Global Solar Roofing Market is valued at approximately USD 68.4 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 15.1% over the forecast period 2023-2030. Solar Roofing is a type of roof-mounted electrical system that generates power from solar energy. Solar roofing is a distributed power-generation technique that assists in meeting a building's energy demand while keeping within the boundaries of an existing distribution network. It is fast rising as a result of increased concerns about climate change and rising electricity expenses. This is moving the solar roofing industry ahead, as is the demand for power generation from renewable energy sources, as well as the existence of plentiful solar resources across the world.
Moreover, governments around the world are increasingly investing in renewable energy sources. This investment in renewable energy is leading to the growth of the Solar roofing market, as solar roofing turbines are widely used in residential and small-scale commercial applications. For instance, in Sept. 2021, the U.S. Department of Agriculture revealed that the Department is planning to invest USD 464 million to build or improve renewable energy infrastructure and to assist rural communities, agricultural producers and companies' lower energy costs in 48 states and Puerto Rico. USD 129 million of these projects have been funded by the USDA under the Rural Electricity for America Program. Also, in September 2022 the Andhra Pradesh State Investment Promotion Board (SIPB) offered investment possibilities for several businesses to increase green energy and The SIPB gave Green Ko permission to spend USD 246 billion in projects utilizing 4,230 MW of total renewable energy potential. Additionally, Advances in solar technology have made solar roofing more efficient also Solar roofing has also given rise to new business models such as solar leasing and power purchase agreements. However, High installation prices and the requirement for roof-mounted solar panel maintenance limit market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Solar Roofing Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 Owing to the increase in carbon footprint, the U.S. Government has implemented stringent environmental regulations regarding the usage of fossil fuels and is encouraging the use of photovoltaic energy by enforcing policies According to Solar Energy Industry Association (SEIA) in 2021, the utility-scale cumulative U.S. solar installations is around 77,741 MWdc. Asia Pacific is expected to grow significantly during the forecast period, owing due to widespread use of solar energy in the generation of electricity for standalone systems and rural electrification also rising levels of disposable income, population growth, and rapid urbanisation, as well as increased awareness of energy efficiency and environmental development.
Major market player included in this report are:
First Solar, Inc.
Hanwha Q-cells
LONGi
Trina solar
JA Solar Holdings
SunPower Corporation
Indosolar Ltd
Canadian Solar Inc.
e-ton solar technology Co Ltd.
Jinko Solar Holding Co., Ltd.
Recent Developments in the Market:
In January 2023, the unique Timberline Solar roof was made available to Austin area homeowners by GAF Energy, a Standard Industries affiliate and the industry's top supplier of solar roofing. Timberline Solar is the only option that directly blends solar technology with traditional roofing techniques and materials. The Timberline Solar Energy Shingle ES, the first mailable solar shingle ever created, is part of this ground-breaking system and is produced in the United States at GAF Energy's production and development facility.
In October 2022, the Delhi government made an announcement on utilising neighbourhood solar roofs. Businesses and organisations would be able to generate power without needing rooftop space. Additionally, a joint venture between the governments of Rajasthan and the Union called for bids to commission 50 MW of grid-connected rooftop and small ground-mounted solar, which presents an opportunity for Indian businesses to set up rooftop projects.
Global Solar Roofing Market Report Scope:
Historical Data: 2020 - 2021
Base Year for Estimation: 2022
Forecast period: 2023-2030
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Type, Grid Type, Installation Type, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
By Type:
Thin film
Crystalline
Others
By Grid Type:
On-Grid
Off-Grid
By Installation Type:
Residential
Commercial
Utility-Scale
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
