Press release
Leading Companies Reinforcing Their Presence in the Rooftop Solar Photovoltaic Market
Rooftop Solar Photovoltaic Market
Rooftop Solar Photovoltaic Market Size and Growth Outlook
The rooftop solar photovoltaic market is projected to experience strong growth, reaching a value of $94.77 billion by 2030. This represents a compound annual growth rate (CAGR) of 8.7% over the forecast period. Several factors are driving this expansion, including the growing integration of rooftop solar systems with battery energy storage, increasing investments in smart energy monitoring and control technologies, and the rising popularity of community and shared rooftop solar schemes. Additionally, expansion in financing options and leasing programs helps make rooftop solar more accessible. The demand for decentralized clean energy sources aimed at decreasing reliance on traditional power grids further fuels market growth. Key market trends include advancements in high-efficiency photovoltaic panels, AI-driven remote monitoring systems, developments in bidirectional inverters and smart grid compatibility, as well as progress in perovskite and bifacial rooftop solar modules. Digital twin technologies and predictive maintenance platforms also contribute to enhanced system performance and reliability.
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Important Factors Encouraging Rooftop Solar Photovoltaic Market Expansion
One significant driver behind the rooftop solar market's growth is the increasing adoption of integrated battery storage solutions. These systems allow users to store excess energy generated during peak sunlight hours, improving energy efficiency and reliability. This capability supports greater energy independence and grid stability.
Another key influence comes from smart energy management systems that enable real-time monitoring and control of rooftop solar installations. These technologies optimize energy consumption, reduce costs, and allow users to manage their power generation more effectively. The rise of community solar projects and shared rooftop solar initiatives also encourages wider adoption by lowering entry barriers for consumers and businesses.
Leading Companies in the Rooftop Solar Photovoltaic Market
Top players shaping the rooftop solar photovoltaic market include Canadian Solar Inc., Tata Power Solar Systems Ltd, Trina Solar Limited, KYOCERA Corporation, Saatvik Green Energy, Adani Solar, Waaree Energies Ltd, Sharp Corporation, JA Solar Co. Ltd., Jakson Group, Yingli Solar, RenewSys India Pvt Ltd, Vikram Solar Limited, Loom Solar Pvt. Ltd., Emmvee Photovoltaic Power Pvt Ltd, Moser Baer Solar Ltd, Solimpeks Corp., Avaada Electro (Avaada Group), RelyOn Solar Pvt Ltd, and Microtek Solar.
A notable recent development in the market occurred in July 2024, when Altarea S.A., a sustainable energy and real estate developer based in France, acquired Préjeance Industrial. This acquisition aims to enhance Altarea's rooftop solar photovoltaic expertise by leveraging Préjeance Industrial's capabilities in solar project development, installation, and management. Préjeance Industrial is well-established in France, specializing in rooftop solar solutions and industrial solar projects, which will help accelerate clean energy adoption and expand Altarea's renewable energy portfolio.
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Emerging Technological Trends Driving Rooftop Solar Photovoltaic Market
Cutting-edge advancements such as n-type i-TOPCon technology are gaining traction among key market participants. This technology improves solar cell efficiency by reducing recombination losses and enhances performance under varying environmental conditions, including high temperatures and low light.
For example, in January 2024, China-based Trina Solar Co. Ltd introduced its Vertex S N-Type Dual-Glass Modules designed for commercial and industrial rooftop uses. These modules combine n-type i-TOPCon technology with a durable dual-glass design, offering higher power output, enhanced resistance to potential-induced degradation, and extended service life. This product launch reflects the growing preference for highly efficient, long-lasting solar modules in rooftop installations. Such innovations enable businesses, industries, and homeowners to maximize energy generation, lower carbon footprints, and support the shift toward sustainable energy solutions.
Segment Breakdown and Market Share in the Rooftop Solar Photovoltaic Industry
This market is segmented based on several criteria:
1) Component: Photovoltaic Modules, Inverters, Mounting Structures and Solar Racking, Balance of System, Energy Storage Systems, and Monitoring and Smart Energy Management Systems.
2) Technology: Thin Film and Crystalline Silicon.
3) Deployment: Terrace Mounted and Pole Mounted.
4) Grid Type: Off-Grid and Grid Connected.
5) End Use: Residential, Industrial, and Commercial.
Further subcategories include types of photovoltaic modules such as Monocrystalline Silicon, Polycrystalline Silicon, Thin Film, Bifacial, and Perovskite Solar Modules. Inverters are divided into String, Central, Micro, Power Optimizer Integrated, and Hybrid Solar Inverters. Mounting structures include Fixed Tilt, Solar Tracking, Ballasted Roof, Rail-Based, and Rail-Less systems. Balance of System components cover cables, switches, connectors, combiner boxes, and safety devices. Energy storage systems encompass Lithium-Ion, Lead Acid, Sodium-Based, Solid State, and Flow batteries. Monitoring and management systems comprise remote platforms, AI-enabled energy management, IoT control systems, predictive maintenance, and cloud-based analytics.
Regional Market Insights and Growth Patterns
As of 2024, North America holds the largest share of the rooftop solar photovoltaic market. However, the Asia-Pacific region is expected to experience the fastest growth in the coming years. The analysis considers multiple geographic areas, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa, providing a broad perspective on global market trends and opportunities.
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