Rooftop Solar PV Market Size Will Attain USD 398.9 BN By 2030

The latest study collated and published by Nova one advisor analyzes the historical and present-day scenario of the global Rooftop Solar PV market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, future scopes, cost analysis and key trends during the forecast timeframe 2022 to 2030.

According to Nova one advisor, the global Rooftop Solar PV market was valued at USD 99.8 billion in 2021 and it is expected to hit around USD 398.9 billion by 2030 with a CAGR of 16.68% during the forecast period 2022 to 2030.

Key Takeaways:


  • Asia Pacific region accounted largest market share of around 41.9% in 2021

  • On-grid segment has contributed 80% of revenue share in 2021

  • By technology, thin film segment accounted market share of over 38.9% in 2021

  • In 2021, crystalline silicon segment has garnered 31.6% market share

  • By application, the industrial sector garnered 42.8% of market share in 2021

  • In 2021, commercial segment accounted 31.9% of market share

Growing deployment of renewable energy due to increased demand cleaner power generation sources are likely to strengthen the increasing demand for rooftop solar PVs.

Proliferating demand for rooftop solar photovoltaic across end-use sectors owing to significant price difference between retail electricity and solar-generated electricity is bound to provide a major boost to the market growth. In addition, rooftop solar PV modules have low maintenance cost and require no additional land space for installation as they can be set up on any type of roof.

Growing advancements in solar PV manufacturing technology has resulted in declining costs and higher efficiency of rooftop solar PV modules, thereby driving the product demand across several end-use applications. Moreover, government support in form of tax credits and installation subsidies will further propel the market growth over the forecast period.

Market players are emphasizing on developing innovative design technology due to growing need for decarbonization of energy sector and reduction of carbon footprint. Manufacturers aim to generate the most immediate payback period by enhancing the overall conversion efficiency of rooftop solar PV modules. The improved efficiency modules are projected to lower the levelized cost of electricity by three to four percent, thereby making solar-generated electricity the most competitive.

Technology Insights

Thin film segment occupied a dominant market share of over 38.9% in 2021 and is expected to expand at the highest CAGR over the forecast period. The growth can be attributed to thin film manufacturing from lightweight and flexible materials, strong durability, and narrow design. Thin film rooftop solar PV majorly finds application in the commercial sector as they have lower installation costs due to their light weight.

The crystalline silicon segment occupied a 31.6% share of market revenue in 2021. Low cost manufacturing of silicon semiconductors, extended lifecycle of panels, and low weight volume ratio are among the key factors driving the segment growth. Mono crystalline rooftop solar PV made from fine grade silicon possesses enhanced space efficiency when compared to thin film modules.

Application Insights

The industrial sector accounted for the largest revenue share of around 42.8% in 2021 and is anticipated to maintain its dominance over the forecast period. Rooftop solar provides energy for industrial heating and cooling, which otherwise would be sourced from fossil fuels generating harmful emissions. Growing industrialization across developing economies is expected to provide a major impetus to the market demand over the forecast period.

The residential segment is expected to expand at the highest CAGR over the forecast period. Off-grid rooftop solar PV equipped with an energy battery storage system provides reliable secondary power in residential households, thereby boosting product demand across the segment. Deployment of large scale storage systems to protect against peak demand power changes have resulted in the adoption of extra-large rooftop solar PV system to store desired power in batteries.

The commercial segment occupied 32.9% of market revenue share in 2021. Growing penetration rooftop solar PV across hospitals, hotels, and corporate offices along with rising power demand from data centers & communication base stations is expected to propel the product demand across the commercial sector. In addition, module level monitoring, improved energy yield, and enhanced panel efficiency are among the major factors propelling the segment growth.

Grid Type Insights

On-grid segment accounted for the largest revenue share of over 80% in 2021, as it offers the benefit of transferring the excess electricity generated to the grid and no battery storage needs to be installed near the system source. Non-complexity of grid connected rooftop PV systems along with low operating and maintenance costs is bound to generate positive demand for on-grid segment market growth.

Off-grid segment is projected to ascend at the highest CAGR over the forecast period owing to growing power demand from remote locations coupled with stringent regulatory schemes for decentralized power generation. Off-grid rooftop PV are self-sustaining systems, saving and storing solar power into a battery energy storage system for later use when the grid power goes down.

Regional Insights

The Asia Pacific region accounted for the largest revenue share of over 41.9% in 2021 and is expected to continue its dominance over the forecast period. China accounted for the largest contributor to the market revenue generation. Favorable government policies providing financial incentives and subsidies to solar PV projects along with the presence of large market players are among the significant factors contributing to the market growth in China.

The European regional market captured a revenue share of over 28.52% in 2021. U.K. registered for the largest revenue market share in Europe. Increasing trend of generating power through renewable energy is adding to the rising rooftop solar PV capacity. Moreover, stringent regulatory reforms regarding clean energy deployment are driving the regional market growth.

North America occupied a significant market share, with the U.S. being the major revenue contributor to regional growth. The growing requirement for clean fuel power generation along with the surging capacity of residential solar is anticipated to enhance product penetration across the country in the forthcoming years.

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