Published on : Feb 18, 2016
The global rooftop solar PV market is projected to expand significantly in the coming few years. Backed by the boom in the solar power industry, the global rooftop solar PV market is expected to witness substantial growth in both revenue and the number of installations. Around the world, the demand for solar power has increased massively. The depleting fossil fuels and increasing demand for clean energy are driving the overall solar industry.
Key Drivers of Market
The global rooftop solar PV market is driven by several factors. One of the key factors is the high efficiency associated with this technology and the shrinking payback time, which is supported by government subsidies and also the tax credits. In addition to this, the declining battery costs will also fuel the adoption of rooftop solar. Moreover, the increasing adoption of distributed PV technology globally will also benefit the global rooftop solar PV market.
Global Market Dominated by Residential Segment
Broadly, the global rooftop solar PV market is segmented on the basis of end use and region. According to end use, the global rooftop solar PV market is divided into residential and commercial. In 2014, the residential segment dominated the global rooftop solar PV market with a significant share. The key trend driving the adoption of rooftop solar PV in the residential segment is the financial leasing and third party model that has led to an increase in the demand for this technology. On the other hand, the growing number of rooftop solar projects for government buildings are supporting the installation of rooftop solar PV systems in the commercial segment.
Opportunities in Latin America and Africa
Regionally, the global rooftop solar PV market is classified into Europe, Asia Pacific, North America, and Rest of the World. The growth potential of this market is very high in countries lacking grid infrastructure. For example, solar resource rich countries of Latin America and Africa offer vast potential for rooftop solar PVs.
Additionally, players in the global rooftop solar PV market will benefit from the rise of yieldcos. Some of the key players operating in the global rooftop solar PV market are Yingli Green Energy, Trina Solar Limited, SunPower, and Canadian Solar.