Analysts’ Viewpoint on Global Rooftop Solar PV Market Scenario
The demand for rooftop solar PV systems is increasing due to the various benefits, including the ability to offer on-grid and off-grid flexibility and cost-effectiveness. The environment-friendly nature of rooftop solar PV systems is fueling its demand significantly in developed as well as developing countries across the globe. The energy payback time (EPBT) of a 2-kWp rooftop solar system is approximately two to three years. Therefore, these systems are increasingly being adopted as an inexpensive and efficient option. Tax credits, technology-specific renewable portfolio standards (RPS) and tenders, and traditional feed-in tariffs or power purchase agreements are used to boost the demand for rooftop solar (PPAs). The prices of rooftop solar PV systems have declined significantly, owing to greater research & development by manufacturers. This factor has increased the demand for rooftop solar PV systems across the globe.
A rooftop solar photovoltaic installation is a type of electrical installation setup mounted on the roof that converts solar energy into electricity. Rooftop solar PV systems are a type of distributed power generating system that helps to cater to the energy demands of buildings within an existing distribution network. Rooftop solar PVs act as a secure investment for end-use customers against the volatility in prices of electricity. End-use segments can calculate their electricity generation cost for another 10 years, owing to ease of calculation of price of power generated from these photovoltaics. This trend is estimated to positively influence the industry landscape during the forecast period.
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Rooftop solar systems can be installed at various locations, such as household and commercial building rooftops and above parking spaces, using balance of system including inverters, transformers, wiring, and monitoring equipment, making them a convenient option. Rooftop solar capacities range from 1 Watt to several GW for on-grid as well as off-grid applications. This makes rooftop solar systems a highly preferred source of power over other green alternative sources. The demand for rooftop solar systems is primarily driven by various incentive mechanisms such as technology-specific renewable portfolio standards (RPS) and tenders, tax credits, traditional feed-in tariffs or Power Purchase Agreements (PPAs), as well as premiums for the feed-in of excess power generated in self-consumption systems.
Distributed PVs (DPVs) with a capacity of less than 100 kW are preferred for rooftop solar systems. However, as the difficulties with FIT persist for DPV, solar leasing has gained popularity and is expected to boost the rooftop solar market. The demand for DPV has been increasing at a steady pace, owing to high number of installations in developed countries such as Japan and the U.S. Electricity generated by DPV is available at competitive prices; hence, the local government in China has changed policies in order include systems under 20 MW as DPV.
Some of the key trends likely to shape the near-term utility PV market outlook include continued growth of utility PV outside of renewable portfolio standard (RPS) obligations and increased procurement by municipal and cooperative utilities. Utilities are voluntarily introducing large-scale solar into resource planning as hedge, due to competitive prices, in order to cope with price volatility of natural gas and other fossil fuels.
In terms of application, the global rooftop solar PV market has been bifurcated into on-grid and off-grid. The off-grid segment is expected to dominate the market during the forecast period. Off-grid solar solutions are an alternative to storing renewable energy amid the looming energy crisis and volatility in oil prices. Off-grid solar systems can work independently and store energy with the help of batteries.
Off-grid is a prominent segment of the global rooftop solar PV market, which accounted for 74% share of the market, in terms of volume, in 2021.
In terms of volume, Europe accounted for a notable share of nearly 59% of the global rooftop solar PV market in 2021. Germany is expected to account for a prominent share of the market in Europe. Increasing trend of generating power through renewable energy is adding to the rising rooftop solar PV capacity. Moreover, stringent regulatory reforms regarding clean energy deployment are driving the market in the region.
North America is projected to hold a significant share, with the U.S. being the major contributor to the revenue of the market in the region. Rising requirement for clean fuel power generation, along with a surge in capacity of residential solar, is anticipated to enhance the penetration of rooftop solar PV systems across the country in the next few years.
The market in Asia Pacific is estimated to grow at a high growth rate during the forecast period. China accounted for a notable share of the market, in terms of revenue. Favorable government policies providing financial incentives and subsidies for solar PV projects, along with the presence of prominent market players are key factors boosting the market in China.
