About Solar Rooftop System
Solar rooftops are solar panels placed on top of roofs of commercial, industrial, residential, and others (institution, government, community) buildings. They capture the light energy emitted by the sun and convert it into electrical energy. This setup is also known as a solar rooftop photo-voltaic system. It produces a clean, eco-friendly form of energy, meaning that it does not produce any kind of pollution or harmful gases. The solar rooftop system is the most vital part of the generation of renewable power. It is used for producing solar energy and solar power consumption. These systems can be installed in vacant roof space and offer lower transmission and distribution losses. It is being widely used due to its feature that helps in carbon emission reduction offering long-term energy and ecological security. The solar rooftop systems provide better management of daytime peak loads with minimal technical losses as power consumption and generation are collocated. According to Bridge to India, in 2016, the Indian rooftop solar market has with a CAGR of 98% in the last four years to reach a total capacity of 1,020 MW. Due to this growing solar rooftop market in Asian countries are the major solar rooftop system manufacturers are focus on investing in this region. The Indian solar rooftop market was estimated to be around USD 1,183 million in 2019 which is expected to reach an estimated value of USD 2,151.2 Million by 2025 growing at a CAGR of 10.5% during the forecast period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
In Solar Rooftop System Market, it has been observed that most of the companies are upgrading or introducing innovative products as well as are heavily investing in Research and Development (R&D) activities in order to gain a position in the global market. These companies rely on strategies such as mergers & acquisitions, product development, geographical expansion, technological innovation and sourcing strategies to enhance their market share. Analyst at AMA Research estimates that Asian Manufacturers will contribute the maximum growth to Global Solar Rooftop System market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
JinkoSolar Holding Co., Ltd. (China), SunPower Corporation (United States), Trina Solar Limited (China), Canadian Solar Inc. (Canada), Tata Power Solar Systems Limited (India), Hanwha Q Cells Co., Ltd. (South Korea), JA Solar Holdings (China), LONGi Solar (China), Risen Energy (China) and Talesun Solar Technologies (China) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Solar Rooftop System market by Type (Solar Photovoltaic and Solar Thermal), Application (Industrial, Commercial and Residential) and Region.
On the basis of Type, Solar Photovoltaic are dominating the market in the year 2023 where as Solar Thermal stood as second largest market share.
On the basis of application, Industrial segment is dominating the market and held 43.18% of market share in the year 2023 where as Commercial segment stood as second largest market with a holding of 38.17%.On the basis of geography, the market of Solar Rooftop System 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). Asia Pacific region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Components, the sub-segment i.e. Solar panels will boost the Solar Rooftop System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Installation Type, the sub-segment i.e. Grid-Connected will boost the Solar Rooftop System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Capacity, the sub-segment i.e. Up to 10 kW will boost the Solar Rooftop System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Increasing Number of Installations in Emerging Countries such as India
Market Growth Drivers:
Growing Electricity Needs Worldwide, Expanding the Renewable-based Power Generation and Lower Transmission and Distribution Losses
Challenges:
High Maintenance Cost
Restraints:
High Initial Cost Coupled with Lack of Awareness among the People
Opportunities:
Rising Government Focus on Increasing the Share of Solar Power in the Energy Mix and Availability of Abundant Solar Resource
Market Leaders and their expansionary development strategies
In October 2018, SunPower completed the acquisition of SolarWorld Americas, a manufacturer of the high-quality solar panels. This acquisition added SolarWorld Americas’s P-Series cells and modules in SunPower’s product portfolio. With this strategy, SunPower expanded its presence in the U.S. market.
In February 2019, Tata Power Solar launches an extensive residential rooftop solution at Hyderabad, India. This residential rooftop solution is expected to save up to INR 50,000 annually for 25 years. Also to ease the beneficiaries’ expenses the proposition comes with a government subsidy so that consumers can avail a chance to earn from their idle rooftop space.
Supportive Government Policies for the Adoption of Solar Panels Across Different Countries
Key Target Audience
Power Generation Providers, Commercial and Industrial Businesses, Raw Material Suppliers, Aftermarket suppliers, Solar Rooftop System Manufactures, Research Institute & Education Institute, Potential Investors and Government
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.