The global rooftop solar PV market was valued at $64.3 billion in 2020. It is expected to grow at a CAGR of more than 12% during 2021-2030. The C&I segment backed by high growth in major solar PV markets such as China, the US, and India accounted for more than 60% of the capacity. The evolution of both residential and C&I consumers to prosumers, the trend of solar panels being adopted as building materials, and additional factors such as an increase in preference of distributed small-scale solar in smart cities and microgrids combined with storage and digital solutions is expected to lead to stable growth in solar PV rooftop installations in both the segments.
At the beginning of the decade, rooftop installations constituted the majority globally, especially in countries in Europe. Germany, Italy, and France were the major markets for rooftop solar PV taking Europe’s share to more than 70% of the rooftop solar PV market in 2012. A huge number of installations in Japan, China, India, and recently in Vietnam resulted in Asia-Pacific accounting for over half of the rooftop solar PV cumulative capacity in 2020. Asia-Pacific will continue to dominate the market until 2030. The MEA region will expand its share with considerable interest in rooftop installations in countries such as the UAE, South Africa, Egypt, Israel, and other countries that are yet to capitalize on the potential of the solar PV market.
Overview of the rooftop solar PV market
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What are the market dynamics in the global rooftop solar PV market?
Solar PV is one of the fastest-growing sources of energy globally. The need for energy security, stability, and independence are the major factors for governments to promote and develop renewable sources of power, including PV. Solar PV is considered a crucial means of addressing the growing demand for energy without depleting existing resources and emitting environment-damaging gases. Climate change and global dialogues to reduce carbon footprint such as the Paris Climate Agreement led to several countries setting carbon emissions reduction targets through Nationally Determined Contributions (NDCs) and countries in the European Union (EU) have set National Energy and Climate Plans (NECPs). These led to growth in the renewable power market, especially solar PV.
The average price of solar PV installations decreased significantly because of the increase in the supply of solar cells and modules during the last decade, exerting pressure on solar power products in all stages of the value chain. The global silicon production capacity increased rapidly after 2010. As a result of such an increase coupled with the global economic downturn, the solar industry reported an oversupply of high-purity silicon since the beginning of 2009. This led to an oversupply of solar wafers, cells, and modules and exerted substantial downward pressure on prices throughout the value chain. The demand for solar power products remained low through 2012; however, market revival commenced in the second half of 2013 and continued thereafter. Logistics constraints caused by the pandemic and a rise in the price of raw materials led to a sharp increase in solar PV system prices in 2021. Cost is expected to moderately increase in 2022 and decline gradually between 2023-2030 owing to advancements in technology and reduction in the cost of production of components, and the increasing scale of production. The demand in Europe will be stable despite the cancellation of FiT schemes in several countries.
What are the top regional markets in the rooftop solar PV sector?
In 2020, Asia-Pacific excluding China led the global rooftop solar PV market with a share of more than 40%, followed by Europe, China, North America and South America, and the Middle East & Africa. Germany remained the largest rooftop solar PV market with a cumulative rooftop PV capacity of more than 39 GW. China led in capacity addition, with more than 10 GW in 2020. Japan was the second-largest market in cumulative capacity; however, annual additions in the country declined sharply. Vietnam was the second-largest market in terms of annual additions with a record-breaking capacity of more than 9 GW installation.
Global rooftop solar PV market, by region
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What are the different types in the global rooftop solar PV market?
The residential segment accounted for a share of more than 30% of the rooftop solar PV cumulative capacity in 2020. The C&I segment backed by high growth in major solar PV markets such as China, the US, and India accounted for a share of more than 60% of the capacity.
Global rooftop solar PV market, by type
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Which are the major players in the global rooftop solar PV market?
Major players in the market are SOLTECH NV, Evocells, Tindo Solar, LONGi Solar, JinkoSolar, JA Solar, Trina Solar, Risen Energy, Hanergy, Suntech Power Holdings, GCL System Integration, Photowatt, Voltech, Systovi, REDEN, Recom Sillia, Armor, Aleo Solar, Heckert Solar, Solarwatt, CS Wismar GmbH, Astronergy Solar Module GmbH, Axitec Energy, Avancis, and Solibro.
Global rooftop solar PV market, by key players
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Market report scope
| Market size (Year – 2020) | $64.3 billion |
| Growth rate | CAGR of >12% from 2021 to 2030 |
| Base year for estimation | 2020 |
| Forecast period | 2021-2030 |
| Key segments | C&I and Residential |
| Key regions | Asia-Pacific ex-China, China, North America and South America, Europe, and the Middle East & Africa |
Scope
The report analyses the global rooftop solar photovoltaic (PV) market. The scope of the research includes:
- Rooftop solar PV market study at global level, and at key country level covering twelve key countries in depth.
- Key growth drivers and challenges at a country level.
- Historic (2012-2020) and forecast (2021-2030) data for cumulative installed rooftop solar PV capacity and annual additions globally, and for each of the key countries.
- Market size globally and in each of the key countries.
- Market segmentation globally and in each of the key countries.
- Major active and upcoming rooftop solar PV plants in each country, major tenders and contracts, and brief information about the major manufacturers in the country.
Reasons to Buy
The report will allow you to:
- Facilitate decision-making by providing historical and forecast data in the rooftop solar PV market.
- Develop business strategies by understanding the drivers and challenges of the market.
- Position yourself to gain the maximum advantage of the industry’s growth potential.
- Maximize potential in the growth of the rooftop solar PV market
- Identify key partners, geographies, and business-development avenues.
- Respond to business structure, strategy, and prospects.
Key Players
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
The global rooftop solar PV market was valued at $64.3 billion in 2020.
The global rooftop solar PV market is expected to grow at a CAGR of more than 12% during 2021-2030.
C&I and residential are the key segments in the global rooftop solar PV market.
In 2020, Asia-Pacific excluding China led the global rooftop solar PV market with a share of more than 40%, followed by Europe, China, North America and South America, and the Middle East & Africa.
Major players in the market are SOLTECH NV, Evocells, Tindo Solar, LONGi Solar, JinkoSolar, JA Solar, Trina Solar, Risen Energy, Hanergy, Suntech Power Holdings, GCL System Integration, Photowatt, Voltech, Systovi, REDEN, Recom Sillia, Armor, Aleo Solar, Heckert Solar, Solarwatt, CS Wismar GmbH, Astronergy Solar Module GmbH, Axitec Energy, Avancis, and Solibro.
