Rising deployment of renewable energy for electricity generation along with abundant availability of solar energy during the day is expected to drive the rooftop solar photovoltaic market growth. Proliferating demand for rooftop solar photovoltaic across end-use sectors owing to significant price difference between retail electricity and solar-generated electricity is bound to provide a major boost to the rooftop solar photovoltaic market growth.

Rooftop solar PV systems are distributed power generation systems that assist in supplying buildings' energy needs within an already-existing distribution network. For end-user clients, it serves as a safe investment against the erratic price of electricity.

As per Precedence Research, the global rooftop solar photovoltaic market growth is registering at a CAGR of 16.66% from 2022 to 2030 and to reach around USD 398.3 billion by 2030.

Why Asia-Pacific region gaining attraction?

Asia Pacific region has contributed market share of over 41% in 2021. Asia-Pacific will be dominating region in rooftop solar photovoltaic market during forecast period. Governments in countries like Japan, China, and India promote both clean and green energy. In addition, they are providing incentives and subsidies for solar photovoltaic projects. Additionally, there is a growing need to develop alternatives to the rapidly depleting fossil fuels in this area due to the rising need for energy. Over the past few years, large-scale solar farms have become more prevalent across this region. Costs associated with technology have drastically declined. In order to fulfil the region's rising energy demand and lofty renewable energy objectives, Asian governments have gone on a building binge.

- On the basis of technology, the crystalline silicon accounts highest share in the photovoltaic market in the forecast period owning to its efficiency and reliability. Brand and type-specific estimations vary, but recent developments have pushed crystalline silicon panels to an efficiency of above 20%. Although the majority of thin film kinds are closer to 10%, CIGS variants are outperforming the others and are catching up to crystalline. This is important because thin film requires more panels to produce the same amount of power. This becomes a problem if roof space is small.

- On the basis of grid type, the highest CAGR is projected for the off-grid segment during the forecasted period. Considering the impending energy crisis and fluctuating oil prices, off-grid solar solutions offer an alternative to storing renewable energy. Off-grid solar systems can operate on their own and use batteries to store electricity. Moreover, higher installations in household segment is influencing the market demands.

- On the basis of end use, the residential segment is the dominating segment in photovoltaic market during the forecast period. The market is expected to grow due to its ease of design as rooftop solar photovoltaic systems are small in size and ease of installation on residential structures is easy.

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