Rooftop Solar PV Market Growth Fueled by Increasing Energy Demands, High Concern for Environment, and Increased Focus for the Replacement Of Conventional Energy Sources: Radiant Insights, Inc.

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Jul 03, 2018, 04:55 ET

SAN FRANCISCO, July 3, 2018 /PRNewswire/ --

The global rooftop solar PV market is subject to witness a substantial growth over the forecast period due to increase in demand for solar powered devices in both developing and underdeveloped economies across the globe where availability of electricity is severe condition. The rapid growth of rooftop solar PV market is attributed to the increase in number of industry players, rise in demand of solar power generation as an alternative to fossil fuels, and numerous initiatives and reforms undertaken by regional governments to fulfill growing requirement of electricity. Various initiatives taken by developed countries such as feed-in-tariff (FIT) programs are compelling the growth of the market in forecast period. To limit greenhouse gas emission with the use of solar powered application in different segments is also expanding the reach of the market. The reduction in the cost of photo voltaic module is key reason for growing demand of the rooftop solar PV. In recent years, cost of solar PV module is reduced by more than fifty percent, becoming major factor for growth of the rooftop solar PV market.

The reduction in the cost of the solar PV modules is credited to the enhancement in material efficiency, manufacturing process, and financial prudence. Rooftop solar PV modules are utilized in industrial, commercial and domestic purposes due to its flexibility during the installation processes. Rising prices of crude oil, numerous environmental concerns with the installation of hydro power station, and large amount of initial cost to set up nuclear power plants and health hazards due to nuclear radiation are crucial factors for adoption of solar power. Alongside, numerous government initiatives, schemes and subsidies to promote use of solar powered devices and generation of solar energy are propelling growth of the solar PV market. With numerous opportunities for sustainable growth for market players alongside rising disposable incomes and cost effectiveness of solar applications paves way for substantial investment in research & development of rooftop solar photovoltaic market. Though, problems faced during energy distribution such as grid congestion issues and interconnection delays are limiting the growth of the market. Other problems related to lower grid capacity causing insufficient power generation and storage are major concerns for market players and constraining large-scale production of rooftop solar PV panels.

A photovoltaic system or PV system uses photovoltaic to convert solar energy into usable electrical energy. Solar PV system involves array of solar panels mounted on rooftop, it converts solar energy into DC power. Solar inverter is also used to convert DC power into variable AC power. Other essential components for solar PV modules are mountings, electrical cables, and other electronic components for a proper set up. The rooftop solar photovoltaic systems are categorized into three kinds such as grid tied photovoltaic systems, grid interactive or on grid photovoltaic systems and off grid photovoltaic systems. Grid tied are designed to work alongside grid only, and referred as combination of the solar photovoltaic and grid system, due to their dependency on the reference voltage supplied by the grid systems for their consistent performance. The grid interactive system operates in combination with a battery reserve or diesel generator. The rooftop solar PV market is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. United States region has shown major growth in recent years owing to numerous incentives provided by domestic governments in the form of subsidies and tax benefits to limit the green gas emissions.

Asia-Pacific region is predicted to hold major market share in the rooftop solar PV market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with growing adoption of solar thermal PV plants and power stations, and increase in investment by market players due to potential opportunities in the region. The key players in the rooftop solar PV market are Sharp Co., Trina Solar Co., Pristine Sun Ltd., JA Solar Ltd., Yingli Solar, and Vikram Solar. This report studies the Rooftop Solar PV market status and outlook of global and United States, from angles of players, regions, product types and end industries; this report analyzes the top players in global and United States market, and splits the Rooftop Solar PV market by product type and application/end industries.

Access 122 page research report with TOC on "Rooftop Solar PV Market" available with Radiant Insights, Inc. @ https://www.radiantinsights.com/research/2018-2025-rooftop-solar-pv-report

The global Rooftop Solar PV market is valued at XX million USD in 2017 and is expected to reach XX million USD by the end of 2025, growing at a CAGR of XX% between 2017 and 2025. The Asia-Pacific will occupy for more market share in following years, especially in China, also fast growing India and Southeast Asia regions. North America, especially the United States, will still play an important role which cannot be ignored. Any changes from United States might affect the development trend of Rooftop Solar PV. United States plays an important role in global market, with market size of xx million USD in 2017 and will be xx million USD in 2025, with a CAGR of XX.

Geographically, this report is segmented into several key regions, with sales, revenue, market share (%) and growth Rate (%) of Rooftop Solar PV in these regions, from 2013 to 2025 (forecast), covering

• United States

• North America

• Europe

• Asia-Pacific

• South America

• Middle East and Africa

The major players in global and United States market, including

• Yingli Green Energy Holding Co. Ltd.

• Sun Power Corporation

• Schott Solar AG

• First Solar Inc.

• Canadian Solar Inc.

• Solar World AG

• Sharp Corporation

• Jinko Solar Holding Company Ltd.

• Suntech Power Holding Co. Ltd

• Trina Solar Ltd.

On the basis of product, the market is primarily split into

• Grid connected

• Off Grid

On the basis on the end users/application, this report covers

• Non-residential

• Residential

Browse reports of similar category available with Radiant Insights, Inc.:

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SOURCE Radiant Insights, Inc.