Solar Roofing Market to Reach $241.6 Billion, Globally, by 2031 at 15.1% CAGR: Allied Market Research
The surge in the demand for power generation from renewable energy sources and the presence of abundant solar resources across the globe drive the growth of the global solar roofing market.
PORTLAND, Ore., Jan. 10, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Solar Roofing Market by Type (Thin film, Crystalline, Others), by Grid Type (On-Grid, Off-Grid, by Installation Type (Residential, Commercial, Utility-Scale): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global solar roofing industry generated $59.4 billion in 2021, and is anticipated to generate $241.6 billion by 2031, witnessing a CAGR of 15.1% from 2022 to 2031.
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Prime determinants of growth
The surge in the demand for power generation from renewable energy sources and the presence of abundant solar resources across the globe drive the growth of the global solar roofing market. However, the high installation costs and the necessity for roof-mounted solar panel maintenance restrict the market growth. Moreover, governments of various countries have taken initiatives to increase the utilization of solar energy through various tax incentives and green subsidies, which presents new opportunities in the coming years.
- The outbreak of the Covid-19 pandemic had a negative impact on the global solar roofing market.
- Rooftop solar projects were the most negatively impacted in the renewable energy sector because most of them are small-sized businesses. The pandemic had a significant impact on these businesses, where few of them had declared bankruptcy.
- Post lockdown, the industry is expected to deal with the aftereffects as new solar roofing is not a necessity for consumers. With consumers dealing with several financial problems, solar roofing will be of least priority on their list, resulting in a delay in the decisions in context with the installation of solar rooftops.
The utility-scale segment to maintain its leadership status throughout the forecast period
Based on installation type, the utility-scale segment held the highest market share in 2021, accounting for more than two-thirds of the global solar roofing market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to rapid industrialization and decrease in fossil fuel resources across the globe. However, the residential segment is projected to manifest the highest CAGR of 15.9% from 2022 to 2031. Government initiatives to curb carbon emissions and reduce the usage of conventional fuels to generate energy in developed as well as developing economies has led to an increase in the usage of rooftop solar PV systems to generate electricity for household purposes.
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The crystalline segment to maintain its leadership status throughout the forecast period
Based on type, the crystalline segment held the highest market share in 2021, accounting for nearly 90% of the global solar roofing market, and is estimated to maintain its leadership status throughout the forecast period. It is driven by the heightened demand for renewable energy and electricity, which is further supported by the rise in population globally. However, the others segment is projected to manifest the highest CAGR of 16.1% from 2022 to 2031. The flexibility of the organic molecules and the presence of a potentially wide range of cost-effective photovoltaic applications is a major factor driving the growth of the market.
The on-grid segment to maintain its lead position during the forecast period
Based on grid type, the on-grid segment accounted for the largest share in 2021, contributing to more than four-fifths of the global solar roofing market, and is projected to maintain its lead position during the forecast period. It is because the on-grid solar system does not require batteries. It is cheaper to install when compared to an off-grid system. It is less expensive when compared to other solar systems. However, the off-grid segment is expected to portray the largest CAGR of 16.0% from 2022 to 2031, and this is attributed to the declining cost of solar panels and batteries.
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Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than half of the global solar roofing market, and is likely to dominate the market during the forecast period. Moreover, this region is expected to witness the fastest CAGR of 15.5% from 2022 to 2031. This is due to the fact that Asia-Pacific is the most populated region across the globe. With an ever-increasing population, it is also home to a considerable number of megacities.
Leading Market Players: –
- First Solar, Inc.,
- Hanwha Q-cells,
- Trina solar,
- JA Solar,
- SunPower Corporation,
- Indosolar Ltd,
- Canadian Solar,
- e-ton solar,
- JinkoSolar Holding Co., Ltd.
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