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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.
Who are the major participants in the global rooftop solar PV module landscape?
JA SOLAR Technology Co., Ltd., JinkoSolar, SunPower Corporation, REC Solar Holdings AS, GCL-SI, LG Electronics, Yingli Solar, RENESOLA, The Solaria Corporation, Motech Industries Inc., Indosolar, VIKRAM SOLAR LTD, and LONGi.
What is the outlook for the Europe rooftop solar PV module industry by 2032?
Europe market will witness more than 7% CAGR from 2023 to 2032, owing to ongoing research and development operations with the objective of increasing energy output, along with the growing need to reduce carbon emissions.
Why is the thin film rooftop solar PV module demand increasing?
The thin film rooftop solar PV module market size will record over 9.7% CAGR from 2023 to 2032, due to the increasing number of corporate post-purchase agreements, owing to the competitiveness of solar PV.
How big is the rooftop solar PV module market?
The market size of rooftop solar PV module was reached USD 65.24 billion in 2023 and will surpass more than USD 110.57 billion by 2032, says this GMI report.