Solar Roofing Market is Anticipated To Grow At A CAGR Of 16.2% Over The Forecast Period

The global solar roofing market size was valued at US$ 62.3 Billion in 2021, and anticipated to grow at a CAGR of 16.2% over the forecast period. A type of roof-mounted electrical system that turns solar energy into electricity is called solar roofing. A distributed power-generating system, such as solar roofing, can help meet the energy needs of a structure while operating either on- or off-grid within an existing distribution network. The scale of the structure determines the installation's size, which might vary substantially. Compact solar roofing systems are installed on the rooftops of both residential and commercial buildings.

according to the Solar Energy Industries Association (SEIA), to encourage the use of solar technology to generate electricity, The United States government has implemented laws including net metering and community solar. Consumers can use solar energy for their personal electrical needs in nations like the United States, Spain, and France and sell the excess solar energy that is not used. Additionally, community solar refers to regional solar facilities used by a number of community subscribers, each of whom receives a credit on their electricity bills for the power produced on a shared basis.

It is anticipated that the market growth over the forecast period will be supported by the shift towards green practises and approaches with the aim of moving toward more environmentally friendly and ecologically responsible decisions and lifestyles, as well as increased focus on initiatives to preserve and promote a healthy environment for current and future populations.

Furthermore, favourable government policies, schemes, and initiatives are also expected to advance the market growth over the projected period. For instance, Rooftop Subsidy and Golden Sun Demonstration (GSD) programmes were introduced by the Indian government. Large grid-connected rooftops with a type >300 kW have received 50% of the funding under GSD in the form of subsidies, and off-grid systems have received 70% of the funding.

Industry growth is being hampered by high installation costs and the requirement for roof-mounted solar panel maintenance. Additionally, despite the fact that solar technology is a great option for many end-use applications, the market's potential is constrained by the high capital costs associated with solar installations when compared to other developing renewable technologies.

Type Insights

On the basis of type, crystalline segment dominated major market share in 2021. Crystalline Silicon type solar cell is one of the most commonly used semiconductor materials in photovoltaic (PV) technology to produce solar cells and is made of highly pure silicon wafers that are used to convert solar energy into electrical energy. In comparison to competing technologies like amorphous silicon and non-silicon solar cells, crystalline silicon solar cells are very efficient.

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Grid Type Insights

Based on the grid type, on-grid segment accounted for the largest market share during the forecast period. On-grid refers to a solar system that is linked to the power grid of a nearby utility. The majority of residential households are expected to use this because it safeguards consumers in the event that their solar system under- or over-produces in relation to their variable energy needs. In comparison to an off-grid system, the on-grid solar system is less expensive to install and does not require batteries. It is less expensive in compared to other solar systems.

Installation Type Insights

In terms of installation type, utility-scale segment leads the global solar roofing market. Utility scale is an electrical plant or equipment whose operation, taken individually, would considerably change the operation of a utility. With a long history of stable fuel prices, it produces dependable, clean electricity. The development of solar power facilities aims to balance environmental protection, energy needs, and global warming goals. The need for the industrial use of solar panels has increased as a result of the world's growing industrialisation and diminishing fossil fuel resources.

Regional Insights

In terms of region, North America dominated the global market share in 2021. To promote the use of solar technology, the US government has enacted regulations like net metering and undertaken community solar projects. Such initiatives are projected to advance the market growth in the region.

Furthermore, Solar energy is widely employed in Asia and the Pacific region to generate electricity for stand-alone systems and rural electrification. Due to their enormous populations and high energy needs, China and India are major players in this region. A rapidly growing industry in India's renewable energy sector is solar power. Due to India's expanding investments in clean energy and initiatives to make buildings more energy-efficient, which account for more than one-third of the nation's overall energy consumption, there is a greater need for flexible solar panels.

China Southeast Space Frame Group, a producer of large-scale steel structures based in Zhejiang, and EVA, a producer of the first PV's back sheet, have joined forces to create building integrated PV projects all across China. Over the next five years, this joint venture plans to install BIPV systems with a maximum capacity of 950 MW. During the projection period, the aforementioned factors will continue to fuel the market growth in the region.

Key Companies Insights

Some of the major companies studied under the market scope are as follows: Hanwha Group, Trina Solar, LONGi, JA SOLAR Technology Co.,Ltd, SunPower Corporation, Indosolar, Canadian Solar, Jinko Solar, CleanMax Enviro Energy Solutions Pvt. Ltd, Thermax, and Others. Major players operating in the ecosystem experiences intense competition owing to the presence of large number of players on the global scale. Further, players are adopting various strategies such as merger and acquisition, geographic expansion, product launch, research & development for expanding their product portfolio, and others.

In 2022, The innovative Timberline Solar roof was introduced to Austin area residents by GAF Energy, a subsidiary of Standard Industries and the leading provider of solar roofing. The only solution that combines solar technology directly with conventional roofing methods and materials is Timberline Solar. This revolutionary system includes the first nailable solar shingle in the world, the Timberline Solar Energy Shingle ES, which is made in the United States at GAF Energy's production and research facility.

Segments

By Type

· Thin Film

· Crystalline

· Others

By Grid Type

· On-Grid

· Off-Grid

By Installation Type

· Residential

· Commercial

· Utility-scale

Global Solar Roofing Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Solar Roofing Market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

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Global Solar Roofing Market: Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of various marketspaces. The key players in the markets are identified through secondary research, and their market contributions in different applications across regions and globally were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis from Analytics Market Research added before being presented in this report.

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