Rooftop Solar PV Market Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031

Rooftop Solar PV Market Outlook 2031

•          The global rooftop solar PV market was valued over US$ 97.3 Bn in 2021
•          It is estimated to grow at a CAGR of 15.1% from 2022 to 2031
•          The global rooftop solar PV market is expected to cross the value of US$ 397.3 Bn by the end of 2031

Overview of Global Rooftop Solar PV Market

A rooftop solar photovoltaic installation is a type of electrical installation setup mounted on the roof that converts solar energy into electricity. Rooftop solar PV systems are a type of distributed power generating system that helps to cater to the energy demands of buildings within an existing distribution network. Rooftop solar PVs act as a secure investment for end-use customers against the volatility in prices of electricity. End-use segments can calculate their electricity generation cost for another 10 years, owing to ease of calculation of price of power generated from these photovoltaics. This trend is estimated to positively influence the industry landscape during the forecast period.

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High Efficiency and Declining Energy Payback Time Supported by Government Subsidies and Tax Credits

Rooftop solar systems can be installed at various locations, such as household and commercial building rooftops and above parking spaces, using balance of system including inverters, transformers, wiring, and monitoring equipment, making them a convenient option. Rooftop solar capacities range from 1 Watt to several GW for on-grid as well as off-grid applications. This makes rooftop solar systems a highly preferred source of power over other green alternative sources. The demand for rooftop solar systems is primarily driven by various incentive mechanisms such as technology-specific renewable portfolio standards (RPS) and tenders, tax credits, traditional feed-in tariffs or Power Purchase Agreements (PPAs), as well as premiums for the feed-in of excess power generated in self-consumption systems.

Rise in Adoption of Distributed PV Technology Globally

Distributed PVs (DPVs) with a capacity of less than 100 kW are preferred for rooftop solar systems. However, as the difficulties with FIT persist for DPV, solar leasing has gained popularity and is expected to boost the rooftop solar market. The demand for DPV has been increasing at a steady pace, owing to high number of installations in developed countries such as Japan and the U.S. Electricity generated by DPV is available at competitive prices; hence, the local government in China has changed policies in order include systems under 20 MW as DPV.

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Some of the key trends likely to shape the near-term utility PV market outlook include continued growth of utility PV outside of renewable portfolio standard (RPS) obligations and increased procurement by municipal and cooperative utilities. Utilities are voluntarily introducing large-scale solar into resource planning as hedge, due to competitive prices, in order to cope with price volatility of natural gas and other fossil fuels.

Extensive Use of Rooftop Solar PVs for Off-grid Solar Solutions to Drive Global Market

In terms of application, the global rooftop solar PV market has been bifurcated into on-grid and off-grid. The off-grid segment is expected to dominate the market during the forecast period. Off-grid solar solutions are an alternative to storing renewable energy amid the looming energy crisis and volatility in oil prices. Off-grid solar systems can work independently and store energy with the help of batteries.

Off-grid is a prominent segment of the global rooftop solar PV market, which accounted for 74% share of the market, in terms of volume, in 2021.

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Analysis of Key Players in Global Rooftop Solar PV Market

The global rooftop solar PV market is consolidated with a small number of large-scale vendors controlling majority of the market share. Several firms are spending significantly on comprehensive research and development, primarily to develop environment-friendly products. Growth of product portfolios and mergers & acquisitions are notable strategies adopted by key players. Pristine Sun LLC, Solimpeks Corp., Sharp Corporation, Trina Solar Limited, KYOCERA Corporation, JA Solar Co., Ltd., Yingli Solar, Vikram Solar Limited, Canadian Solar Inc., RelyOn Solar Pvt Ltd, and Sunshot Technologies are the prominent entities operating in the market.