Press release
Rooftop Solar PV Market Geographical Expansion & Analysis Growth Development Status Recorded during 2022 to 2031
• The global rooftop solar PV market was valued over US$ 97.3 Bn in 2021
• It is estimated to grow at a CAGR of 15.1% from 2022 to 2031
• The global rooftop solar PV market is expected to cross the value of US$ 397.3 Bn by the end of 2031
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Analysts' Viewpoint on Global Rooftop Solar PV Market Scenario
The demand for rooftop solar PV systems is increasing due to the various benefits, including the ability to offer on-grid and off-grid flexibility and cost-effectiveness. The environment-friendly nature of rooftop solar PV systems is fueling its demand significantly in developed as well as developing countries across the globe. The energy payback time (EPBT) of a 2-kWp rooftop solar system is approximately two to three years. Therefore, these systems are increasingly being adopted as an inexpensive and efficient option. Tax credits, technology-specific renewable portfolio standards (RPS) and tenders, and traditional feed-in tariffs or power purchase agreements are used to boost the demand for rooftop solar (PPAs). The prices of rooftop solar PV systems have declined significantly, owing to greater research & development by manufacturers. This factor has increased the demand for rooftop solar PV systems across the globe.
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Overview of Global Rooftop Solar PV Market
A rooftop solar photovoltaic installation is a type of electrical installation setup mounted on the roof that converts solar energy into electricity. Rooftop solar PV systems are a type of distributed power generating system that helps to cater to the energy demands of buildings within an existing distribution network. Rooftop solar PVs act as a secure investment for end-use customers against the volatility in prices of electricity. End-use segments can calculate their electricity generation cost for another 10 years, owing to ease of calculation of price of power generated from these photovoltaics. This trend is estimated to positively influence the industry landscape during the forecast period.
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Analysis of Key Players in Global Rooftop Solar PV Market
The global rooftop solar PV market is consolidated with a small number of large-scale vendors controlling majority of the market share. Several firms are spending significantly on comprehensive research and development, primarily to develop environment-friendly products. Growth of product portfolios and mergers & acquisitions are notable strategies adopted by key players. Pristine Sun LLC, Solimpeks Corp., Sharp Corporation, Trina Solar Limited, KYOCERA Corporation, JA Solar Co., Ltd., Yingli Solar, Vikram Solar Limited, Canadian Solar Inc., RelyOn Solar Pvt Ltd, and Sunshot Technologies are the prominent entities operating in the market.
Each of these players has been profiled in the rooftop solar PV market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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