Rooftop Solar PV Market Insights: Size, Share, Growth Analysis & Forecast (2024-2029)
A thorough analysis is provided in the report, which is divided into several categories: Type (Off-grid Solar System, Polycrystalline, Thin Film, Solar Canopy, Hybrid Solar System), Application (Commercial, Residential, Industrial, etc.), Geography (North America, South America, Asia Pacific, Europe, the Middle East, Africa).
Rooftop Solar PV Market Snapshot
Rooftop Solar PV Market Overview
The rooftop photovoltaic (PV) market is projected to reach $112.75 billion in 2029 from an estimated $93.75 billion in 2024. For the projection period of 2024–2029, the rooftop solar PV sector market is expected to grow at a compound annual growth rate of 3.8%. In recent times, the solar PV (photovoltaic) business has grown rapidly and transformed, becoming a major force in the worldwide energy scene. With solar panels, which absorb photons from the sun and produce an electrical current, solar PV technology can convert sunlight directly into power.
In many places, the spread of solar photovoltaic systems has been aided by government programs and incentives. These regulations and financial incentives for solar projects include feed-in tariffs, tax credits, net metering programs, and renewable energy mandates. Additionally, the increasing awareness on climate change and environmental sustainability has spurred interest in renewable energy solutions, further driving demand for solar PV systems. One of the most notable trends in the solar PV market is the dramatic reduction in costs, driven primarily by technological advancements, economies of scale, and increased competition among manufacturers. This cost reduction has made solar energy highly competitive with traditional fossil fuel sources, leading to widespread adoption across residential, commercial, and utility-scale applications.
​​​Rooftop Solar PV Market Coverage
| Historical & Forecast Period | 2018-2029 |
| Base Year | 2023 |
| Forecast Period | 2024-2029 |
| Units | Billion US$ |
| Segments | Type, Application, End User |
| Geographies | North America, South America, Asia Pacific, Europe, The Middle East, Africa |
| Key Vendors | SolarWorld AG, SunPower Corp., JinkoSolar Holding Co., Ltd., Canadian Solar Inc., and Trinasolar Co., Ltd. |
Key Geographies of Rooftop Solar PV Market, 2023
Porter’s 5 Forces Analysis of Rooftop Solar PV Market
Rooftop Solar PV Market Trends
The rapid trends in the solar photovoltaic (PV) business are changing the worldwide energy landscape. The economic advantages of solar photovoltaics (PV) are becoming more widely acknowledged. These advantages include reduced air pollution and greenhouse gas emissions, job creation, local economic development, and energy cost reductions. Continued reductions in the cost of solar PV technology, including both solar panels and associated components, are making solar energy increasingly competitive with traditional fossil fuels. The global solar PV capacity is experiencing sturdy growth, driven by both utility-scale installations and distributed generation systems on residential, commercial, and industrial buildings.
Recent technologies such as perovskite solar cells, bifacial panels, and floating solar installations are becoming more popular. Continuous research and development are producing technological advancements in solar photovoltaics, including enhanced durability, efficiency, and integration with energy storage systems. Government regulations, incentives, and limits at the local, national, and international levels continue to impact the adoption of solar PV systems. These include net-metering regulations, tax credits, feed-in tariffs, and targets for renewable energy.
Adoption of solar PV is growing in off-grid applications such as remote telecommunications, water pumping, and rural electrification, as well as in emerging nations where access to consistent electricity is scarce. Solar PV systems are becoming more efficient and versatile due to the incorporation of digitalization and smart technologies, such as blockchain-based energy trading platforms, predictive analytics, and Internet of Things (IoT)-enabled monitoring and control systems.
Rooftop Solar PV Market Driving Factors
Numerous variables that have fueled the market for solar photovoltaics have also contributed to their rise and widespread adoption. Growing environmental consciousness and the urgent need to switch to renewable energy sources to slow down climate change are two contributing reasons. Around the world, new or updated government policies are being introduced. Renewable energy targets, tax breaks, and subsidies are used to promote the installation of solar photovoltaic (PV) systems.
Technological advancements and economies of scale are the two other factors contributing to the growth of the solar PV industry. Due to its substantial cost reduction, solar panels are now more accessible and appealing to both household and business users. The energy demand and grid instability together has fueled interest in decentralized energy solutions, with solar PV emerging as a reliable and scalable option.
In addition, corporate efforts to achieve energy independence and carbon neutrality are propelling solar photovoltaic systems, motivated by long-term financial advantages and environmental considerations. Briefly, the combination of ecological imperatives, favorable policies, technological progress, and shifting market dynamics are key drivers propelling the growth of the solar PV market.
Rooftop Solar PV Market Challenges
The solar PV industry, despite its growing nature, is facing some challenges. The challenges that the industry is facing are hindering its widespread adoption and development. One major challenge is the intermittent of solar energy, as solar PV systems generate electricity only when the sun is shining and can lead to issues with grid stability and reliability. Moreover, the upfront costs of installing solar PV systems remain high, although they have decreased significantly in recent years. Financing options and access to capital can be barriers for individuals and businesses looking to invest in solar energy. Careful planning and management of energy production is necessary because variations in solar irradiance brought on by weather and seasonal changes impact the predictability and efficiency of solar photovoltaic systems.
Changes in government incentives, tariffs, and regulations can impact the economic viability of solar energy projects and create uncertainty for investors and developers. Another challenge includes the integration of solar PV into existing energy infrastructure, which poses technical challenges, including grid compatibility, voltage regulation, and storage capabilities. To control variations in solar power output and maintain grid stability, effective grid integration necessitates investments in innovative grid technologies and energy storage systems.
Rooftop Solar PV Market – Key Industry News
- In March 2024, Panasonic has recently introduced a hybrid inverter as part of its Evervolt home battery and solar product lineup.
