Rooftop Solar PV Market Research 2015 – 2023
The global rooftop solar PV market has been exhibiting a positive growth recently. The high efficacy of rooftop solar PV systems, coupled with the subsiding energy payback time, which is supported by various subsidies and tax rebate by several governments across the globe, are the key factors fuelling demand from the market. According to a market study, published by Transparency Market Research (TMR) in 2014, the global market for rooftop solar PVs stood at US$1.7 bn.
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The decline in costs associated with batteries is likely to fuel the demand of rooftop solar PV systems over the next few years. The rising acceptance of distributed PV technology in the global arena is also expected to add significantly to the growth of the worldwide rooftop solar PV market. Analysts at TMR estimate the global market to expand at a healthy CAGR of 11.0% during the period from 2015 to 2023 and reach a value US$4.5 bn by the end of 2023. However, the dearth of strong smart grid infrastructures and net metering policies can hamper the growth of this market in the near future.
Residential Building Segment Reports Highest Demand for Rooftop Solar PVs
The leading end user of rooftop solar PV systems are the residential buildings and commercial buildings segments. In 2014, the residential building segment reported the maximum demand for rooftop solar PVs, accounting approximately 61.2% of the overall market.
The availability of financial leasing, rebate on taxes, third-party models, and net metering has propelled the residential building segment to emerge as the biggest end user of rooftop solar PV systems. The commercial building segments is also significantly aiding the growth of the global rooftop solar PV market on account of increased installations in government buildings.
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The U.S. Drives North America Rooftop Solar PV Market
The global market for rooftop solar PV is spread across North America, Asia Pacific, Europe, and the Rest of the World. North America, among these regions acquired the leading position in 2014, holding almost 39% of the overall market.
This regional market is largely driven by the rooftop solar PV market in the U.S in terms of production. California, on the other hand, dominates the North America market in terms of installation. Various offers by the U.S. government, promoting rooftop solar PV systems, such as tax rebate are also boosting the rooftop solar PV market in North America.
Europe occupied the second position in the global rooftop solar PV market in 2014. Germany leads the Europe rooftop solar PV market, since the country has substantial funds for the development of this market. Asia Pacific stood third among the regional rooftop solar PV markets in the same year. This regional market is dominated by Japan and China with key rooftop solar PV projects.
Global Rooftop Solar PV Market: Major Players
SolarCity Corp., Jinko Solar Holding Co. Ltd., Vivint Solar Inc., Rina Solar Ltd., Shunfeng International Clean Energy Ltd., Yingli Green Energy Holding Co. Ltd., SolarWorld AG, Canadian Solar Inc., Hanwha Q CELLS Co. Ltd., JA Solar Holdings Co. Ltd., SunPower Corp., and Sungevity are some of the prominent players in the global rooftop solar PV market.
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