Rooftop Solar PV Market Size

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.