The global rooftop solar PV market is consolidated with a small number of large-scale vendors controlling majority of the market share. Several firms are spending significantly on comprehensive research and development, primarily to develop environment-friendly products. Growth of product portfolios and mergers & acquisitions are notable strategies adopted by key players. Pristine Sun LLC, Solimpeks Corp., Sharp Corporation, Trina Solar Limited, KYOCERA Corporation, JA Solar Co., Ltd., Yingli Solar, Vikram Solar Limited, Canadian Solar Inc., RelyOn Solar Pvt Ltd, and Sunshot Technologies are the prominent entities operating in the market.
Each of these players has been profiled in the rooftop solar PV market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
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Attribute |
Detail |
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Market Size Value in 2021 |
US$ 97.3 Bn |
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Market Forecast Value in 2031 |
US$ 397.3 Bn |
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Growth Rate (CAGR) |
15.1% |
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Forecast Period |
2022–2031 |
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Historical Data Available for |
2020 |
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Quantitative Units |
US$ Bn for Value and MW for Volume |
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Market Analysis |
It includes cross segment analysis at global as well as regional level. Furthermore, qualitative analysis includes drivers, restraints, opportunities, key trends, Porter’s Five Forces analysis, value chain analysis, and key trend analysis. |
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Competition Landscape |
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Format |
Electronic (PDF) + Excel |
|
Market Segmentation |
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Regions Covered |
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Countries Covered |
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Companies Profiled |
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Customization Scope |
Available upon request |
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Pricing |
Available upon request |
The rooftop solar PV market stood over US$ 97.3 Bn in 2021.
The rooftop solar PV market is expected to grow at a CAGR of 15.1% from 2022 to 2031
High efficiency and declining energy payback time supported by government subsidies and tax credits are fueling the rooftop solar PV market growth.
Off-grid application was the largest segment that held nearly 74% share in 2021.
Europe was the most lucrative region of the rooftop solar PV market in 2021.
Pristine Sun LLC, Solimpeks Corp., Sharp Corporation, Trina Solar Limited, KYOCERA Corporation, JA Solar Co., Ltd., Yingli Solar, Vikram Solar Limited, Canadian Solar Inc., RelyOn Solar Pvt Ltd, and Sunshot Technologies.
1. Executive Summary
1.1. Rooftop Solar PV Market Snapshot
1.2. Key Market Trends
1.3. Current Market and Future Potential
1.4. TMR’s Growth Opportunity Wheel
2. Market Overview
2.1. Market Segmentation
2.2. Market Indicators
2.3. Market Definitions
2.4. Market Dynamics
2.4.1. Drivers
2.4.2. Restraints
2.4.3. Opportunities
2.5. Porter’s Five Forces Analysis
2.6. Value Chain Analysis
2.6.1. List of Potential Customers
3. COVID-19 Impact Analysis
4. Rooftop Solar PV Market Production Outlook
5. Rooftop Solar PV Price Trend Analysis, 2020–2031
5.1. By Application
5.2. By Region
6. Global Rooftop Solar PV Market Analysis and Forecast, by Application, 2020–2031
6.1. Introduction and Definitions
6.2. Global Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
6.2.1. On-grid
6.2.2. Off-grid
6.3. Global Rooftop Solar PV Market Attractiveness, by Application
7. Global Rooftop Solar PV Market Analysis and Forecast, by Region, 2020–2031
7.1. Key Findings
7.2. Global Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Region, 2020–2031
7.2.1. North America
7.2.2. Europe
7.2.3. Asia Pacific
7.2.4. Latin America
7.2.5. Middle East & Africa
7.3. Global Rooftop Solar PV Market Attractiveness, by Region
8. North America Rooftop Solar PV Market Analysis and Forecast, 2020–2031
8.1. Key Findings
8.2. North America Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
8.3. North America Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Country, 2020–2031
8.3.1. U.S. Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
8.3.2. Canada Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
8.4. North America Rooftop Solar PV Market Attractiveness Analysis
9. Europe Rooftop Solar PV Market Analysis and Forecast, 2020–2031
9.1. Key Findings
9.2. Europe Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
9.3. Europe Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Country and Sub-region, 2020–2031
9.3.1. Germany Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
9.3.2. France Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
9.3.3. U.K. Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
9.3.4. Italy Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
9.3.5. Spain Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
9.3.6. Russia & CIS Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
