Rooftop Solar PV Market Share

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.