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Rooftop Solar PV Market Dynamics Trends, Segmentation, Key Players, Application And Forecast-P&S Intelligence

Rooftop solar PV systems consist of solar PV panels and related equipment, which comprise transformers, inverters, meters, junction boxes, cables, batteries, and monitoring and mounting units. Rooftop solar PV systems are gaining widespread adoption by consumers, owing to their on-grid and off-grid flexible nature. In the report, the rooftop solar PV market is segmented on basis of application and region.

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Growing adoption of rooftop solar photovoltaics (PV) panels in residential and commercial installations for generation of power using solar energy and increased investment by major players in the solar energy industry for the development of rooftop solar PV panels are the key trends witnessed in the global rooftop solar PV market. This increasing adoption is favored due to regulatory policies, development of infrastructure, high gross domestic product (GDP) growth, large consumer base, low cost of power generation, and sustainable energy requirements in emerging economies such as China and India.

Based on region, the rooftop solar PV market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Globally, Europe held a significant share in the market during the historical period, owing to high adoption of solar energy and increasing compliance for green energy in the region. In addition, different governments of the European countries are providing tax benefits to manufacturers of solar panels, which is fueling the growth of the market in the region. Government schemes for rooftop solar PV systems, such as financing schemes, direct capital subsidies, and green electricity schemes are also expected to upsurge the rooftop solar PV installation in the region.

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Opportunity

Adoption of rooftop solar PV modules in emerging markets and low-income countries such as India, Pakistan, and Nigeria combined with governmental support in form of subsides, tax credits, and feed-in tariffs are expected to offer ample opportunities for the growth of rooftop solar PV market.

Rooftop Solar PV Market Dynamics

Driver

The rooftop solar PV market is expected to be driven by government policies and initiatives. Additionally, increasing demand for solar PV panel from different regions has led to the production of cheap modules and thereby, caused a decline in prices of solar modules globally. This is expected to further assist in capacity additions of solar PV installations in the future.

The rooftop solar PV market continues to depend on different incentive mechanisms such as technology-specific renewable portfolio standards (RPSs), 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. Government and private companies are expected to garner adoption of these modules by residential and commercial installations, thereby, driving their demand in the future.

Opportunity

Adoption of rooftop solar PV modules in emerging markets and low-income countries such as India, Pakistan, and Nigeria combined with governmental support in form of subsides, tax credits, and feed-in tariffs are expected to offer ample opportunities for the growth of rooftop solar PV market.

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