9.3.7. Rest of Europe Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
9.4. Europe Rooftop Solar PV Market Attractiveness Analysis
10. Asia Pacific Rooftop Solar PV Market Analysis and Forecast, 2020–2031
10.1. Key Findings
10.2. Asia Pacific Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
10.3. Asia Pacific Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Country and Sub-region, 2020–2031
10.3.1. China Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
10.3.2. Japan Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
10.3.3. India Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
10.3.4. ASEAN Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
10.3.5. Rest of Asia Pacific Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
10.4. Asia Pacific Rooftop Solar PV Market Attractiveness Analysis
11. Latin America Rooftop Solar PV Market Analysis and Forecast, 2020–2031
11.1. Key Findings
11.2. Latin America Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
11.3. Latin America Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Country and Sub-region, 2020–2031
11.3.1. Brazil Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
11.3.2. Mexico Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
11.3.3. Rest of Latin America Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
11.4. Latin America Rooftop Solar PV Market Attractiveness Analysis
12. Middle East & Africa Rooftop Solar PV Market Analysis and Forecast, 2020–2031
12.1. Key Findings
12.2. Middle East & Africa Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
12.3. Middle East & Africa Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Country and Sub-region, 2020–2031
12.3.1. South Africa Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
12.3.2. GCC Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
12.3.3. Rest of Middle East & Africa Rooftop Solar PV Market Volume (MW) and Value (US$ Bn) Forecast, by Application, 2020–2031
12.4. Middle East & Africa Rooftop Solar PV Market Attractiveness Analysis
13. Competition Landscape
13.1. Global Rooftop Solar PV Company Market Share Analysis, 2021
13.2. Competition Matrix
13.3. Market Footprint Analysis
13.3.1. By Raw Material
13.3.2. By Application
13.4. Company Profiles (Details – Overview, Financials, Recent Developments, and Strategy)
13.4.1. Pristine Sun LLC
13.4.1.1. Company Description
13.4.1.2. Business Overview
13.4.1.3. Financial Details
13.4.1.4. Strategic Overview
13.4.2. Solimpeks Corp.
13.4.2.1. Company Description
13.4.2.2. Business Overview
13.4.2.3. Financial Details
13.4.2.4. Strategic Overview
13.4.3. Sharp Corporation
13.4.3.1. Company Description
13.4.3.2. Business Overview
13.4.4. Trina Solar Limited
13.4.4.1. Company Description
13.4.4.2. Business Overview
13.4.5. KYOCERA Corporation
13.4.5.1. Company Description
13.4.5.2. Business Overview
13.4.6. JA Solar Co., Ltd.
13.4.6.1. Company Description
13.4.6.2. Business Overview
13.4.7. Yingli Solar
13.4.7.1. Company Description
13.4.7.2. Business Overview
13.4.8. Vikram Solar Limited
13.4.8.1. Company Description
13.4.8.2. Business Overview
13.4.9. Canadian Solar Inc.
13.4.9.1. Company Description
13.4.9.2. Business Overview
13.4.10. RelyOn Solar Pvt Ltd
13.4.10.1. Company Description
13.4.10.2. Business Overview
13.4.11. Sunshot Technologies
13.4.11.1. Company Description
13.4.11.2. Business Overview
14. Primary Research: Key Insights
15. Appendix
List of Tables
Table 1: Global Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 2: Global Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 3: Global Rooftop Solar PV Market Volume (MW) Forecast, by Region, 2020–2031
Table 4: Global Rooftop Solar PV Market Value (US$ Bn) Forecast, by Region, 2020–2031
Table 5: North America Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 6: North America Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 7: North America Rooftop Solar PV Market Volume (MW) Forecast, by Country, 2020–2031
Table 8: North America Rooftop Solar PV Market Value (US$ Bn) Forecast, by Country, 2020–2031
Table 9: U.S. Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 10: U.S. Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 11: Canada Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 12: Canada Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 13: Europe Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 14: Europe Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 15: Europe Rooftop Solar PV Market Volume (MW) Forecast, by Country and Sub-region, 2020–2031
Table 16: Europe Rooftop Solar PV Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020–2031
Table 17: Germany Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 18: Germany Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 19: U.K. Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 20: U.K. Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 21: France Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 22: France Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 23: Italy Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 24: Italy Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 25: Spain Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 26: Spain Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 27: Russia & CIS Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 28: Russia & CIS Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 29: Rest of Europe Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 30: Rest of Europe Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 31: Asia Pacific Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 32: Asia Pacific Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 33: Asia Pacific Rooftop Solar PV Market Volume (MW) Forecast, by Country and Sub-region, 2020–2031
