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Rooftop Solar PV Module Market - By Technology (Thin Film, Crystalline Silicon), By Product (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon, Copper Indium Gallium Di-Selenide), Connectivity, Mounting, End-Use & Forecast, 2024 – 2032
Report ID: GMI5846
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Published Date: May 2023
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Report Format: PDF
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Premium Report Details
Base Year: 2023
Companies covered: 21
Tables & Figures: 1412
Countries covered: 46
Pages: 200
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Rooftop Solar PV Module Market Size
Rooftop Solar PV Module Market size was valued at USD 65.24 billion in 2023 and is estimated to grow at 6.1% CAGR from 2024 to 2032. A rooftop solar PV module is specifically designed to be installed on the rooftop of a building or a structure. It is a device that converts sunlight into electricity using semiconductor materials, such as silicon, that generate a direct current (DC) when exposed to light. The global market for solar photovoltaic module is set to cross USD 253 billion by 2032.
Increasing awareness about climate change and the need to reduce greenhouse gas emissions has driven the adoption of renewable energy sources like solar power. Gradual deployment of improved efficiency power generation units, coupled with rising consumer demand for PV solar, will accelerate the business landscape.
COVID-19 Impact
In the course of the pandemic, global economies experienced a slight decline in the overall industry landscape. COVID-19's impact on the supply chain has dramatically increased component costs &raw material rates for both manufacturers & suppliers. However, the sector is expected to develop owing to the growing emphasis on distributed solar along with expanding rooftop installations. Furthermore, the consumer shift towards clean & sustainable energy utilization will enhance the rooftop solar PV module market dynamics.
Rooftop Solar PV Module Market Analysis
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.
Rooftop Solar PV Module Market Share
Some of the leading companies operating in the rooftop solar PV module market include
Rooftop Solar PV Module Industry News
This rooftop solar PV module market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW & USD Million’ from 2019 to 2032 for the following segments:
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Market, By Technology
Market, By Product
Market, By Connectivity
Market, By End-use
The above information has been provided for the following regions and countries: