The global rooftop solar photovoltaic (PV) market is growing significantly, due to the stringent environmental regulations across the globe, and increased awareness for the usage of solar energy around the world. Some of the other factors driving the growth of the global rooftop solar PV market are increasing energy demands, high concern for environment, and increased focus for the replacement of conventional energy sources. The different governments in different countries are actively promoting the usage of rooftop solar PV in residential, as well as commercial areas; thus fueling the growth of the global rooftop solar PV market. The governments in different countries are providing tax benefit to the manufacturers of solar panels and subsidies to the consumers. The residential consumer end-user segment dominates the global rooftop solar PV market, owing to the increasing compliance for solar energy and the subsidies provided by the governments to reduce the upfront cost of installation.
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Moreover, the high rate of depletion of conventional energy sources, upsurge in the demand for reducing greenhouse gases, and massive unexplored rooftop solar PV market in developing countries, are creating ample opportunities for the growth of the global Roof top solar PV market, during the forecast period. In addition, the increasing adoption of rooftop solar PV and increased investment by major players in the solar energy industry for the development of rooftop solar PV panels are the key trends witnessed in the global roof top solar PV market. However, the high investment required for the installation of rooftop solar PV systems, lack of standardization of rooftop solar PV systems, and limited financing schemes by banks are restraining the growth of the global rooftop solar PV market to some extent. In addition, the lack of service providers for small scale rooftop solar PV systems, and reduction of upfront cost for the installation of small capacity rooftop solar PV systems are some of the challenges, which are hampering the growth of the global rooftop solar PV market.
Geographically, Europe leads the global rooftop solar PV market, owing to the high adoption of solar energy and increasing compliance for green energy. In addition, the different governments in European countries are providing tax benefits to the manufacturers of solar panels, which is fueling the growth of the rooftop solar PV market in the region. Germany leads the European rooftop solar PV market, due to the various government schemes for rooftop solar PV, such as financing schemes, direct capital subsidies, and green electricity schemes. Asia-Pacific is another prominent market for rooftop solar PV, which is witnessing significant growth, due to the upsurge in the rooftop solar PV installation, high energy demands, and increased government funding. Japan dominates the Asia-Pacific rooftop solar PV market, owing to tax benefit schemes and sustainable building requirements. Moreover, the developing infrastructure, high GDP growth, large consumer base, and sustainable energy requirements in China and India are driving the growth of the rooftop solar PV market in Asia-Pacific.
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The key players operating in the global rooftop solar PV market are Hanwha Q CELLS Co. Ltd., JA SOLAR Holdings Co. Ltd., SolarCity Corporation, Sungevity, Shunfeng International Clean Energy Limited, SunPower Corporation, SolarWorld AG, JinkoSolar Holding Co. Ltd., Yingli Green Energy Holding Company Limited, Trina Solar Limited, and Canadian Solar Inc.
Global Rooftop Solar PV market Segmentation
- Commercial/Institutional Consumers
- Residential Consumers
- North America
- Rest of the World
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