- In March 2024, Envertech launches a new microinverter of 800 W that has maximum efficiency and can be used on the balcony. It is available in 3 types: Type R, Type P, Type B.
- In February 2024, the Jindal Steel and Power Plant (JSP) commission installed India’s largest rooftop project of 15 MW at Angul, which can generate 21 million units of green power per year, offsetting a CO2 footprint.
Rooftop Solar PV Market Competitive Landscape
Because solar energy is now more widely available to residential, commercial, and industrial sectors, the market is more competitive due to the growing size of solar PV installations and the creation of creative financing solutions. The participants in the global rooftop solar PV industry are always developing their strategies to preserve a competitive advantage. Companies primarily use acquisitions, partnerships, and technological launches. Several important entities in the rooftop solar PV market include SolarWorld AG, SunPower Corp., JinkoSolar Holding Co., Ltd., Canadian Solar Inc., Trinasolar Co., Ltd., and others.
Rooftop Solar PV Market Company Share Analysis, 2023 (%)
Rooftop Solar PV Market – Key Companies
Reason to Buy from us
Table of Content
| 1. Introduction |
| 1.1. Research Methodology |
| 1.2. Scope of the Study |
| 2. Market Overview / Executive Summary |
| 2.1. Global Rooftop Solar PV Industry Market (2018 – 2022) |
| 2.2. Global Rooftop Solar PV Industry Market (2023 – 2029) |
| 3. Market Segmentation |
| 3.1. Global Rooftop Solar PV Industry Market by Type |
| 3.1.1. Off-grid solar system |
| 3.1.2. Polycrystalline |
| 3.1.3. Thin film |
| 3.1.4. Solar canopy |
| 3.1.5. Hybrid solar system |
| 3.2. Global Rooftop Solar PV Industry Market by Material |
| 3.2.1. Silicon |
| 3.3. Global Rooftop Solar PV Industry Market by Application |
| 3.3.1. Commercial |
| 3.3.2. Residential |
| 3.3.3. Industrial |
| 3.3.4. Others |
| 3.4. Global Rooftop Solar PV Industry Market by End User |
| 3.4.1. Houses |
| 3.4.2. Offices |
| 3.4.3. Hospitals |
| 3.4.4. Others |
| 4. Regional Segmentation |
| 4.1. North America |
| 4.1.1. The U.S |
| 4.1.2. Canada |
| 4.1.3. Mexico |
| 4.2. South America |
| 4.2.1. Brazil |
| 4.2.2. Argentina |
| 4.2.3. Colombia |
| 4.2.4. Chile |
| 4.2.5. Rest of South America |
| 4.3. Asia Pacific |
| 4.3.1. China |
| 4.3.2. India |
| 4.3.3. Japan |
| 4.3.4. South Korea |
| 4.3.5. Rest of Asia Pacific |
| 4.4. Europe |
| 4.4.1. UK |
| 4.4.2. Germany |
| 4.4.3. Italy |
| 4.4.4. France |
| 4.4.5. Spain |
| 4.4.6. Rest of Europe |
| 4.5. The Middle East |
| 4.5.1. Turkey |
| 4.5.2. UAE |
| 4.5.3. Saudi Arabia |
| 4.5.4. Rest of the Middle East |
| 4.6. Africa |
| 4.6.1. Egypt |
| 4.6.2. South Africa |
| 4.6.3. Rest of Africa |
| 5. Value Chain Analysis of the Global Rooftop Solar PV Industry Market |
| 6. Porter Five Forces Analysis |
| 6.1. Threats of New Entrants |
| 6.2. Threats of Substitutes |
| 6.3. Bargaining Power of Buyers |
| 6.4. Bargaining Power of Suppliers |
| 6.5. Competition in the Industry |
| 7. Trends, Drivers and Challenges Analysis |
| 7.1. Market Trends |
| 7.1.1. Market Trend 1 |
| 7.1.2. Market Trend 2 |
| 7.1.3. Market Trend 3 |
| 7.1.4. Market Trend 4 |
| 7.1.5. Market Trend 5 |
| 7.2. Market Drivers |
| 7.2.1. Market Driver 1 |
| 7.2.2. Market Driver 2 |
| 7.2.3. Market Driver 3 |
| 7.2.4. Market Driver 4 |
| 7.2.5. Market Driver 5 |
| 7.3. Market Challenges |
| 7.3.1. Market Challenge 1 |
| 7.3.2. Market Challenge 2 |
| 7.3.3. Market Challenge 3 |
| 7.3.4. Market Challenge 4 |
| 7.3.5. Market Challenge 5 |
| 8. Regulatory Landscape |
| 9. Competitive Landscape |
| 9.1. SolarWorld AG |
| 9.2. SunPower Corp. |
| 9.3. JinkoSolar Holding Co., Ltd. |
| 9.4. Canadian Solar Inc. |
| 9.5. Trinasolar Co., Ltd. |
| 9.6. Company 6 |
| 9.7. Company 7 |
| 9.8. Company 8 | 9.9. Company 9 | 9.10. Company 10 |
Rooftop Solar PV Industry Market – Frequently Asked Questions (FAQs)
What is the current size of the global rooftop solar PV industry market?
The market size for the global rooftop solar PV industry market in 2024 is $102 Bn.
Who are the major vendors in the global rooftop solar PV industry market?
The major vendors in the global rooftop solar PV industry market are SolarWorld AG, SunPower Corp., JinkoSolar Holding Co., Ltd., Canadian Solar Inc., Trinasolar Co., Ltd.,
Which segments are covered under the global rooftop solar PV industry market segments analysis?
This report offers in-depth insights into each type, material, application, end user.