Rooftop Solar Market Analysis and Forecast to 2032: By Technology (Thin Film, Crystalline Silicon, Others), Grid Connectivity (On Grid, Off Grid), Application (Residential, Commercial, Industrial), and Region
Solar photovoltaic (PV) panels are devices that convert sunlight directly into electricity. A typical PV panel is a collection of many solar cells. Solar cells are made of semiconductor materials, such as silicon. When sunlight hits a solar cell, it knocks electrons loose from their atoms. If solar cells are connected together in a PV panel, the electrons can flow through the panel to form an electric current.
Rooftop solar is typically used to generate electricity for the building it is installed on, while utility scale solar is used to generate electricity for the grid. Rooftop solar is installed on the rooftops of buildings, while utility scale solar is installed on large tracts of land.
The Rooftop Solar Market size was USD 116.1 Billion in 2022 and is anticipated to reach USD 430.4 Billion in 2032, growing at a rate of 13.7% from 2023 to 2032.
Key Trends
There are a number of factors driving rapid growth of rooftop solar market. One is the continued decrease in the cost of solar panels. In the past decade, the price of solar panels has fallen by more than 90%. This has made solar an increasingly attractive option for homeowners and businesses looking to reduce their energy costs.
Another factor driving the growth of rooftop solar is the increasing availability of financing options. In the past, most solar installations were paid for outright by the homeowner or business. However, with the introduction of solar leases and power purchase agreements (PPAs), it is now possible for homeowners and businesses to go solar with little or no upfront cost.
Lastly, the industry has benefited from a number of technological advances. In particular, the development of more efficient solar panels has made it possible to generate more electricity from a given amount of rooftop space. Additionally, new mounting systems have made it easier to install solar panels on rooftops, further reducing the cost of going solar.
Key Drivers
The most important driver of the rooftop solar market is the cost of PV panels. The cost of solar has fallen dramatically in recent years, making it an increasingly attractive option for homeowners and businesses.
The other key driver of the solar market is government incentives. In many countries, the government offers financial incentives for installing solar, which can make solar a very attractive option.
The third driver of the solar market is the increasing availability of financing. Solar leases and power purchase agreements (PPAs) have made solar more accessible to homeowners and businesses by making it possible to finance the upfront cost of solar.
The fourth driver of the solar market is the increasing awareness of the benefits of solar. As more people become aware of the environmental and economic benefits of solar, the more likely they are to install solar on their rooftops.
Restraints & Challenges
The residential PV market faces several key challenges that could limit its future growth.
First, the upfront cost of PV systems remains a significant barrier to adoption, particularly for low- and moderate-income households. While PV system prices have fallen significantly in recent years, they are still typically several thousand dollars higher than the monthly cost of electricity for most households.
Second, the residential PV market is highly fragmented, with a large number of small installers competing for a limited number of customers. This fragmentation makes it difficult for customers to compare prices and quality among installers, and it also makes it difficult for installers to scale their businesses. The fragmentation of the residential PV market is a result of the low barriers to entry for installers, and it is likely to continue in the future unless the market consolidates.
Third, the residential PV market is subject to rapid changes in technology and policy. These changes can create uncertainty for customers and installers alike, and they can lead to higher costs and slower adoption.
COVID-19 Impact
The outbreak of COVID-19 has had a significant impact on the rooftop solar industry. The pandemic has led to a decrease in demand for solar energy as businesses and consumers alike have reduced their energy consumption. This has led to a decrease in the price of solar panels and a decrease in the profitability of the solar industry. In addition, the pandemic has caused a decrease in the availability of financing for solar projects, as lenders have become more risk-averse. As a result, the solar industry is expected to experience a slowdown in growth in the coming years.
Market Segments
The Rooftop Solar Market has been segmented into Technology, Grid Connectivity, Application, and Region. Based on Technology, the Rooftop Solar Market is segmented into Thin Film, Crystalline Silicon, and Others. On the basis of Grid Connectivity, the market is bifurcated into On Grid and Off Grid. Based on Application, the market is segmented into Residential, Commercial, and Industrial. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and the Rest of the World.
