Global Rooftop Solar PV Market to Reach US$299.2 Billion by 2030

The global market for Rooftop Solar PV estimated at US$123.5 Billion in the year 2023, is expected to reach US$299.2 Billion by 2030, growing at a CAGR of 13.5% over the analysis period 2023-2030. On-Grid, one of the segments analyzed in the report, is expected to record a 13.8% CAGR and reach US$226.7 Billion by the end of the analysis period. Growth in the Off-Grid segment is estimated at 12.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$32.8 Billion While China is Forecast to Grow at 17.9% CAGR

The Rooftop Solar PV market in the U.S. is estimated at US$32.8 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$71.0 Billion by the year 2030 trailing a CAGR of 17.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 10.1% and 10.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.6% CAGR.

Global Rooftop Solar PV Market - Key Trends and Drivers Summarized

Powering the Future with Rooftop Solar PV: Insights into Market Dynamics and Technological Advancements

Rooftop Solar Photovoltaic (PV) systems are solar energy solutions installed on the roofs of residential, commercial, and industrial buildings to generate electricity from sunlight. These systems consist of solar panels, inverters, mounting equipment, and other balance-of-system components that convert sunlight into usable electricity. Rooftop solar PV is becoming increasingly popular due to its ability to provide clean, renewable energy directly at the point of consumption, reducing reliance on grid power and lowering electricity bills. Unlike large-scale solar farms, rooftop solar installations can be implemented in urban areas without requiring additional land, making them ideal for cities and densely populated regions. Moreover, with the decreasing cost of solar panels and government incentives for renewable energy adoption, rooftop solar PV is emerging as a practical and sustainable solution for energy independence and environmental conservation.

How Are Technological Advancements Enhancing Rooftop Solar PV Systems?
Technological advancements are significantly improving the efficiency, affordability, and integration of rooftop solar PV systems, driving their widespread adoption. The development of high-efficiency photovoltaic cells, such as monocrystalline and bifacial panels, is increasing the energy output per square meter, making rooftop installations more viable in areas with limited roof space. Innovations in inverter technology, such as micro-inverters and power optimizers, are enhancing the performance and reliability of solar systems by optimizing power conversion at the panel level and improving overall energy harvest. The integration of smart meters, energy storage systems, and grid-tied inverters is enabling better energy management, allowing users to store excess energy and use it during peak demand or sell it back to the grid. Additionally, advancements in lightweight and flexible solar panels are expanding the application of rooftop solar PV to unconventional surfaces, such as curved roofs and facades, further boosting market growth.

What Challenges and Opportunities Exist in the Rooftop Solar PV Market?
The rooftop solar PV market faces several challenges, including high initial costs, regulatory complexities, and the need for skilled installation and maintenance personnel. While the cost of solar panels has decreased significantly, the upfront investment for a complete rooftop solar system, including inverters, batteries, and installation, can still be a barrier for some homeowners and businesses. Navigating the regulatory landscape, which varies by region and involves permits, grid interconnection agreements, and incentive programs, can also be complex and time-consuming. However, these challenges present significant opportunities for growth and innovation. The increasing emphasis on clean energy and the rising cost of grid electricity are driving demand for rooftop solar PV systems. The introduction of innovative financing models, such as solar leases, power purchase agreements (PPAs), and community solar programs, is making solar more accessible to a broader range of consumers. Moreover, the integration of rooftop solar with smart home technologies, electric vehicle (EV) charging, and energy storage is creating new avenues for market expansion.

What Factors Are Driving the Growth of the Rooftop Solar PV Market?
The growth in the Rooftop Solar PV market is driven by several factors, including the increasing demand for clean, renewable energy and the rising cost of conventional electricity. Technological advancements in high-efficiency solar panels, smart inverters, energy storage solutions, and flexible panel designs are enhancing the performance, affordability, and versatility of rooftop solar PV systems, driving their adoption. The growing emphasis on sustainability, carbon footprint reduction, and energy independence is also contributing to market growth. Additionally, the expansion of government incentives, subsidies, and favorable regulatory frameworks for solar adoption, particularly in emerging markets, is boosting the demand for rooftop solar PV. The integration of solar PV with smart grid technologies, EV infrastructure, and energy management systems is further propelling the rooftop solar PV market forward.