Solar rooftop market to rise at CAGR of 20.57% through 2028, says Market Research Future

Solar rooftop market to rise at CAGR of 20.57% through 2028, says Market Research Future
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NEW YORK – According to a comprehensive research report by Market Research Future (MRFR), the solar rooftop market will grow at a rate of 20.57% during the forecast period 2021-2028.

The solar rooftop market is proliferating on the global platform. The continually growing energy demand and wide adoption of solar rooftops in residential, commercial, infrastructural, and industrial sectors worldwide impact the market growth positively.

Besides, the development of solar parks, funding support for domestic cells & modules, and schemes for grid-connected solar rooftop manufacturing influence the market growth. Rise in solar panel installations and growing government initiatives for infrastructure development benefit the solar rooftop market growth.

Increasing numbers of grid-connected rooftop solar projects as part of the state-wise targets, which comprise city-wise and sector-wise targets, substantiate the market growth. Under the grid-connected rooftop solar PV program, growing numbers of large solar plants are installed in residential sectors, boosting the solar rooftop market share.

Also, the rising installation of rooftop solar systems with and without subsidy in residential and commercial/industrial structures creates vast opportunities. The governments make it compulsory for its new buildings to have rooftop solar by changing building bylaws, which is a major growth driver. Additional factors influencing the market rise include technological advancements that help develop novel properties in components like high durability, cost efficiency, and low maintenance.

Solar rooftop installations require high initial investments. Besides, high costs associated with the maintenance of solar rooftops hamper the market growth. Simultaneously, the lack of awareness of solar roofing benefits impedes the growth of the market.

Nevertheless, increasing focus and government support for the development of renewable energy technology would support the market growth throughout the assessment period, leading to advancements in solar technology.

The onset of COVID 19 impacted the solar rooftop industry in two ways. On one side, due to the coronavirus-driven lockdowns, industry players faced several challenges, such as obtaining key raw materials, disrupted supply chains, logistic issues in delivering end products, and attracting workers from quarantines.

On the other hand, the energy demand remained robust amid coronavirus crises, which made the renewable energy market growing steadily. The solar rooftop market is projected to pick up further in 2021 and beyond.

The solar rooftop market analysis is segmented into capacity, connectivity, end-users, and regions. The capacity segment is sub-segmented into > 10 kW, 11 kW -100 kW, and < 100 kW. Among these, the sub-segment 11 kW- 100kW holds the largest market share, witnessing rapid adoption. The connectivity segment is sub-segmented into on-grid and off-grid.

The end-user segment is sub-segmented into residential, commercial, and industrial. Among these, the sub-segment residential holds the largest market share. The region segment is bifurcated into the Americas, Asia Pacific, Europe, and rest-of-the-world.

The Asia Pacific region dominates the global solar rooftop market. Continuous growth in industrial, commercial, and utility sectors is a major driving force requiring a high amount of electricity for their operations. Besides, government initiatives to promote renewable energy use make the end-user opt for renewable, such as solar power.

All these factors would contribute to the solar rooftop market growth in this region. Moreover, rapid urbanization and industrialization, alongside the rapid growth in the economy, foster the solar rooftop market size. The region is estimated to continue with its leadership throughout the forecast period, witnessing high sales.

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide.

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