Rooftop Solar PV Market Segmentation:
Grid (Off-grid and On-grid)
On-grid segment is projected to capture rooftop solar PV market share of around 85.3% by the end of 2035. This dominance is primarily attributed to cost savings and net metering policies, which facilitate consumers to receive financial credit by feeding excess electricity generated by their solar panels back into the grid. Additionally, larger businesses are increasingly adopting on-grid solar systems to improve sustainability, minimize operational costs, and reduce reliance on fossil fuels. The high ROI associated with on-grid systems, due to their low maintenance and operational costs, further contributes to the expansion of the rooftop solar photo voltaic industry.
The off-grid rooftop solar PV market is anticipated to experience a high CAGR during the forecast period. This is highly driven by the increasing need in remote areas lacking grid infrastructures. Access to electricity is crucial for economic development and essential services, including healthcare and education. For example, in the Amazon village, solar energy projects have brought electricity to Indigenous communities, improving their quality of life and access to information. Off-grid solar systems offer a cost-effective alternative to traditional energy sources, minimizing greenhouse gas emissions and environmental footprints, and thereby contributing to the industry's growth.
Technology (Thin Film, and Crystalline Silicon)
Based on technology, the crystalline silicon segment is the key player and is expected to have the biggest impact on the rooftop solar PV market due to its long-lasting applications. Thin film panels often come with warranties ranging from 20 to 25 years. Notably, crystalline silicon panels can continue to function effectively for up to 35 years, maintaining over 80% of their original power output beyond their warranty period. Their strong design, featuring tempered glass, enhances resistance to environmental factors such as high temperatures and ultraviolet rays, thereby ensuring long-term performance.
On the other hand, thin-film solar panels are generally less expensive, and approximately 30% cheaper than crystalline silicon panels. This is primarily due to simpler manufacturing processes and reduced material costs. However, thin film panels typically exhibit lower efficiency rates and shorter lifespans, averaging around 20 to 25 years, which may offset their initial cost advantage over time. Hence, thin-film panels offer lower upfront investment, and crystalline silicon panels provide greater long-term value through enhanced durability and sustained energy production.
Our in-depth analysis of the global rooftop solar PV market includes the following segments:
|
Technology |
|
|
Grid |
|
|
End use |
|
