What is Rooftop Solar Photovoltaics Market?
Increasing concerns about energy security and energy access, along with volatile oil prices in recent decades, have led to the need to produce and use an alternative, low-carbon technology options such as renewables. A rooftop solar photovoltaic system, mounted on the roof, is an electrical installation that converts solar energy into electricity. This can be used to meet the building’s own energy consumption requirements or, in certain situations, fed back into the electrical grid. The various government taking initiatives for solar energy which is boosting the rooftop solar photovoltaic market. For example, the Government of India has set a challenging target of 40,000 MWp of Grid-Interactive Rooftop Solar PV Plants during the next five years. These rooftop solar PV plants will be set up in residential, commercial, industrial, institutional sectors in the country ranging from 1 kWp to 500 kWp capacity.
Highlights from Rooftop Solar Photovoltaics Market Study
|Unit||Value (USD Million)|
|Key Companies Profiled||Wuxi Suntech Power Co., Ltd. (China), SunPower Corporation (United States), First Solar, Inc.(United States), Yingli Green Energy Holding (China), Canadian Solar Inc. (Canada), Schott Solar (Germany), Sharp Corporation (Japan), Solar World (Germany), JinkoSolar Holding Co., Ltd. (China) and Trina Solar Limited (China)|
The market is fragmented with numerous players focusing on technique and quality of the product due to which the global rooftop solar photovoltaic can witness an upsurge in the forecast period. Wuxi Suntech Power Co., Ltd. (China), SunPower Corporation (United States), First Solar, Inc.(United States), Yingli Green Energy Holding (China), Canadian Solar Inc. (Canada), Schott Solar (Germany), Sharp Corporation (Japan), Solar World (Germany), JinkoSolar Holding Co., Ltd. (China) and Trina Solar Limited (China) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Solimpeks Corporation (Turkey), Kyocera Corporation (Japan) and JA Solar Co. Ltd. (China).
Rooftop Solar Photovoltaics Market Segmentation:
|Application / End User||Residential and Non-residential|
|Grid ||On-Grid (Centralized, Decentralized),Off-Grid|
On the basis of geography, the market of Rooftop Solar Photovoltaics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers:
Increasing Demand for Solar Systems in Residential Applications and Supportive Policies and Initiatives of Various Governments Across the Globe
Lack of Awareness related to Rooftop Solar Photovoltaic in Underdeveloped Countries
Lack of Smart Grid Infrastructure
Shifting Focus Towards Renewable Energy Sources Owing to the Increasing Environment Concerns and Decreasing Costs of Solar Systems and Energy Storage Devices
Key Target Audience
Rooftop Solar Photovoltaic Manufacturers, Rooftop Solar Photovoltaic Traders, Suppliers, and Distributors, Government and Research Organizations, Associations and Industrial Bodies, Raw Material Suppliers and Distributors and Industry Associations
Market Leaders & Development Strategies
In Feb 2020, Canadian Solar Inc.announced the acquisition of a 47.5 MWp portfolio of solar projects under development in Chile. These projects will become operational in two different stages, beginning from the fourth quarter of 2020.
In November 2018, the Ministry introduced the MEMR Regulation 49/2018 for rooftop solar PV installations. Under this, all rooftop solar PV installations require prior verification and approval from PT PLN’s local distribution company and the process of verification and approval should be completed within 15 days.