Rooftop Solar PV Market Trends and Forecast 2015 – 2023

Rooftop solar PV is a photovoltaic system, which comprises photovoltaic panels, transformers, electricity systems, and monitoring and mounting equipment along with mounting and installation modules. Photovoltaic panel mounts on the rooftops of commercial or residential structures used to capture the solar radiation for generating emission-free electricity. These panels are made up of silicon wafer and possess a capability of generating both off-grid and on-grid electricity. Solar panels are classified mainly into two types: monocrystalline and polycrystalline. Installation of rooftop solar PV systems mainly depends on insolation value in a particular area. These insolation values are impacted by time of the year, latitude, weather conditions, roof slope, roof aspect, shading from adjacent buildings, and vegetation.

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The average life expectancy of a traditional rooftop solar PV system is 30 years. Flexibility with the off-grid and on-grid has increased the popularity of rooftop solar PV systems across the globe. Rooftop solar PV systems on account of their flexible nature and availability through leasing schemes are experiencing a surge in popularity. These systems have a very high market potential in countries which lack grid infrastructure. Many solar resource-rich nations in Africa and South and Latin America provide vast potential for rooftop solar PVs. Currently, many countries such as India, China, and the U.S. are exploring various clean energy techniques for generation of electricity which spurs the demand for rooftop solar PV systems.

These countries also offer several subsidies coupled with tax credits schemes to encourage the demand for such systems. As a result, the rooftop solar PV market is attracting huge investments from equity investors and public investors through funding and IPOs. The market for rooftop solar PV systems has been further boosted with the reduction of energy payback time in the last few years.

The segmentation of the rooftop solar PV market is done on the basis of volume capacity (MW) and revenue (US$ Mn). The market has been further segmented on the basis of end-use and geography. End-use segmentation comprises residential and commercial buildings. The residential segment held the largest share of 61.2% of the rooftop solar PV market in 2014. Residential market for rooftop solar PVs is primarily driven by financial leasing, third-party model, tax incentives, and net metering. Moreover, commercial rooftop solar projects for government buildings are also propelling rooftop solar PV installations.

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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 held the largest market for rooftop solar PV, accounting for 39% of the global market in 2014. In the U.S., California is leading in rooftop solar PV installations. The Government of U.S. is offering several tax credits and incentives in order to promote the installation of rooftop solar PV systems. Europe was the second-largest market for rooftop solar PV installations in 2014. Germany with its well-structured solar policies and large funding for market development was the leading player in Europe in 2014.

Asia Pacific with its countries such as China and Japan was the third-largest market for rooftop solar PV, in terms of market share, in 2014.

The market in Rest of the World is expected to witness significant growth in the near future, with increase in commercial projects across South Africa, Chile, and Brazil. Key players in the global rooftop solar PV Market include Trina Solar Limited, Yingli Green Energy Holding Company Limited, Canadian Solar Inc, Jinko Solar Holding Co., Ltd., SolarWorld AG, SunPower Corporation, Shunfeng International Clean Energy Limited (SFCE), Hanwha Q CELLS Co Ltd, JA Solar Holdings, Co., Ltd., Vivint Solar, Inc., SolarCity Corporation and Sungevity.

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