Rooftop Solar PV Market is growing due to rising renewable energy demand and decreasing installation costs, making solar power more accessible and affordable for consumers.
According to the TechSci Research report, “Rooftop Solar PV Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F,” the global rooftop solar PV market was valued at USD 90.78 billion in 2023. It is expected to grow at a CAGR of 15.36%, reaching USD 215.88 billion by 2029. A significant trend in the market is the increasing popularity of solar financing options. The upfront cost of installing a solar PV system can be a barrier for many homeowners and businesses. To address this, several financing solutions, such as solar leases, power purchase agreements (PPAs), and solar loans, have emerged.
These financing options allow consumers to install solar systems with little to no initial investment. Instead, they can pay for the solar power generated or finance the purchase over time. Solar leases and PPAs offer fixed monthly payments, often including maintenance and monitoring services, which makes them attractive to consumers seeking predictable costs. On the other hand, solar loans provide an opportunity to own the system outright while spreading the cost over a longer period. Government incentives and rebates are also available to reduce the financial burden. These accessible and competitive financing options are driving the adoption of rooftop solar PV systems, making solar energy more attainable for a broader audience.
The rooftop solar PV market is segmented based on grid type, with the grid-connected segment holding the largest market share in 2023. This segment is growing rapidly due to several factors, including rising energy costs and growing environmental concerns. As conventional energy sources become more expensive and volatile, both residential and commercial users are seeking cost-effective and stable energy solutions. Technological advancements in solar panel efficiency and energy storage systems are making rooftop solar installations more viable. Additionally, the decline in solar panel prices due to economies of scale and technological innovations has contributed to making solar PV more accessible to a wider range of consumers.
Government policies and incentives play a key role in driving the growth of the grid-connected segment. Many governments offer tax credits, rebates, and subsidies to promote renewable energy adoption, significantly lowering the upfront cost of solar installations. Net metering policies, which allow solar users to sell excess electricity back to the grid, enhance the financial attractiveness of rooftop solar systems. These incentives create a favorable economic environment, providing a return on investment through savings on electricity bills and potential revenue from excess power generation.
The growing awareness of climate change and the push for sustainability are also significant drivers in the market. Consumers and businesses are increasingly motivated to reduce their carbon footprint, and rooftop solar PV systems offer a tangible way to meet these goals. Urbanization and the expansion of residential and commercial buildings also create opportunities for rooftop solar installations. As cities grow and new buildings are constructed, the availability of rooftop space for solar panels increases, leading to more installations.
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The North American region is emerging as the fastest-growing segment in the global rooftop solar PV market. This growth is driven by favorable government policies, financial incentives, and a rising emphasis on renewable energy adoption. In the United States, federal tax credits, such as the Investment Tax Credit (ITC), along with state-level rebates and net metering programs, are accelerating rooftop solar deployment. Growing environmental awareness, coupled with declining solar PV technology costs, has increased adoption across residential, commercial, and industrial sectors.
Canada is also contributing to this growth, with initiatives promoting clean energy transitions and solar integration in urban infrastructure. The region’s strong focus on sustainability and reducing carbon emissions further positions North America as a key driver in the rooftop solar PV market.
Major companies operating in the Global Rooftop Solar PV Market are:
- Tata Power Solar Systems Limited
- Amplus Energy Solutions Pvt. Ltd.
- CleanMax Enviro Energy Solutions Pvt. Ltd.
- SunSource Energy
- Momentum Solar LLC
- Canadian Solar Inc,
- SunPower Corporation
- Sharp Corporation
- Wuxi Suntech Power Co., Ltd.
- KYOCERA Corporation
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“The Global Rooftop Solar PV Market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. The Rooftop Solar PV Market is poised for substantial growth, fueled by the global transition to renewable energy and sustainability. Expanding government incentives, subsidies, and supportive policies are driving rapid market expansion. Advances in solar technology and declining costs are enhancing the accessibility and affordability of rooftop installations for both residential and commercial sectors. Increased environmental awareness and the pursuit of energy independence are further accelerating market demand.
Furthermore, the integration of smart grid technologies and energy storage solutions improves the efficiency and appeal of rooftop solar PV systems, presenting significant opportunities for widespread adoption and market advancement. Therefore, the Market of Rooftop Solar PV is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“Rooftop Solar PV Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented, By Deployment (Ground Mounted and Rooftop Mounted), By Technology (Thin Film and Crystalline Silicon), By Grid Type (Off-Grid and Grid-connected), By End-User (Residential, Commercial, and Industrial), By Region, By Competition, 2019-2029F”, has evaluated the future growth potential of Global Rooftop Solar PV Market and provides statistics & information on the Market size, structure, and future Market growth. The report intends to provide cutting-edge Market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Rooftop Solar PV Market.
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