Press release
Substantial Government Incentives and Strategic Collaborations to drive Rapid Expansion of Rooftop Solar PV Market
The global rooftop solar PV market is on attractive growth trajectory, riding on the back of rising share of renewables in the global energy mix. The market’s growth is increasingly fueled by copious private funding and several government incentives for boosting the solar industry in various parts of the world. A marked policy thrust in the form of subsidies and tax credits is numerous developing and developed countries is paving the way for rapid expansion of the rooftop solar PV market.
The global rooftop solar PV market is projected to expand at a robust CAGR of 16.1% from 2017 to 2025. The market will spawn attractive gains from the rising volume of private equity investments in the construction and developmental phases of solar PV projects, especially in emerging markets.
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Geographically, Europe in 2016 accounted for the dominant share in the global rooftop solar PV market. The regional market, led by Germany, is headed for prominent growth, supported by substantial government incentives and rising number of collaborations. On the other hand, Asia Pacific will emerge as the leading regional market, which will be driven by the substantially rising number of installations in emerging as well as developed economies.
The burgeoning demand for renewable energy generation in developing and developed nations to provide off-grid and on-grid flexibility and to achieve grid parity is a notable factor boosting the rooftop solar PV market. Of the two application types, the off-grid application types contributed the major share in 2016. With financial leasing and third-party operating models gaining traction across the utility industry, off-grid solar PV solutions are expected to collect attractive revenues through 2025.
Significant and continued reduction in solar PV module costs in recent years has provided a shot in the arm catalyzing the growth of the market. The rising popularity of a range of incentive mechanism such as solar power purchase agreements (PPAs), feed-in tariffs, and renewable portfolio standards (RPS), will accentuate the market’s growth. The staggering rise in solar panel global capacity is paving way for rapid advances of the global rooftop solar PV market.
A number of PV panel manufacturers are focusing on product development initiatives. Several players are entering into strategic collaborations, such as mergers and acquisitions, in a move to expand their geographic reach and consolidate their shares over the assessment period.
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Top players operating in the global rooftop solar PV include Sunshot Technologies Private Limited, RelyOn Solar Pvt Ltd., Canadian Solar Inc., Vikram Solar, Yingli Solar, JA Solar Holdings Co., Ltd., Kyocera Corporation, Solimpeks Corporation, Pristine Sun LLC, Trina Solar, and Sharp Corporation.
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