Rooftop Solar Market is Growing at a Rate of 13.7% CAGR from 2023 to 2032, Driven by Increasing Availability of Financing

Solar photovoltaic (PV) panels are devices that convert sunlight directly into electricity. A typical PV panel is a collection of many solar cells. Solar cells are made of semiconductor materials, such as silicon. When sunlight hits a solar cell, it knocks electrons loose from their atoms. If solar cells are connected together in a PV panel, the electrons can flow through the panel to form an electric current.

Rooftop solar is typically used to generate electricity for the building it is installed on, while utility scale solar is used to generate electricity for the grid. Rooftop solar is installed on the rooftops of buildings, while utility scale solar is installed on large tracts of land.

The Rooftop Solar Market size was USD 116.1 Billion in 2022 and is anticipated to reach USD 430.4 Billion in 2032, growing at a rate of 13.7% from 2023 to 2032.

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Key Trends

There are a number of factors driving rapid growth of rooftop solar market. One is the continued decrease in the cost of solar panels. In the past decade, the price of solar panels has fallen by more than 90%. This has made solar an increasingly attractive option for homeowners and businesses looking to reduce their energy costs.

Another factor driving the growth of rooftop solar is the increasing availability of financing options. In the past, most solar installations were paid for outright by the homeowner or business. However, with the introduction of solar leases and power purchase agreements (PPAs), it is now possible for homeowners and businesses to go solar with little or no upfront cost.

Lastly, the industry has benefited from a number of technological advances. In particular, the development of more efficient solar panels has made it possible to generate more electricity from a given amount of rooftop space. Additionally, new mounting systems have made it easier to install solar panels on rooftops, further reducing the cost of going solar.

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Key Drivers

The most important driver of the rooftop solar market is the cost of PV panels. The cost of solar has fallen dramatically in recent years, making it an increasingly attractive option for homeowners and businesses.

The other key driver of the solar market is government incentives. In many countries, the government offers financial incentives for installing solar, which can make solar a very attractive option.

The third driver of the solar market is the increasing availability of financing. Solar leases and power purchase agreements (PPAs) have made solar more accessible to homeowners and businesses by making it possible to finance the upfront cost of solar.

The fourth driver of the solar market is the increasing awareness of the benefits of solar. As more people become aware of the environmental and economic benefits of solar, the more likely they are to install solar on their rooftops.

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Key Players

Some of the key players of Rooftop Solar Market are SunPower (US), First Solar (US), Vivint Solar (US), Sunrun (US), Jinko Solar (China), Canadian Solar (Canada), Trina Solar (China), Hanwha Q CELLS (South Korea), Panasonic (Japan), and LG (South Korea).

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