Rooftop Solar PV Market Forecast 2015 – 2023

According to this report, the global rooftop solar PV market was valued at USD 1,798.1 million in 2014 and is anticipated to reach USD 4,584.3 million by 2023 at a CAGR of 11.0% from 2015 to 2023.

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Rooftop solar PV panels are mounted over rooftops of residential or commercial buildings. These panels have off-grid and on-grid electricity generation capability. Rooftop solar PV systems provide effective tool for capturing solar radiation for generating electricity in an emission-free, environment-friendly manner. Rooftop solar PV technology has existed since a long time but has recently witnessed adoption on a large scale with the advent of FITs and net metering policies. Rooftop solar PV systems consist of two parts: solar PV panels and balance of system. Solar panels are made of silicon wafer and are of two types: monocrystalline and polycrystalline. A balance of system usually consists of transformers, electricity systems, and monitoring and mounting equipment along with mounting and installing modules. Rooftop solar PV systems are increasingly being utilized due to their off-grid and on-grid flexibility. Demand for clean and renewable source of energy reaching an all-time high has contributed to the development and growth of the rooftop solar PV market. Rooftop solar PV is an efficient method for generating electricity from solar radiation without using fossil fuels. The market for rooftop solar PV has been rapidly increasing with the support of government subsidies and tax credits. The rooftop solar PV market have attracted large number of equity investments and funding. Many rooftop solar PV companies have launched IPOs through their new-formed YieldCos. Increasing rooftop solar PV market is considered critical for reducing carbon footprint.

In terms of geography, the rooftop solar PV market has been segmented into four regions: North America, Asia Pacific, Europe, and Rest of the World. North America was the largest market for rooftop solar PV, accounting for 38.9% share in 2014. The U.S. leads the rooftop solar PV market in North America, with the government promoting rooftop solar PV systems by offering tax credits and incentives. California, a state in the U.S., leads in terms of rooftop solar PV installations and has several tax incentives available for residential and commercial buyers.

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Europe follows North America with Germany as a leading country, with the highest number of rooftop solar installations in Europe. Asia Pacific was the third-largest market for rooftop solar PV, in terms of market share, in 2014. China and Japan are the leading countries with major rooftop solar PV projects in Asia Pacific. Asia Pacific also houses headquarters of several large rooftop solar PV companies. The market in Rest of the World is likely to grow at a significant rate with anticipated increase in commercial projects across South Africa, Chile, and Brazil in the near future.

Rooftop Solar PV Market: By End-use Type

  • Residential
  • Commercial

Rooftop Solar PV Market: By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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