Rooftop Solar PV Module Market Analysis

Rooftop Solar PV Module Market Analysis

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The rooftop solar PV module market size from amorphous silicon segment accounted for USD 1.7 billion in 2022. The modules are very thin and lightweight in comparison to traditional crystalline silicon modules. Thereby, their flexibility expands the potential installation locations and makes them suitable for a wider range of buildings. Moreover, rooftop solar systems provide a decentralized energy solution, which can enhance energy resilience during power outages or natural disasters coupled with the ability to generate electricity on-site can be crucial in maintaining essential power supply during such events which will sway the industry growth.
 

The off-grid rooftop solar PV module market will cross USD 2.9 billion by 2032. Continuous advancements in solar technology have improved the efficiency and performance of off grid rooftop solar PV modules. Higher conversion efficiencies, better durability, and increased flexibility in module design along with deployment of rooftop solar systems will stimulates local economies by reducing energy costs for businesses & households, hence fostering the product demand. Moreover, many governments around the world have implemented policies & incentives to promote the adoption of solar energy. These include feed-in tariffs, tax credits, net metering, and renewable energy targets, which have encouraged the installation of rooftop solar PV modules.
 

The thin film rooftop solar PV module market is set to witness CAGR of 9.7% between 2023 and 2032. The increasing number of corporate post-purchase agreements, owing to the competitiveness of solar PV, increasing wholesale electricity prices, and shifting focus of private players to achieve sustainability goals will fuel the business landscape. Enhanced solar PV deployments on account of government support schemes have instituted a favorable industry outlook. For instance, in July 2022, government of India launched National Portal for rooftop Solar and simplified the procedure for residential customers for installing rooftop solar plant by themselves under Rooftop Solar Programme. According to which, the household beneficiary, who wishes to install Rooftop Solar (RTS) under the new mechanism will apply on the national portal and get instant information of the process and subsidy amount.
 

Residential rooftop solar PV module market size dominated around USD 17.8 billion in 2022. The modules enable people and companies to generate their own electricity while reducing their reliance on traditional utility providers which has fueled the product demand. Moreover, continuous technical innovations, coupled with substantial investments in the private and governmental sectors will support the business scenario.
 

Commercial & industrial rooftop systems market size will grow substantially through 2032, on account of effortless installation, durability, and high load capacity. Favorable government incentives for solar system adoption in conjunction with falling component costs of solar PV modules are expected to drive business potential. Furthermore, substitution of conventional resources with innovative & efficient energy sources will enhance the industry trends.
 

Europe rooftop solar PV module market will exhibit a CAGR of 7% during the forecast period, owing to ongoing research and development operations with the objective of increasing energy output, along with the growing need to reduce carbon emissions.  For instance, in March 2023, European Parliament mandated the installation of solar rooftop systems for all new buildings by 2028 and renovation of residential buildings by 2032. The aim is to minimize GHG emissions & energy consumption in EU building sector by 2030 & to achieve carbon neutrality by 2050.
 

Solar photovoltaic module market will show tremendous growth till 2032, attributed to increasing requirement for clean energy along with continuous technological developments. Favorable government investments and incentives for the development of modern energy solutions, along with strict regulations and guidelines, will encourage the rooftop solar PV module market landscape. For instance, government of Indonesia introduced new MEMR (Minister of Energy and Mineral Resources) regulation to encourage the development of rooftop solar. The regulation provides extended period for setoff of the unused credit, integrated information online, allowance for trading carbon credits, and digital-based rooftop PV systems.