Solar Rooftop Panel Market: Current Analysis and Forecast (2021-2027)

Solar Rooftop Panel Market: Current Analysis and Forecast (2021-2027)

In 2020, the global solar rooftop market was generated value of around US$66 billion and is likely to demonstrate the healthy CAGR of above 6% during the forecast period (2021-2027). Contemplating the efficiency, cost, and environmental concerns the demand of renewable energy has risen continuously. Owing to fluctuating electricity prices, solar rooftop solutions act as a secure investment and arrive at breakeven point in 2–3 years from the date of installation. Due to lack of grid transmission in sub urban areas specially in parts of Africa and South Asian countries the demand of off grid solar rooftop solutions has increase significantly over the years although, it has high installation cost as compared to on-grid solar rooftop solution. Furthermore, decline in the price of solar modules and subsidies provided by government there has been a shift in the demand thereby giving people power to adopt the usage of rooftop solar modules. Owing to, above factors the demand of solar rooftop solutions is likely to increase at a considerable rate in the forecast period. During the Covid-19 pandemic in the early 2020, majority of the countries and region witnessed a country wide lockdown. This has impacted the overall demand for hydrogen gas. Globally countries witnessed economic slowdown. Majority of decline was witnessed in the industrial sector, where countries had imposed shut down of manufacturing facilities to reduce the spread of Covid-19. However, demand for hydrogen is expected to come to normal post 2020.

Insights Presented in the Report

“Amongst Grid Type, on grid held significant market share in 2020.”

Based on Grid type, solar rooftops are bifurcated into on grid and off grid solar rooftop. Of both, on grid occupies the largest market share owing to low installation and maintain costs, as it does not require batteries to be installed. Hence, cost of batteries and their maintenance is reduced. However, in case of grid failure on grid solar rooftop does not have any backup although with rising development in countries grid transmission is increasing and electricity cuts are decreasing thereby making it more suitable to install. Off grid rooftop uses batteries to store energy thereby increasing installation and maintenance cost. Moreover, in developing countries where grid transmission is less, installing an off grid solar rooftop system can proved to be an asset. According to World Bank, off grid solar rooftop system have played a pivotal role in providing energy access to millions of people, especially in Sub-Saharan African and South Asia.

“Amongst End User, industrial sector held considerable market share in 2020.”

Based on End User, residential, commercial, industrial are the three solar rooftop categories. Between the three categories, currently industrial sector captures a significant market share owing to growing industrialization and cost effectiveness which is result of net metering. With rising environmental concerns among the population residential sector is projected to grow at an influential rate in the forecast period. Off grid solar rooftop solution provides energy storage system which is reliable secondary power especially in residential household, sub-urban and rural areas. Further, commercial sector is likely to grow at an optimum rate owing to substantially growing demand from schools, colleges, hotels, hospitals, and corporate offices.

“Amongst Capacity, 11KW–100KW category held remarkable market share in 2020.”

Based on capacity, the market is categorized into 1KW-10KW, 11KW-100KW, 101KW-1MW, and above 1MW. Among these, 11KW–100KW category captured the significant market share in 2020 and is expected to grow at a substantial rate during the forecast period.

“Amongst Technology, Monocrystalline solar panels held prominent market share in 2020.”

Based on Technology, solar rooftops are divided mainly into four categories namely thin film, monocrystalline, polycrystalline, PERC monocrystalline (Passivated Emitter and Rear Cell). Among four PERC monocrystalline panels are likely to grow at an influential rate in the forecast period owing to high efficiency of 21% to 25% and less rooftop space requirement although the manufacturing cost is more. For Instance, being new technology, its manufacturing cost ranges from 1.80 USD/W to 2.30 USD/W. However, being the most efficient option irrespective of moderate installation cost, currently monocrystalline panel holds the significant market share. In addition, the average cost for installing monocrystalline solar module 10KW plant ranges from $10,000 to $15,000 which is the best investment option for residential, commercial, and industrial sector. Moreover, thin film is less efficient and inexpensive and requires large space therefore it is mainly used by industries. Polycrystalline panels having efficiency of 15% to 17% is middle option solar rooftop solution due to low tolerance of heat resulting in low efficiency compared to monocrystalline panels.

“Amongst Facial Type, Monofacial solar panels held significant market share 2020.”

