Rooftop Solar PV Market size was over USD 111.78 billion in 2023 and is anticipated to reach USD 752.62 billion by 2036, growing at around 15.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of rooftop solar PV is assessed at USD 125.91 billion. The growth of the market can be attributed to growing awareness regarding environmental conservation, along with adoption of renewable energy to curb the pollution level. Burning of fossil fuels in thermal power plants is one of the biggest causes of air pollution, and global warming. Solar energy refers to the energy of the sunlight which is trapped by solar cells to generate electricity. The increasing prominence of solar energy on residential scale is expected to boost the market growth. According to the International Energy Agency (IEA), solar power generation crossed 720 TWh in 2019, registering a growth of 22%. Rising government initiatives to promote the use of solar energy, such as subsidized solar panels are estimated to drive the market growth. Moreover, rising individual awareness regarding the adoption of solar energy and installation of solar panels in houses are estimated to fuel the market growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
15.8% |
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Base Year Market Size (2023) |
USD 111.78 billion |
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Forecast Year Market Size (2036) |
USD 752.62 billion |
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Regional Scope |
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The global rooftop solar PV market is segmented by end-user into residential, commercial, and others, out of which, the residential segment is anticipated to hold the largest share in terms of revenue during the forecast period on account of increasing installation of rooftop PV in households, as they are cost effective, space saving, and easy to install.
Our in-depth analysis of the global rooftop solar PV market includes the following segments
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By Application
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By End-User |
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North America Market Analysis
Regionally, the global rooftop solar PV market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is predicted to hold largest revenue share by 2036, on the back of high public awareness and government policies to encourage the adoption of solar farms in the region. According to the data by the U.S. Energy Information Administration (EIA), more than 2,500 utility scale solar power plants were functioning in the U.S. in 2018. Moreover, increasing installation of solar panels on utility scale is estimated to boost the market growth. According to the data by IEA, in the United States 13.2 GW of solar PV were installed in 2019, which was 25% higher than 2018.
APAC Market Statistics
The rooftop solar PV market in the Asia Pacific is growing rapidly and is estimated to record highest CAGR in the forecast period owing to the growing government investment in renewable energy sources, in China, India, Japan, and other developing countries in the region. China currently is the largest producer of solar energy in APAC region, producing more than 170 GW electricity in the year 2018. Moreover, the latitudinal location of this region and abundant sunlight available all around the year is estimated to boost the market growth in the region.
· January 14, 2021: Trina Solar Co. Ltd., launched Trina Tracker Vanguard 600+ Series which can increase the solar panel efficiency by 2%-8%.
Author Credits: Dhruv Bhatia
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