Table 34: Asia Pacific Rooftop Solar PV Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020–2031
Table 35: China Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 36: China Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 37: Japan Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 38: Japan Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 39: India Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 40: India Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 41: ASEAN Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 42: ASEAN Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 43: Rest of Asia Pacific Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 44: Rest of Asia Pacific Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 45: Latin America Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 46: Latin America Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 47: Latin America Rooftop Solar PV Market Volume (MW) Forecast, by Country and Sub-region, 2020–2031
Table 48: Latin America Rooftop Solar PV Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020–2031
Table 49: Brazil Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 50: Brazil Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 51: Mexico Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 52: Mexico Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 53: Rest of Latin America Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 54: Rest of Latin America Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 55: Middle East & Africa Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 56: Middle East & Africa Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 57: Middle East & Africa Rooftop Solar PV Market Volume (MW) Forecast, by Country and Sub-region, 2020–2031
Table 58: Middle East & Africa Rooftop Solar PV Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020–2031
Table 59: GCC Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 60: GCC Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 61: South Africa Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 62: South Africa Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
Table 63: Rest of Middle East & Africa Rooftop Solar PV Market Volume (MW) Forecast, by Application, 2020–2031
Table 64: Rest of Middle East & Africa Rooftop Solar PV Market Value (US$ Bn) Forecast, by Application, 2020–2031
List of Figures
Figure 1: Global Rooftop Solar PV Price Trend, by Application, 2020–2031 (US$/Ton)
Figure 2: Global Rooftop Solar PV Price Trend, by Region, 2020–2031 (US$/Ton)
Figure 3: Global Rooftop Solar PV Market Volume Share, by Application, 2021, 2025, and 2031
Figure 4: Global Rooftop Solar PV Market Attractiveness, by Application
Figure 5: Global Rooftop Solar PV Market Volume Share, by Region, 2021, 2025, and 2031
Figure 6: Global Rooftop Solar PV Market Attractiveness, by Region
Figure 7: North America Rooftop Solar PV Market Volume Share, by Application, 2021, 2025, and 2031
Figure 8: North America Rooftop Solar PV Market Attractiveness, by Application
Figure 9: North America Rooftop Solar PV Market Volume Share, by Country, 2021, 2025, and 2031
Figure 10: North America Rooftop Solar PV Market Attractiveness, by Country
Figure 11: Europe Rooftop Solar PV Market Volume Share, by Application, 2021, 2025, and 2031
Figure 12: Europe Rooftop Solar PV Market Attractiveness, by Application
Figure 13: Europe Rooftop Solar PV Market Volume Share, by Country and Sub-region, 2021, 2025, and 2031
Figure 14: Europe Rooftop Solar PV Market Attractiveness, by Country and Sub-region
Figure 15: Asia Pacific Rooftop Solar PV Market Volume Share, by Application, 2021, 2025, and 2031
Figure 16: Asia Pacific Rooftop Solar PV Market Attractiveness, by Application
Figure 17: Asia Pacific Rooftop Solar PV Market Volume Share, by Country and Sub-region, 2021, 2025, and 2031
Figure 18: Asia Pacific Rooftop Solar PV Market Attractiveness, by Country and Sub-region
Figure 19: Latin America Rooftop Solar PV Market Volume Share, by Application, 2021, 2025, and 2031
Figure 20: Latin America Rooftop Solar PV Market Attractiveness, by Application
Figure 21: Latin America Rooftop Solar PV Market Volume Share, by Country and Sub-region, 2021, 2025, and 2031
Figure 22: Latin America Rooftop Solar PV Market Attractiveness, by Country and Sub-region
Figure 23: Middle East & Africa Rooftop Solar PV Market Volume Share, by Application, 2021, 2025, and 2031
Figure 24: Middle East & Africa Rooftop Solar PV Market Attractiveness, by Application
Figure 25: Middle East & Africa Rooftop Solar PV Market Volume Share, by Country and Sub-region, 2021, 2025, and 2031
Figure 26: Middle East & Africa Rooftop Solar PV Market Attractiveness, by Country and Sub-region
Figure 27: Global Rooftop Solar PV Market Share Analysis, by Company, 2020
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