Based on Facial Type, in 2020, monofacial held the significant market share owing to less maintenance cost and more awareness among the population. However, monofacial panels generates less electricity as compared to bifacial panels and requires more rooftop space. Bifacial solar panels are equipped with transparent back sheet of conductive oxide which allows reflected light to reach the rear of the heterojunction technology cells, producing approximately 30% more electricity than monofacial panels. Despite of high maintenance cost of transparent conductive oxides (TCO) the demand of bifacial solar rooftop solution is expected to increase at an influential rate owing to less rooftop space required and high electricity generation.

“Asia Pacific represents as the largest markets in the Global Solar Rooftop Market.”

For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Russia, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. Owing to significant demand of solar rooftop market from industrial, residential, and commercial sector owing to fluctuating electricity prices. Asia Pacific accounted for the largest market share in 2020 and is expected to continue its dominance over the forecast period. Availability of cheap raw material played a major role for Asia Pacific to hold the largest market share. Government subsidies and supporting government policies regarding clean energy are driving the market grow in the region. Moreover, with increasing population in the region requirement for clean fuel power generation along with people adopting solar rooftop in their residences, residential sector is anticipated to continue its dominance over the forecast period. Further, well developed technology and supporting government policies to promote solar panel use in the country with growing focuses of solar manufacturing companies like JA Solar Holding and Trina Solar is giving a boost in production.

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  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive country level analysis of the industry


1 MARKET INTRODUCTION
1.1. Market Definitions
1.2. Limitation
1.3. Stake Holders
1.4. Currency Used in Report
2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1. Research Methodology for the Global Solar Rooftop Market
2.1.1. Main Objective of the Solar Rooftop Market
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 GLOBAL SOLAR ROOFTOP MARKET AMID COVID-19
6 GLOBAL SOLAR ROOFTOP MARKET REVENUE (USD BN), 2019-2027F
7 MARKET INSIGHTS BY GRID TYPE
7.1. On Grid
7.2. Off Grid
8 MARKET INSIGHTS BY END USER
8.1. Residential
8.2. Commercial
8.3. Industrial
9 MARKET INSIGHTS BY CAPACITY
9.1. 1KW – 10KW
9.2. 11KW – 100KW
9.3. 101KW – 1MW
9.4. Above 1MW
10 MARKET INSIGHTS BY TECHNOLOGY
10.1. Thin Film
10.2. Monocrystalline
10.3. Polycrystalline
10.4. PERC Monocrystalline
11 MARKET INSIGHTS BY FACIAL TYPE
11.1. Monofacial Panels
11.2. Bifacial Panels
12 MARKET INSIGHTS BY REGION
12.1. North America Solar Rooftop Market
12.1.1. United States
12.1.2. Canada
12.1.3. Rest of North America
12.2. Europe Solar Rooftop Market
12.2.1. Germany
12.2.2. United Kingdom
12.2.3. France
12.2.4. Spain
12.2.5. Rest of Europe
12.3. Asia-Pacific Solar Rooftop Market
12.3.1. China
12.3.2. Japan
12.3.3. India
12.3.4. Australia
12.3.5. Rest of Asia-Pacific
12.4. Rest of World
13 SOLAR ROOFTOP MARKET DYNAMICS
13.1. Market Drivers
13.2. Market Challenges
13.3. Impact Analysis
14 SOLAR ROOFTOP MARKET OPPORTUNITIES
15 SOLAR ROOFTOP MARKET TRENDS
16 LEGAL & REGULATORY FRAMEWORK
17 DEMAND AND SUPPLY SIDE ANALYSIS
17.1. Demand Side Analysis
17.2. Supply Side Analysis
17.2.1. Top Product Launches
17.2.2. Top Business Partnerships
17.2.3. Top Business Expansions, Investments and Divestitures
17.2.4. Top Merger and Acquisitions
18 VALUE CHAIN ANALYSIS
19 COMPETITIVE SCENARIO
19.1. Porter’s Five Forces Analysis
19.1.1. Bargaining power of Supplier
19.1.2. Bargaining power of Buyer
19.1.3. Industry Rivalry
19.1.4. Availability of Substitute
19.1.5. Threat of new Entrants
19.2. Competitive Landscape
19.2.1. Company Shares, By Revenue
20 COMPANY PROFILED
20.1. JA Solar Holdings
20.2. JinkoSolar Holding Co. Ltd.
20.3. SunPower Corporation
20.4. Yingli Green Energy Holding Company Limited
20.5. First Solar Inc.
20.6. Trina Solar Co. Ltd.
20.7. LONGi Green Energy Technology
20.8. Canadian Solar Inc.
20.9. Hanwha Q CELLS Co. Ltd.
20.10. GCL-Poly Energy Holdings Ltd.
21 DISCLAIMER

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