The top five leading players in the global rooftop
solar PV market as of 2014 were Trina Solar, Yingli Green Energy
Holding Company Limited, Jinko Solar, Canadian Solar, and SunPower.
The cumulative share of these players amounted to 43% in 2014, says
Transparency Market Research in a new report. Leading players are
focusing on expanding their research and development facilities to
develop new products to maintain their domination in the global
market, observes TMR.
“Companies should work towards realigning their
strategies to incorporate vertical integration of their operations to
create a strong base of efficient and competitive services,” states
the lead author of this research report. Mergers and acquisitions
will also be considered by several players to establish their
footprint across various other geographical regions and to absorb
research and development facilities to improve technical support. TMR
recommends players to consider bringing down costs for the
price-sensitive countries in developing regions that have a higher
need of alternative sources energy to reduce their carbon footprint.
This 78 page report gives readers a
comprehensive overview of the Rooftop solar PV market. Browse this
market Research Report@
Tax Benefits and Energy-efficiency of Solar
Systems Augment Growth
A large number of commercial and residential
spaces are opting for rooftop solar PV systems as they are easy to
install and offer an energy-efficient solution to the ongoing energy
crisis. Due to technological advancements and wide acceptance of
rooftop solar PV systems, these are being used as primary sources of
energy instead of alternative sources. The ideal lifespan of rooftop
solar PV is over 30 years, which is a strong factor supporting the
adoption of these systems in various sectors. The incentives such as
tax credits and rebates offered by governments for opting for solar
energy as against conventional energy is also bolstering the growth
of this market.
Lack of Smart Grid Infrastructure to Dent
Demand for Rooftop Solar PV Systems
The lack of smart grid infrastructure is the
biggest hurdle in the mass adoption of rooftop solar PV systems.
Thus, they still remain a viable option for individual usage purpose
than for a large-scale energy supply. This is also hampering the
transmission of solar power for electricity purposes. The market is
also being held back by the negative sentiment surrounding the net
metering policies for this setup.
Asia Pacific Takes the Baton from North America
to Lead Global Market
The report states that the opportunity in the
global rooftop solar PV market will be worth US$4.58 bn by 2023
growing from its 2014 valuation of US$1.79 bn in 2014, as the market
is anticipated to expand at a CAGR of 11% between 2015 and 2023. The
residential buildings segment will be the leading end users of
rooftop PV solar systems as the segment is anticipated to exhibit a
CAGR of 11.4% between 2015 and 2023. North America is estimated to be
the largest regional segment of the global market until the end of
the forecast period; however, Asia Pacific is an emerging segment as
it is projected to rise at a CAGR of 11.5% during the forecast
period. By the end of 2023, the Asia Pacific rooftop solar PV market
will be worth US$1.09 bn.
Get accurate market forecast and analysis on
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key trends impacting this market@
This review is based
on Transparency Market Research’s report, titled “Rooftop Solar
PV Market - Global Industry Analysis, Size, Share, Growth Trends, and
Forecast 2015 - 2023.”
Key Takeaways:
- Global rooftop solar PV market to reach a valuation of US$4,584.3 mn by 2023
- North America leads global market; Asia Pacific also emerges as a prominent regional segment with an 11.5% CAGR 2015-2023
- Residential sector to be the largest end-use segment of the global market, expanding at a CAGR of 11.4% 2015-2023
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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