Government Initiatives to Propel the Rooftop Solar Photovoltaic Market Growth

The wide application of rooftop solar photovoltaic at various locations such as residential and commercial buildings. The government is taking various initiatives to promote the usage of solar power and renewable source of energy.

The market is shifting towards renewable and clean energy owing to the increasing awareness across the globe regarding the impact of climate change. Rising development of infrastructure along with advancement of technology is driving the need for sustainable source of power. A rooftop solar photovoltaic is installed over the roof to convert the solar energy into electricity. The rooftop solar photovoltaic helps in meeting the electricity requirement for the building. These systems are generally small in size and installed on the roof of residential and commercial buildings. Growing demand for energy in various sector is also one of the major factors driving the growth of the industry.

What is Rooftop Solar photovoltaic?

Rooftop Solar photovoltaic system refers to the system which is mounted on the roof of the building especially on commercial and residential sector. This system assists in converting the sunlight into electricity. These systems are extensively used in buildings to meet their electricity requirements.

The panels consist of multiple cells, the cells collectively form a module. The solar cells creates a flow of electron and generates electric current. The systems is increasingly becoming popular among homeowners and businesses owing to their affordability. Moreover, usage of rooftop solar photovoltaic reduces the carbon footprint.

Market Overview

Solar power is gaining immense popularity owing to the rising awareness regarding the benefits associated with renewable power. Increasing demand for electricity owing to the unavailability of sufficient fossil fuel to meet the surging requirement of electricity is shifting the market towards rooftop solar photovoltaic. Moreover, increasing initiatives taken by the government of the economies to increase the energy supply is also one of the major factors proliferating the growth of the market.

Rising awareness regarding the environmental benefits of solar power is gaining the traction of consumers. Additionally, rising development of technology in renewable energy is also adding to the development of the market. The government of India is also aiming to expand its renewable energy capacity during the upcoming years. This factor would further accelerate the growth of the market.

According to precedence research, the global rooftop solar photovoltaic market revenue was valued at USD 116.08 billion in 2022 and is expected to reach USD 398.3 billion by 2030with a CAGR of 16.66% from 2022 to 2030.

Government initiatives to propel the market growth

The wide application of rooftop solar photovoltaic at various locations such as residential and commercial buildings. The capacity of rooftop solar can range from 1 Watt to several GW for on grid and off grid connections. The government is taking various initiatives to promote the usage of solar power and renewable source of energy. Various incentive mechanism such as renewable portfolio standards and tenders, tax credits, traditional feed in tariffs or power purchase agreements.

Europe accounted significant share during 2021

Based on regions, the global rooftop solar photovoltaic market is bifurcated into Middle East, Africa, Latin America, North America, Europe and Asia Pacific. The Europe accounted the significant share of 59% of the overall global market. Germany is also expected to grow prominently during the forthcoming years owing to increasing shift to renewable sources of energy. Moreover, stringent regulations imposed by the government in order to reduce carbon emission is also one of the major factors propelling the growth of the industry.

North American region is also expected to grow, US being the significant contributor in the overall market growth. Growing penetration towards production of clean and environment friendly fuel.

Asia Pacific rooftop solar photovoltaic market is also expected to acquire the highest growth during the upcoming years. The growth of the region is attributed to the increasing initiatives taken by the government of the country such as providing financial incentives. Reduction in the levelized cost of energy is driving the demand in various developing economies including Indonesia, Malaysia and Vietnam.

In 2021, a notice has been published by China's National Energy Administration on the trails of solar power generation. Moreover, the government is picking up firms to install distributed solar in order to initiate the trials. These factors are expected to propel the growth in the market.

Increased consumer awareness, high retail tariffs for C & I consumers is expected to propel the growth of the industry.

Impact of the pandemic

The outburst of coronavirus pandemic has declined the growth of almost every industry. The lockdown imposed by the government of the countries led to temporary ban on manufacturing activities and import & export that further negatively declined the development of the market. Moreover, shutting down of production and manufacturing units due to the spread of deadly virus hampered the growth of the industry.

Market share insights

The rooftop solar photovoltaic market consist of few large-scale vendors. Few companies are spending extensively of research and development to move toward environmental friendly products.

Some of the prominent players in the market are:

  • Sharp Corporation

  • Pristine Sun LLC

  • Solimpeks Corp.

  • Yingli Solar

  • Vikram Solar Limited

  • Trina Solar Limited

  • KYOCERA Corporation

  • JA Solar Co., Ltd.

  • Canadian Solar Inc.

  • RelyOn Solar Pvt Ltd

  • Sunshot Technologies

Latest development

  • The Petronas Group of Malaysia's Amplus solar power Pvt. Ltd., a member, announced in April 2021 that it had purchased 17 solar rooftop assets from Sterling & Winson, totalling 7.2 megawatts.

  • Tata Motors collaborated with Tata Power on September 2021 to install and operate a MWp rooftop solar project at its passenger vehicle business unit plant in Pune.

  • A recent strategic partnership between Nafath RE and Khimji Ramdas to design, develop and install and commission Solar Energy systems in the Sultunate of Oman. Nafath RE is renowned SME in the renewable industry. Moreover, Oman initiates its working towards achieving its ultimate goal of converting 30% of its energy sources to renewable energy by 2030.

  • Tata solar power, a rooftop solar PV manufacturing company based in India, reported an installation of rooftop PV system at the Wankhede Cricket Stadium in Mumbai.

  • The University at Albany and the New York Power Authority (NYPA) announced the opening of the State University of New York's largest rooftop solar array in May 2022. The campus's multiple rooftops are covered by a 1.9MW direct current (MWdc) solar project that was built under the auspices of NYPA. It will result in long-term energy cost reductions and sustainability advantages.​

Market Segmentation

By Technology

  • Thin Film

  • Crystalline Silicon

  • Others

By Grid Type

  • Off-grid

  • On-grid

By End Use

  • Residential

  • Industrial

  • Commercial

By Geography

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia-Pacific

    • China

    • India

    • Japan

    • South Korea

    • Malaysia

    • Philippines

  • Latin America

    • Brazil

    • Rest of Latin America

  • Middle East & Africa (MEA)

    • GCC

    • North Africa

    • South Africa

    • Rest of the Middle East & Africa

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