Rooftop Solar PV Market Global Market Opportunity Assessment Study 2023.

Albany, NY -- (SBWire) -- 06/05/2017 --The pressing demand for energy in the face of depleting fossil fuels, has led to the uptake of rooftop solar PV systems in both residential and commercial spaces. Besides providing energy-efficient solutions, such systems are also easy to install. In addition, the rooftop solar PV systems on account of their high electricity-generating capacity are fast becoming a preferred source of alternative energy, beating other green sources of energy. Yet another advantage of these systems is their durability. On account of so many unique perceived benefits, rooftop solar PV systems are seeing their demand soar. Tax sops offered by governments of different regions for deploying solar panels to generate heat is also boosting demand for these systems. As a result both private and public investors are funneling money into the companies manufacturing those.

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One factor hobbling the global rooftop solar PV systems market is the dearth of smart grid infrastructure. This makes them unviable for energy supply on a larger scale. Further, the market is also being deterred by the negative sentiment pertaining to the net metering policies for this setup.

Despite such obstacles, the global rooftop solar PV systems market will expand at a healthy 11.0% CAGR from 2015 to 2023, predicts a report by Transparency Market Research. The market was worth US$1.79 bn in 2014 and is slated to attain a value of US$4.58 bn in 2023.

Tax Rebates Make Residential Sector a Primary Driver of Demand

Depending upon end use, the global rooftop solar PV systems market can be split into residential and commercial. Among the two, the residential sector accounts for maximum demand in the market because of a flurry of incentives and tax rebates provided by various governments for installing them.

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The rooftop solar PV systems also provide easy electricity solutions to residential consumers. This along with the rise of third-party operated (TPO) model in various countries will likely stoke their market further. The commercial buildings will drive up demand too owing to their growing usage in government buildings.

Some of the prominent names operating in the global market for rooftop solar PV systems are Jinko Solar, Trina Solar, Canadian Solar, Yingli Green Energy Holding Company Limited, and SunPower. In order to bolster their positions, they are channeling money into research and development for product development. They may also mull over strategic mergers and acquisitions to diversify their product portfolio, enhance outreach, and expand client pool.

Powered by China and India, Asia Pacific to Gain Maximum Market Share

North America accounts for maximum share in the global market for rooftop solar PV systems on account of the swift adoption of the TPO model. Going forward, the region is expected to retain its dominant share in the market due to rooftop installations gaining further traction.

In terms of growth rate, however, Asia Pacific is predicted to outpace all other regions by clocking a CAGR of 11.5% between 2015 and 2023. The market in the region is predicted to be worth US$1.09 bn by the end 2023. India and China are the main engines of growth in the Asia Pacific market on account of their urgent need to bring down pollution levels. To that end, initiatives such as the Jawaharlal Nehru National Solar Mission will likely stoke demand for rooftop solar PV systems in India in the next couple of years.

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