Solar Rooftop Panel Market: Current Analysis and Forecast (2021-2027)

The push of renewable energy sources has led to a surge in solar energy use. Solar rooftop system mainly comprises of solar modules and electricity storage devices to store energy and a galvanized zinc structure. With new innovations and advancements in the industry the installation cost of solar rooftop solution has been reduced a lot and is now in the reachability of majority of population. For example, manufacturing cost of solar module has reduced to USD 0.38 per watt in 2019, which was USD 2.04 per watt. Thus, resulting in higher adoption in middle level income demographics. Furthermore, the installation of solar across the globe rose to 707 GW in 2020, compared to 217 GW in 2015. Asia Pacific held the largest market share in 2020 out of global 707 GW installed; 422 GW were installed in Asia Pacific.

Based on grid type, the market is bifurcated into on grid and off grid solar rooftop solutions. Of both, on grid solar rooftop solutions are currently dominating the market due to less installation cost and no storage maintenance cost but in near future off grid would be the fastest growing with regular advancements, reducing cost of batteries and huge demand in sub urban area where grid transmission is negligible.

On the basis of end user, the market is divided into residential, commercial, industrial sector. Among these, industrial sector held a considerable market share in 2020. Further, residential sector is expected to grow at a considerable rate by the end of forecast period, demonstrating a CAGR of xx%.

Based on capacity, the market is categorized into 1KW-10KW, 11KW-100KW, 101KW-1MW, and above 1MW. Among them 11KW-100KW category captured the significant market share in 2020 and is expected to grow at a rate of xx% during the forecast period to reach USD xx billion by 2027.

Based on technology, the market is divided into thin film, monocrystalline, polycrystalline, and PERC monocrystalline solar cells. Monocrystalline solar panels held remarkable market share owing to its low installation cost and high efficiency compared to other modules. In addition, since PERC monocrystalline is an advance technology and has high efficiency. Hence, in coming years PERC monocrystalline solar modules is likely to showcase significant growth during the forecast period owing to reduced cost and less rooftop space requirement as compared to other modules.

Based on facial type, monofacial panels used in solar rooftop solutions held the significant share in past years owing to less cost. However, in near future bifacial solar modules would fully replace monofacial solar modules owing to high electricity generation, lowering cost, and less roof space requirement.