Power Overhead: Solar Roofing Market Set to Soar into the Future

According to a new report published by Allied Market Research, titled, "Solar Roofing Market," The solar roofing market size was valued at $59.4 billion in 2021, and solar roofing industry is estimated to reach $241.6 billion by 2031, growing at a CAGR of 15.1% from 2022 to 2031. The solar roofing market is experiencing strong growth driven by rising demand for renewable energy fueled by rapid industrialization and urbanization worldwide. Falling costs of solar panels and the expansion of manufacturing facilities globally have further boosted market demand. Additionally, increasing awareness among consumers and policymakers about harnessing rooftop spaces for solar energy capture is creating significant opportunities in the solar roofing market.

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The solar roofing market is expanding due to the growing demand for renewable energy and heightened awareness of greenhouse gas emissions and climate change. Additionally, government initiatives and subsidies worldwide are encouraging the adoption of solar energy, further driving the growth of the solar roofing market.

The growth of the solar roofing market is primarily driven by the increasing global demand for clean and renewable energy sources as concerns over climate change and greenhouse gas emissions continue to rise. Governments across various regions are implementing supportive policies, incentives, and subsidies to promote solar energy adoption, making solar roofing more accessible and affordable for consumers.

Additionally, advancements in solar technology have improved the efficiency and aesthetics of solar roofing systems, encouraging both residential and commercial users to invest in these sustainable solutions. Growing environmental awareness among consumers and businesses, coupled with the need to reduce dependence on conventional fossil fuels, further fuels the expansion of the solar roofing market. These factors collectively contribute to a robust and sustained growth trajectory for the industry.

The solar roofing market forecast is segmented on the basis of type, grid type, installation type, and region. On the basis of type, the market is fragmented into thin-film, crystalline, and others. Thin film segment is further bifurcated into CdTe, a-Si, and CI(G)S, while crystalline segment is further divided into multi-Si and mono-Si. By grid type, the market is divided into on grid and off-grid. By installation type, the market is classified into residential, commercial, and utility-scale. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest solar roofing market share, followed by Europe, North America, and LAMEA.

Asia-Pacific holds the largest share estimated at almost 50% in the global solar rooftop market and is anticipated to grow at a high rate, which is expected to directly result in growth in solar rooftops. The rapid growth in the industrial & commercial and utility sectors in Asia-Pacific requires a huge amount of electricity for their operations. The government initiatives for use of renewable energy are making the end-users opt for solar energy. The presence of the above-mentioned trends and investments in the development of renewable energy have a significant impact on the development of the solar roofing market.

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key trends in the Solar Roofing Market that are shaping its growth and innovation:
1. Integrated Solar Shingles and Tiles
• Traditional panels are being replaced or supplemented by aesthetically pleasing solar shingles and tiles that blend seamlessly with roofing materials.
2. BIPV (Building-Integrated Photovoltaics)
• Increased adoption of BIPV technologies, where solar elements are embedded directly into building materials like rooftops, windows, and façades.
3. Smart Roofing Systems
• Integration with IoT and smart home systems for real-time monitoring, energy optimization, and enhanced performance analytics.
4. Energy Storage Integration
• Pairing solar roofing systems with home battery storage (e.g., Tesla Powerwall) for improved energy independence and backup during outages.
5. Government Incentives & Green Building Codes
• Supportive regulations, tax credits, and mandates for net-zero or energy-positive buildings are driving market adoption.

The major companies profiled in this report JinkoSolar, JA Solar, Trina Solar, LONGi Solar, Canadian Solar, First Solar, SunPower Corporation, Indosolar, Hanwha Q-cells, and E-Ton Solar. The decline in the cost price of solar panels and increase in the awareness among the people regarding the advantages of utilization of rooftop solar panels have positive impact on the solar roofing market. Additional growth strategies such as an expansion of storage capacities, acquisition, partnership, and research & innovation in the optimization and improvement in the efficiency and reliability of sodium-ion batteries have led to attaining key developments in the global solar roofing market trends.

Key findings of the study
• As per solar roofing market analysis, In 2021, Asia-Pacific region dominated the global solar roofing market with more than 55% of the share, in terms of revenue.
• The crystalline segment accounted for 89.5% solar roofing market share in 2021 and is anticipated to grow at a rate of 15.7% in terms of revenue, increasing its share in the global solar roofing market during the forecast period.
• On-grid segment is projected to be dominating segment during forecast period.
• The residential segment is the fastest-growing installation type segment in the global solar roofing market and is expected to grow at a CAGR of 16.6% during 2022-2031.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.