Key Players
Some of the key players of Rooftop Solar Market are SunPower (US), First Solar (US), Vivint Solar (US), Sunrun (US), Jinko Solar (China), Canadian Solar (Canada), Trina Solar (China), Hanwha Q CELLS (South Korea), Panasonic (Japan), and LG (South Korea).
Rooftop Solar Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current Rooftop Solar Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
- The report also covers qualitative as well as quantitative analysis of the Rooftop Solar Market in terms of revenue ($Million).
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Rooftop Solar industry.
- A thorough analysis of market trends and restraints is provided.
- By region as well as country market analysis is also presented in this report.
- Analytical depiction of the Rooftop Solar Market along with the current trends and future estimations depict imminent investment pockets. The overall Rooftop Solar industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
- Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Rooftop Solar Market are also analyzed.
Table of Contents
Chapter 1.Rooftop Solar Market Overview
1.1.Objectives of the Study
1.2.Market Definition and Research & Scope
1.3.Research Limitations
1.4.Research Methodologies
1.4.1.Secondary Research
1.4.2.Market Size Estimation Technique
1.4.3.Forecasting
1.4.4.Primary Research and Data Validation
Chapter 2.Executive Summary
2.1.Summary
2.2.Key Highlights of the Market
Chapter 3.Premium Insights on the Market
3.1.Market Attractiveness Analysis, by Region
3.2.Market Attractiveness Analysis, by Technology
3.3.Market Attractiveness Analysis, by Grid Connectivity
3.4.Market Attractiveness Analysis, by Application
Chapter 4.Rooftop Solar Market Outlook
4.1.Rooftop Solar Market Segmentation
4.2.Market Dynamics
4.2.1.Market Drivers
4.2.1.1.Driver 1
4.2.1.2.Driver 2
4.2.1.3.Driver 3
4.2.2.Market Restraints
4.2.2.1.Restraint 1
4.2.2.2.Restraint 2
4.2.3.Market Opportunities
4.2.3.1.Opportunity 1
4.2.3.2.Opportunity 2
4.3.Porter’s Five Forces Analysis
4.3.1.Threat of New Entrants
4.3.2.Threat of Substitutes
4.3.3.Bargaining Power of Buyers
4.3.4.Bargaining Power of Supplier
4.3.5.Competitive Rivalry
4.4.PESTLE Analysis
4.5.Value Chain Analysis
4.6.Impact of COVID-19 on the Rooftop Solar Market
4.7.Impact of the Russia and Ukraine War on the Rooftop Solar Market
4.8.Case Study Analysis
4.9.Pricing Analysis
Chapter 5.Rooftop Solar Market, by Technology
5.1.Market Overview
5.2.Thin Film
5.2.1.Key Market Trends & Opportunity Analysis
5.2.2.Market Size and Forecast, by Region
5.3.Crystalline Silicon
5.3.1.Key Market Trends & Opportunity Analysis
5.3.2.Market Size and Forecast, by Region
5.4.Others
5.4.1.Key Market Trends & Opportunity Analysis
5.4.2.Market Size and Forecast, by Region
Chapter 6.Rooftop Solar Market, by Grid Connectivity
6.1.Market Overview
6.2.On Grid
6.2.1.Key Market Trends & Opportunity Analysis
6.2.2.Market Size and Forecast, by Region
6.3.Off Grid
6.3.1.Key Market Trends & Opportunity Analysis
6.3.2.Market Size and Forecast, by Region
Chapter 7.Rooftop Solar Market, by Application
7.1.Market Overview
7.2.Residential
7.2.1.Key Market Trends & Opportunity Analysis
7.2.2.Market Size and Forecast, by Region
7.3.Commercial
7.3.1.Key Market Trends & Opportunity Analysis
7.3.2.Market Size and Forecast, by Region
7.4.Industrial
7.4.1.Key Market Trends & Opportunity Analysis
7.4.2.Market Size and Forecast, by Region
Chapter 8.Rooftop Solar Market, by Region
8.1.Overview
8.2.North America
8.2.1.Key Market Trends and Opportunities
8.2.2.North America Rooftop Solar Market Size and Forecast, by Technology
8.2.3.North America Rooftop Solar Market Size and Forecast, by Application
8.2.4.North America Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.2.5.North America Rooftop Solar Market Size and Forecast, by Country
8.2.6.The U.S.
