Albany, NY -- (SBWIRE) -- 12/22/2015 -- The global rooftop solar PV market, the market is slated to develop at a CAGR of 11.0% from 2015 to 2023. If the figure holds true, the market, which had a valuation of US$1.7 bn in 2014, will be worth US$4.5 bn by 2023.The title of the report is "Rooftop Solar PV Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023" and it is available for sale on the company website.

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The reason for the growing utilization of rooftop solar PV systems lies in their foremost advantage as an efficient, emission-free renewable energy source that can be used in both on-grid as well as off-grid systems, says the report. The easy installation of these panels on the rooftop of residential or commercial buildings also adds to the advantage of this energy source.In a typical setup, a rooftop solar PV system comprises solar photovoltaic panels and a combination of energy-centric equipment, which include transformers, monitoring and mounting equipment, and electricity systems, among others. The solar panel is constructed from solar cells utilizing silicon; polycrystalline and monocrystalline are the two major silicon types that are used in the construction of these panels.

The rooftop solar PV market has rapidly developed over the past few years due to several reasons – firstly, these systems are an effective and efficient way to reduce the dependency on conventional fuels, thereby curbing greenhouse gas emissions considerably. Support from governmental and environmental agencies that are encouraging the use of renewable energy sources such as solar and wind is aiding the growth of this market. More so, in countries that are close to the equator and experience sunshine for a major part of the year, subsidies and tax benefits are offered for the utilization of solar energy through rooftop solar systems. In several countries, the production capacity of rooftop electricity has been at par with grid capacities, a major boost for the rooftop solar PV market in these countries.

The increasing popularity of rooftop solar systems is also attributed to their flexibility in terms of the surface of installation and thus they are available on a lease-based contract if desired. With the energy payback time for these systems on a consistent drop, the market receives a further boost. In the last couple of years, heavy investments from equity and public parties have strengthened the proceedings of the global market for rooftop solar PV.The global rooftop solar PV market is divided based on end use and geography. By end use, commercial and residential are the segments of this market. Between the two, the residential segment led the market with a 61.2% share in the market in 2014. The availability of rooftop solar systems via lease-contract and third party models has increased the use of these units for residential energy needs. In the commercial segment, undertakings for rooftop solar projects for government buildings are mainly driving this segment of the rooftop solar PV market.

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The global rooftop solar PV market has been segmented as follows:

Rooftop Solar PV Market: By End-use

Residential
Commercial

Rooftop Solar PV Market: By Region

North America
Europe
Asia Pacific
Rest of the World

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