd, and Trina Solar Ltd. There are also other prominent players in the industry such as Aneka Corporation Ltd, Kyocera Corporation, Panasonic Corporation, Renesola Co Ltd, BP Solar International, and Bloo Solar Inc.

The COVID-19 pandemic has had a significant impact on the market

The temporary ban on imports and exports, as well as manufacturing and processing activities, resulted in a decrease in electricity demand in various industries and utilities. However, growth in renewable energy, including rooftop solar PV, is expected to rebound. Large-scale solar PV projects are projected to recover quickly, while rooftop solar PV installations for homes and businesses may face disruptions without strong government support.

In 2020, Asia-Pacific accounted for the largest market share, followed by North America, Europe, and LAMEA. The ground-mount segment dominated the market in terms of deployment, while the crystalline silicon segment led in terms of technology. The grid-connected segment was the largest in terms of grid type and the industrial segment held the largest market share in terms of end-use.

With the increasing focus on renewable energy and the need to reduce carbon emissions, the rooftop solar PV installation market is poised for significant growth in the coming years. As governments continue to prioritize clean energy initiatives and provide support to the sector, the market is expected to thrive.

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(Featured image by RoyBuri via Pixabay)

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