8.2.6.1.The U.S. Rooftop Solar Market Size and Forecast, by Technology
8.2.6.2.The U.S. Rooftop Solar Market Size and Forecast, by Application
8.2.6.3.The U.S. Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.2.7.Canada
8.2.7.1.Canada Rooftop Solar Market Size and Forecast, by Technology
8.2.7.2.Canada Rooftop Solar Market Size and Forecast, by Application
8.2.7.3.Canada Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.2.8.Mexico
8.2.8.1.Mexico Rooftop Solar Market Size and Forecast, by Technology
8.2.8.2.Mexico Rooftop Solar Market Size and Forecast, by Application
8.2.8.3.Mexico Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.3.Europe
8.3.1.Key Market Trends and Opportunities
8.3.2.Europe Rooftop Solar Market Size and Forecast, by Technology
8.3.3.Europe Rooftop Solar Market Size and Forecast, by Application
8.3.4.Europe Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.3.5.Europe Rooftop Solar Market Size and Forecast, by Country
8.3.6.The UK
8.3.6.1.The UK Rooftop Solar Market Size and Forecast, by Technology
8.3.6.2.The UK Rooftop Solar Market Size and Forecast, by Application
8.3.6.3.The UK Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.3.7.Germany
8.3.7.1.Germany Rooftop Solar Market Size and Forecast, by Technology
8.3.7.2.Germany Rooftop Solar Market Size and Forecast, by Application
8.3.7.3.Germany Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.3.8.France
8.3.8.1.France Rooftop Solar Market Size and Forecast, by Technology
8.3.8.2.France Rooftop Solar Market Size and Forecast, by Application
8.3.8.3.France Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.3.9.Spain
8.3.9.1.Spain Rooftop Solar Market Size and Forecast, by Technology
8.3.9.2.Spain Rooftop Solar Market Size and Forecast, by Application
8.3.9.3.Spain Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.3.10.Italy
8.3.10.1.Italy Rooftop Solar Market Size and Forecast, by Technology
8.3.10.2.Italy Rooftop Solar Market Size and Forecast, by Application
8.3.10.3.Italy Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.3.11. Netherlands
8.3.11.1.Netherlands Rooftop Solar Market Size and Forecast, by Technology
8.3.11.2.Netherlands Rooftop Solar Market Size and Forecast, by Application
8.3.11.3.Netherlands Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.3.12. Sweden
8.3.12.1.Sweden Rooftop Solar Market Size and Forecast, by Technology
8.3.12.2.Sweden Rooftop Solar Market Size and Forecast, by Application
8.3.12.3.Sweden Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.3.13.Switzerland
8.3.13.1.Switzerland Rooftop Solar Market Size and Forecast, by Technology
8.3.13.2.Switzerland Rooftop Solar Market Size and Forecast, by Application
8.3.13.3.Switzerland Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.3.14.Denmark
8.3.14.1.Denmark Rooftop Solar Market Size and Forecast, by Technology
8.3.14.2.Denmark Rooftop Solar Market Size and Forecast, by Application
8.3.14.3.Denmark Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.3.15.Finland
8.3.15.1.Finland Rooftop Solar Market Size and Forecast, by Technology
8.3.15.2.Finland Rooftop Solar Market Size and Forecast, by Application
8.3.15.3.Finland Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.3.16.Russia
8.3.16.1.Russia Rooftop Solar Market Size and Forecast, by Technology
8.3.16.2.Russia Rooftop Solar Market Size and Forecast, by Application
8.3.16.3.Russia Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.3.17.Rest of Europe
