The global rooftop solar market size was valued at $62.4 billion in 2019 and is projected to progress at a compound annual growth rate (CAGR) of 6.9% from 2020 to 2025. Major factors contributing towards driving the market are rising deployment of renewable energy for electricity generation coupled with abundant availability of solar energy in most parts of the world. Moreover, rooftop solar PVs are an efficient solution for the fluctuating electricity prices and hence are used in various verticals. Due to the fact that the price of power produced from these photovoltaic can be measured with ease, enduse segments can measure their electricity generation costs for another ten years. Over the forecast period, this trend will positively influence the industry landscape.
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Key Takeaways
•The thin-film segment held the major share accounting to 45% in 2019 attributed to thin film manufacturing from lightweight and flexible materials, strong durability, and narrow design.
•Global Rooftop Solar Market is dominated by Europe with a share of 38% in 2019 accredited to the stringent regulatory reforms regarding clean energy deployment.
•Increasing demand for clean energy is one of the primary drivers for the rooftop solar market across the globe.
•Rooftop solar systems require capital investments and solar radiation for a significant duration of time which is one of the major hindrances of the market.
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Rooftop Solar Market Segment Analysis - By Technology
The Rooftop Solar Market is segmented into Thin – film, crystalline and Others by technology. The thin-film segment held the major share accounting to 45% in 2019 attributed to thin film manufacturing from lightweight and flexible materials, strong durability, and narrow design. Thin film rooftop solar PV majorly finds application in the commercial sector as they have lower installation costs due to their light weight. However, the crystalline segment is anticipated to witness the highest growth rate of around 9.27% during the forecast period 2020 – 2025.
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