Market Research Future insights a short-term assessment of the impact of COVID-19 on the global Solar rooftop Market 2020. It offers an in-depth assessment of the predicted market fluctuations during the forecast period (2016–2023) with a higher valuation. Various factors are likely to impact the overall dynamics of the cognitive cloud market with a high 20.14% CAGR in the same forecasted period.
The development of the solar energy market is motivated by a boost in environmental pollution and prerequisite of government incentives & tax allowances to install solar panels. The decrease in water footprint related to solar energy systems has fuelled the demand in power generation sectors. The demand for solar cells has gained foremost traction owing to rise in rooftop installations, followed by growth in applications in the architectural industry.
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MRFR also digs into the fact that the demand for parabolic troughs and solar power towers in electricity generation is highly expected to boost the demand for solar power systems. Besides, the anticipated growth comes after renewable capacity additions stalled for the first time in about two decades. The resumed expansion remains well below what is needed to meet global sustainable energy targets, however, motivating the growth of the market for the forecast period.
Distributed rooftop grabs almost half of the growth in the overall solar rooftop market through 2023. Contrary to conventional wisdom, commercial and industrial applications rather than residential uses govern distributed rooftop growth, accounting for three-quarters of new installations in the next five years. This is due to economies of scale combined with better alignment of rooftop supply and electricity demand enable more self-consumption and more significant savings on electricity bills in the commercial and industrial sectors. Still, the number of solar rooftop systems on homes is set to count more than double to some 100 million by 2023, with the top markets on a per capita basis that year forecast to be Belgium, Australia, California, the Netherlands and Austria.
The report highlights the three main challenges that need to be overcome to speed up the deployment of renewable: policy and regulatory uncertainty, high investment risks and system integration of wind and solar PV. These factors could hinder the global solar rooftop market growth post coronavirus pandemic, mainly in the assessment period.
Top Industry Players
The top industry players of global solar rooftop market are listed as
- Trina Solar (China)
- SMA Solar Technology AG (Germany)
- JA Solar Holdings Co., Ltd. (China)
- Canadian Solar Inc. (Canada)
- Yingli Green Energy Holding Company Limited (China)
- SunPower Corporation (U.S.)
- SolarWorld AG (Germany)
- Delta Energy Systems (Germany)
- Tata Power Solar Systems Limited (India)
- Shunfeng International Clean Energy Limited (China)
- ABB Ltd. (Switzerland)
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Segmentation of Market
The report warns that the global solar rooftop has further been studied among segments of capacity, connectivity and end-user.
Currently, 11 kW- 100kW rooftop solar system segmented by capacity acquires the largest market share and is now possible to expand at the highest growth during the assessment period. A rooftop solar system ranging from power capacity from 11 kW- 100 kW are the best investment for commercial and small-scale industry. A modern-day 100 kW rooftop solar system will be comprised of between 380-410 panels and will require about 600-656 m2 of roof space, depending upon the wattage of the panels.
In terms of connectivity, the market has included on-grid and off-grid.
In terms of end-user segment, the market has included residential, commercial and industrial.
Regionally, the global solar rooftop market has been studied among four major regions such as North America, Asia-Pacific, Europe and Rest of the World.
Among these regions, Asia-Pacific has emerged as the foremost region in terms of value and volume. In 2016, Asia-Pacific solar installation capacity grabbed 144.8 GW. Also, in the Asia-Pacific region, China and Japan are the major leading countries, whereas, India is proposed to witness significant growth in the upcoming years.
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Moreover, North America and Europe regions have primarily focused on researches to capitalize on the solar potential. The Middle East and Africa have also gained traction in support of rising in uses of solar energy such as for power generation, agriculture, and architecture.