Rise in product modernization and technological advancement is anticipated to create new opportunities for rooftop PV installation market in the coming year.
PORTLAND, OREGON, UNITED STATES, August 8, 2022 /EINPresswire.com/ — The global rooftop solar Photovoltaic (PV) Installation market size was valued at $45.9 billion in 2020, and is projected to reach $84.2 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030. Significant surge in demand for rooftop solar photovoltaic systems in residential buildings to save expenses sustained on electrical energy, increase in the standard of living among people across the globe, rise in the disposable income among people, and persistent technological advancements to provide electric power for the various home appliances are expected to drive the growth of the global rooftop solar photovoltaic (PV) installation market. On the other hand, requirement of enormous space for its installation are expected to hinder the growth to some extent. However, growing awareness about various renewable energy sources among people are expected to create ample opportunities for the growth of the industry.
Roof solar PV systems give out electrical energy generation alternatives, which help to fulfill a building’s energy demands, or supply electrical power within a current distribution network. A rooftop solar photovoltaic arrangement is a photovoltaic system that locates application in the generation of electrical energy from the solar panel set up on the rooftop of an industrial or residential building.
The market demand is propelled by different policies and efforts carried out by federal government for the installation of Rooftop Solar Photovoltaic setup across the globe. Solar photovoltaic installations can share a particular portion of the increasing demand for electrical energy owing to increase in automation, growth in industrialization in addition to rise in the living requirements of the people.
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The report offers a detailed segmentation of the global rooftop solar photovoltaic (PV) installation market based on deployment, technology, grid type end-use and region.
Based on deployment, the ground mounted segment held the largest market share in 2020, garnering nearly three-fourths of the total market. The rooftop mounted segment, on the other hand, is predicted to cite the fastest CAGR of 6.4% during the forecast period.
Based on end-use, the industrial segment held the majority share in 2020, holding nearly half of the total market. The residential segment, on the other hand, is anticipated to exhibit the fastest CAGR of 6.4% during the forecast period.
Based on region, the market across Asia-Pacific held the lion’s share in 2020, garnering more than two-fifths of the total market. In addition, the same region is projected to cite the fastest CAGR of 6.5% during the forecast period. The other regions analyzed in the report include North America, Europe and LAMEA.
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The key players analyzed in the global rooftop solar PV installation market report include Suntech Power Holding Co. Ltd, First Solar Inc., Yingli Solar, Sunpower Corporation, Sharp Corporation, JA Solar Holding Company Ltd., Kyocera, Shenzhen Topray Solar Co. Ltd., Tata Power Solar Systems Ltd.., and Wuxi Suntech Power Co. LTD.
COVID-19 impact on the market
Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries and electrical utilities, which decreased the demand for electricity from these consumers. Regardless of this strength, renewables’ growth is anticipated to decrease. The globe is set to include 67 gigawatts (GW) of renewable power capacity. This decrease reflects delays in construction due to supply chain disturbances, lockdown actions and also social distancing guidelines, along with emerging financing obstacles. According to the International Energy Agency forecast, utility-scale solar PV projects are expected to rebound as most of the projects are already financed and under construction. However, setups of rooftop solar PV for companies and homes might continue to be disrupted in the medium term without strong government assistance.