8.3.17.1.Rest of Europe Rooftop Solar Market Size and Forecast, by Technology
8.3.17.2.Rest of Europe Rooftop Solar Market Size and Forecast, by Application
8.3.17.3.Rest of Europe Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.4.Asia-Pacific
8.4.1.Key Market Trends and Opportunities
8.4.2.Asia-Pacific Rooftop Solar Market Size and Forecast, by Country
8.4.3.Asia-Pacific Rooftop Solar Market Size and Forecast, by Technology
8.4.4.Asia-Pacific Rooftop Solar Market Size and Forecast, by Application
8.4.5.Asia-Pacific Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.4.6.China
8.4.6.1.China Rooftop Solar Market Size and Forecast, by Technology
8.4.6.2.China Rooftop Solar Market Size and Forecast, by Application
8.4.6.3.China Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.4.7.India
8.4.7.1.India Rooftop Solar Market Size and Forecast, by Technology
8.4.7.2.India Rooftop Solar Market Size and Forecast, by Application
8.4.7.3.India Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.4.8.Japan
8.4.8.1.Japan Rooftop Solar Market Size and Forecast, by Technology
8.4.8.2.Japan Rooftop Solar Market Size and Forecast, by Application
8.4.8.3.Japan Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.4.9.South Korea
8.4.9.1.South Korea Rooftop Solar Market Size and Forecast, by Technology
8.4.9.2.South Korea Rooftop Solar Market Size and Forecast, by Application
8.4.9.3.South Korea Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.4.10. Australia
8.4.10.1.Australia Rooftop Solar Market Size and Forecast, by Technology
8.4.10.2.Australia Rooftop Solar Market Size and Forecast, by Application
8.4.10.3.Australia Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.4.11.Singapore
8.4.11.1.Singapore Rooftop Solar Market Size and Forecast, by Technology
8.4.11.2.Singapore Rooftop Solar Market Size and Forecast, by Application
8.4.11.3.Singapore Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.4.12.Indonesia
8.4.12.1.Indonesia Rooftop Solar Market Size and Forecast, by Technology
8.4.12.2.Indonesia Rooftop Solar Market Size and Forecast, by Application
8.4.12.3.Indonesia Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.4.13.Taiwan
8.4.13.1.Taiwan Rooftop Solar Market Size and Forecast, by Technology
8.4.13.2.Taiwan Rooftop Solar Market Size and Forecast, by Application
8.4.13.3.Taiwan Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.4.14.Malaysia
8.4.14.1.Malaysia Rooftop Solar Market Size and Forecast, by Technology
8.4.14.2.Malaysia Rooftop Solar Market Size and Forecast, by Application
8.4.14.3.Malaysia Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.4.15.Rest of APAC
8.4.15.1.Rest of APAC Rooftop Solar Market Size and Forecast, by Technology
8.4.15.2.Rest of APAC Rooftop Solar Market Size and Forecast, by Application
8.4.15.3.Rest of APAC Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.5.Rest of The World
8.5.1.Key Market Trends and Opportunities
8.5.2.Rest of The World Rooftop Solar Market Size and Forecast, by Technology
8.5.3.Rest of The World Rooftop Solar Market Size and Forecast, by Application
8.5.4.Rest of The World Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.5.5.Rest of The World Rooftop Solar Market Size and Forecast, by Country
8.5.6.Latin America
8.5.6.1.Latin America Rooftop Solar Market Size and Forecast, by Technology
8.5.6.2.Latin America Rooftop Solar Market Size and Forecast, by Application
