Rooftop Solar PV Market is expected to Grow with a CAGR of 15.36% through 2029
Declining installation costs, favorable government incentives, growing environmental awareness, and increasing energy independence, collectively drive the adoption of solar technology throughout the forecast period.
According
to TechSci Research report, “Rooftop Solar PV Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2029F”, the
Global Rooftop Solar PV Market was valued at USD 90.78 billion in 2023 and is expected to reach USD 215.88 billion by 2029 with a CAGR of 15.36% during the forecast period. A significant trend in the rooftop solar PV market is the growing popularity of solar financing options. The upfront cost of installing a solar PV system can be a major barrier for many homeowners and businesses. To address this, a variety of financing solutions have emerged, including solar leases, power purchase agreements (PPAs), and solar loans. These options allow consumers to install solar systems with little to no initial investment, instead paying for the solar power generated or financing the purchase over time. Solar leases and PPAs offer fixed monthly payments and can include maintenance and monitoring services, making them attractive to those seeking predictable costs and minimal hassle. Solar loans, on the other hand, provide an opportunity for homeowners and businesses to own their systems outright while spreading the cost over a longer period. Additionally, government incentives and rebates are often available to further reduce the financial burden. As these financing options become more accessible and competitive, they are driving greater adoption of rooftop solar PV systems, expanding the market and making solar energy more attainable for a broader audience.
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over XX Market data Figures spread through XX Pages and an in-depth TOC on
the "Global Rooftop Solar PV Market.”
Based on the Grid
Type, the Grid-connected segment held the largest Market share in 2023. The
rooftop solar PV market in the grid-connected segment is experiencing
significant growth driven by a confluence of factors, with increasing energy
costs and environmental concerns being primary contributors. As conventional
energy sources become more expensive and volatile, both residential and
commercial users are seeking stable and cost-effective energy solutions, making
rooftop solar PV an attractive option. Technological advancements in solar
panel efficiency and energy storage systems are making rooftop installations
more viable, reducing costs, and improving performance. The decline in solar
panel prices due to economies of scale and technological innovations has also
contributed to the market’s expansion, making solar PV more accessible to a
broader range of consumers. Additionally, government policies and incentives
play a crucial role in driving growth in the grid-connected segment. Many
governments worldwide offer tax credits, rebates, and subsidies to promote
renewable energy adoption, which significantly lowers the upfront cost of solar
installations. Net metering policies, which allow solar PV users to sell excess
electricity back to the grid, further enhance the financial attractiveness of
rooftop solar systems. This creates a favorable economic environment for
investments in solar technology, as it provides a return on investment through
savings on electricity bills and potential revenue from excess power
generation. The growing awareness of climate change and the push for
sustainability are also significant drivers. Consumers and businesses alike are
increasingly motivated to reduce their carbon footprint and contribute to
environmental conservation efforts. Rooftop solar PV systems offer a tangible
way to achieve these goals, aligning with both individual and corporate
sustainability objectives. Urbanization and the expansion of residential and
commercial buildings also create opportunities for rooftop solar installations.
As cities grow and new buildings are constructed, the availability of rooftop
space for solar panels increases, leading to more installations. Advancements
in solar technology have led to the development of aesthetically pleasing and
space-efficient panels that can be seamlessly integrated into building designs.
Financial models and leasing options are also driving growth in the market.
Innovative financing solutions, such as power purchase agreements (PPAs) and
solar leases, allow consumers to install rooftop solar PV systems with little
or no upfront cost, paying for the system through savings on their electricity
bills. This model reduces the financial barrier to entry and encourages broader
adoption. Furthermore, the integration of smart grid technology and energy
management systems enhances the efficiency and reliability of grid-connected
solar PV systems. These technologies enable better monitoring and control of
energy production and consumption, ensuring optimal performance and contributing
to the overall stability of the electrical grid. Collectively, these drivers
create a robust and dynamic environment for the growth of the rooftop solar PV
market in the grid-connected segment, offering significant opportunities for
stakeholders and contributing to the broader transition towards renewable
energy sources.
Based on region, The North American region is emerging as the fastest-growing segment in the Rooftop Solar PV Market, driven by a combination of favorable government policies, financial incentives, and a rising emphasis on renewable energy adoption. In the United States, federal tax credits such as the Investment Tax Credit (ITC), along with state-level rebates and net metering programs, are significantly accelerating the deployment of rooftop solar systems. Additionally, growing environmental awareness among consumers, coupled with the declining costs of solar PV technology, has increased adoption across residential, commercial, and industrial sectors. Canada is also contributing to this growth, with initiatives promoting clean energy transitions and solar integration in urban infrastructure. The region's robust focus on sustainability goals and reducing carbon emissions further positions North America as a key driver in the global rooftop solar PV market.
Major
companies operating in the Global Rooftop Solar PV Market are:
- Tata Power Solar Systems Limited
- Amplus Energy Solutions Pvt. Ltd.
- CleanMax Enviro Energy Solutions Pvt. Ltd.
- SunSource Energy
- Momentum Solar LLC
- Canadian Solar Inc,
- SunPower Corporation
- Sharp Corporation
- Wuxi Suntech Power Co., Ltd.
- KYOCERA Corporation
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“The
Global Rooftop Solar PV Market is expected to rise in the upcoming years and
register a significant CAGR during the forecast period. The Rooftop Solar PV
Market is poised for substantial growth, fueled by the global transition to
renewable energy and sustainability. Expanding government incentives,
subsidies, and supportive policies are driving rapid market expansion. Advances
in solar technology and declining costs are enhancing the accessibility and
affordability of rooftop installations for both residential and commercial
sectors. Increased environmental awareness and the pursuit of energy
independence are further accelerating market demand. Furthermore, the
integration of smart grid technologies and energy storage solutions improves
the efficiency and appeal of rooftop solar PV systems, presenting significant
opportunities for widespread adoption and market advancement. Therefore, the
Market of Rooftop Solar PV is expected to boost in the upcoming years.,” said
Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“Rooftop Solar PV Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented, By Deployment (Ground Mounted and Rooftop Mounted), By Technology (Thin Film and Crystalline Silicon), By Grid Type (Off-Grid and Grid-connected), By End-User (Residential, Commercial, and Industrial), By Region, By Competition, 2019-2029F”,
has evaluated the future growth potential of Global Rooftop Solar PV Market and
provides statistics & information on the Market size, structure, and future
Market growth. The report intends to provide cutting-edge Market intelligence
and help decision-makers make sound investment decisions., The report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Rooftop Solar PV Market.
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