Rooftop Solar PV Market Advanced technologies & growth opportunities in global Industry by 2023.
Installation of rooftop solar photovoltaic (PV) systems is poised to surge as energy crisis is felt globally. Besides providing energy-efficient solutions, these systems are also easy to install, which is primary driver of the global rooftop solar PV market. Due to their ability of generating high capacity energy, rooftop solar PV systems is slowly becoming a preferred choice as an alternative energy source worldwide.
With government offering lucrative tax benefits, intended at encouraging the use of energy derived from alternative sources, the future of the global rooftop solar PV market seems quite promising. For the purpose of the study, the market is segmented based on various parameters such as end-use and geography. Regionally, Asia Pacific, Europe, North America, and Rest of the World make the key segments of the global rooftop solar PV market. By end-use the market can be bifurcated into commercial and residential.
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The report presents a granular analysis of the various factors influencing the market profoundly. The growth drivers and restraints shaping its trajectory are also studied in detail. To present an executive-level blueprint of the market, some of the leading companies operating therein are profiled. Using industry-leading analytical tools their strengths and weaknesses are analyzed. The report also provides insights into the threats and opportunities that these companies could witness during the course of the forecast period between 2015 and 2023.
Global Rooftop Solar PV Market: Overview
The global rooftop solar PV market is projected to exhibit a robust 11% CAGR between 2015 and 2023. The market had a valuation of US$1.79 bn in 2014, and is expected to reach US$4.58 bn by the end of 2023. Based on end-use, the residential buildings segment emerged dominant. Regionally, North America dominated the global rooftop solar PV market in 2014. However, Asia Pacific holds tremendous opportunities for the market. The regional market is expected to report the leading CAGR during the forecast period.
The market is significantly gaining from the increasing demand for rooftop solar PV systems both across commercial and residential sectors. With the recent technological advancements, the deployment of rooftop solar PV systems is expected to increase further in the forthcoming years. Experts suggest, very soon these systems are slated to receive wide acceptance as primary sources of energy. A rooftop solar PV has a lifespan of over 30 years, which is a key factor encouraging the adoption of the system.
Despite exhibiting positive growth, the absence of smart grid infrastructure is the key factor challenging the mass adoption of solar PV systems. Moreover, these systems are likely to be installed mainly for individual usage purpose than large-scale supply. This could hamper the market’s growth as well. Nevertheless, technological advancements will make possible to mitigate these challenges, thereby ensuring considerable growth of the market in the forthcoming years.
Companies Mentioned in Report
To present a definitive analysis of the vendor landscape in the market, the report profiles some of the leading players operating therein. The top five companies, which registered their lead with a share of 43% in the market in 2014, are Yingli Green Energy Holding Company Limited, Jinko Solar, SunPower, Canadian Solar, and Trina Solar. Besides these, the report also includes profiles of some of the prominent vendors, whose strategies have reported significant impact on the market in the past.
Global Rooftop Solar PV Market is segmented as:
Global Rooftop Solar PV Market: By End-use
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