8.5.6.3.Latin America Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.5.7.Middle East
8.5.7.1.Middle East Rooftop Solar Market Size and Forecast, by Technology
8.5.7.2.Middle East Rooftop Solar Market Size and Forecast, by Application
8.5.7.3.Middle East Rooftop Solar Market Size and Forecast, by Grid Connectivity
8.5.8.Africa
8.5.8.1.Africa Rooftop Solar Market Size and Forecast, by Technology
8.5.8.2.Africa Rooftop Solar Market Size and Forecast, by Application
8.5.8.3.Africa Rooftop Solar Market Size and Forecast, by Grid Connectivity
Chapter 9.Competitive Landscape
9.1.Overview
9.2.Market Share Analysis/Key Player Positioning
9.3.Vendor Benchmarking
9.4.Developmental Strategy Benchmarking
9.4.1.New Product Developments
9.4.2.Product Launches
9.4.3.Business Expansions
9.4.4.Partnerships, Joint Ventures, and Collaborations
9.4.5.Mergers and Acquisitions
Chapter 10.Company Profiles
10.1. SunPower (US)
10.1.1.Company Snapshot
10.1.2.Financial Performance
10.1.3.Product Offerings
10.1.4.Key Developmental Strategies
10.1.5.SWOT Analysis
10.2. First Solar (US)
10.2.1.Company Snapshot
10.2.2.Financial Performance
10.2.3.Product Offerings
10.2.4.Key Developmental Strategies
10.2.5.SWOT Analysis
10.3. Vivint Solar (US)
10.3.1.Company Snapshot
10.3.2.Financial Performance
10.3.3.Product Offerings
10.3.4.Key Developmental Strategies
10.3.5.SWOT Analysis
10.4. Sunrun (US)
10.4.1.Company Snapshot
10.4.2.Financial Performance
10.4.3.Product Offerings
10.4.4.Key Developmental Strategies
10.4.5.SWOT Analysis
10.5. Jinko Solar (China)
10.5.1.Company Snapshot
10.5.2.Financial Performance
10.5.3.Product Offerings
10.5.4.Key Developmental Strategies
10.5.5.SWOT Analysis
10.6. Canadian Solar (Canada)
10.6.1.Company Snapshot
10.6.2.Financial Performance
10.6.3.Product Offerings
10.6.4.Key Developmental Strategies
10.6.5.SWOT Analysis
10.7. Trina Solar (China)
10.7.1.Company Snapshot
10.7.2.Financial Performance
10.7.3.Product Offerings
10.7.4.Key Developmental Strategies
10.7.5.SWOT Analysis
10.8.Hanwha Q CELLS (South Korea)
10.8.1.Company Snapshot
10.8.2.Financial Performance
10.8.3.Product Offerings
10.8.4.Key Developmental Strategies
10.8.5.SWOT Analysis
10.9. Panasonic (Japan)
10.9.1.Company Snapshot
10.9.2.Financial Performance
10.9.3.Product Offerings
10.9.4.Key Developmental Strategies
10.9.5.SWOT Analysis
10.10. LG (South Korea)
10.10.1.Company Snapshot
10.10.2.Financial Performance
10.10.3.Product Offerings
10.10.4.Key Developmental Strategies
10.10.5.SWOT Analysis
*The list of companies is subject to change during the final compilation of the report
Key Players
- SunPower (US)
- First Solar (US)
- Vivint Solar (US)
- Sunrun (US)
- Jinko Solar (China)
- Canadian Solar (Canada)
- Trina Solar (China)
- Hanwha Q CELLS (South Korea)
- Panasonic (Japan)
- LG (South Korea)
Market Segments
By Technology
- Thin Film
- Crystalline Silicon
- Others
By Grid Connectivity
- On Grid
- Off Grid
By Application
- Residential
- Commercial
- Industrial
By Region
- North America
-
- The U.S.
- Canada
- Mexico
- Europe
-
- The U.K.
- Germany
- France
- Spain
- Italy
- Netherlands
- Sweden
- Switzerland
- Denmark
- Finland
- Russia
- Rest of Europe
- The Asia-Pacific
-
- China
- India
- Japan
- South Korea
- Australia
- Singapore
- Indonesia
- Taiwan
- Malaysia
- Rest of Asia-Pacific
- Rest of the World
-
- Latin America
- The Middle East
- Africa