The global rooftop solar PV market is highly fragmented with many
regional and global players. The rooftop solar PV market is largely
dominated by China-based solar companies. These companies constitute
more than 50% of the global rooftop solar PV market. The local
players are getting advantage of market knowledge. The market
penetration is low in solar resource rich countries. The availability
of traditional and renewable technologies such as wind and geothermal
is expected to positioned as an alternative to traditional
electricity. Complexities in other major renewable technologies will
ensure the threat of substitute remains medium.
According to the report, the global market opportunity in rooftop
solar PV will rise from US$1,798.1 mn in 2014 to reach US$4,584.3 mn
by 2023, expanding at a 11% CAGR from 2015 to 2023. On the basis of
application, the residential segment is anticipated to lead and
expand at a CAGR of 13.9% from 2015 to 2023. By geography, North
America will continue to lead in the global rooftop PV market and
account for 32% of the market by 2023. The North American rooftop
solar PV market is expected to be driven by favorable regulations by
the government as well as the tax incentives offered for using this
systems. In addition to this, the demand for zero emission energy
source will also aid the market to grow in this region.
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Reduced
Battery Prices to Fuel Market Growth
The global rooftop solar PV market is driven by the demand for energy
and reduced battery costs. The high efficiency offered by rooftop
solar PV systems and the reduced energy payback period have also led
to the growth of the market. In addition to this, tax credits and
government subsidies offered for adopting rooftop solar PV systems
will also contribute to the growth of the market in the long run. The
support from government has led to a higher adoption of these systems
worldwide. In addition to this, it is anticipated that the price of
battery will reduce in the coming years, which in turn is likely to
fuel the adoption of rooftop solar PV systems
Lack
of Smart Grid Infrastructure to Pose a Challenge
Despite the benefits of adopting rooftop solar PV systems, the fact
that they are more suitable for applications where the electricity
generated should be consumed at the site itself, will act as a
restraint. A lack of smart grid infrastructure leads to inefficient
transmission of solar electricity to other sites. Owing to the
absence of infrastructure, the trading of electricity can only be
done for a limited amount. This is another problem associated with
these rooftop systems. In addition to this, there exists ambiguity in
terms of policy design for net metering and also, net metering has
attracted negative attention from other utilities. These factors are
impacting the growth of the market negatively.
On the other hand, the rooftop solar market is growing rapidly in the
emerging markets and this will create new opportunities for growth in
the market. “The emerging markets such as India and South Africa
lack the presence of advanced grid infrastructure and will thus, opt
for rooftop solar systems in the near future,” says a TMR analyst.
In addition to this, the markets in South Asia such as Thailand also
possess a tremendous potential for expansion owing to various
government initiatives to reduce the country’s dependence on energy
imports.
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This information is based on the findings of a report published by
Transparency Market Research titled “Rooftop Solar PV Market
- Global Industry Analysis, Size, Share, Growth Trends, and Forecast
2015 - 2023.”
The
global rooftop solar PV market is segmented as follows:
Rooftop
Solar PV Market: By End-use
- Residential
- Commercial
Rooftop
Solar PV Market: By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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