Market Size of Rooftop Solar Photovoltaic Installation Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 8.04 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Rooftop Solar Photovoltaic Installation Market Analysis
The Rooftop Solar Photovoltaic Installation Market size is estimated at 111.27 gigawatt in 2024, and is expected to reach 163.78 gigawatt by 2029, growing at a CAGR of 8.04% during the forecast period (2024-2029).
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
Over the long term, supportive government policies in the form of incentives and tax benefits for solar panel installation, declining PV installation costs, and rising panel efficiencies are expected to drive the market during the forecast period.
On the other hand, high initial capital investment are expected to hinder the growth of the market during the forecasted period.
Nevertheless, new technological advancements and the development of perovskite solar cells are expected to create several opportunities for the rooftop solar PV installation market in the future.
Asia-Pacific was the largest market for rooftop solar PV installation in 2022. The region is also likely to be the fastest-growing market during the forecast period due to the presence of several developing economies, such as China and India.
Rooftop Solar Photovoltaic Installation Industry Segmentation
Rooftop solar PV is a photovoltaic system with electricity-generating solar panels mounted on the rooftop of a commercial or residential building. It captures the sun's light energy and converts it into electrical energy.
The rooftop solar PV installations market is segmented by location of deployment and geography. By location of deployment, the market is segmented into residential, commercial, and industrial; by geography, the market is segmented into North America, Asia-Pacific, Europe, South America, the Middle East, and Africa. The report also covers the market size and forecasts for the rooftop solar PV installations market across major regions.
For each segment, the market sizing and forecasts have been done based on revenue (USD).
| Location of Deployment | |
| Residential | |
| Commercial and Industrial |
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Rooftop Solar Photovoltaic Installation Market Size Summary
The rooftop solar photovoltaic installation market is poised for significant growth over the forecast period, driven by supportive government policies, declining installation costs, and advancements in panel efficiencies. Despite the initial setback due to the COVID-19 pandemic, the market has rebounded to pre-pandemic levels. However, high initial capital investment remains a challenge. Technological innovations, such as the development of perovskite solar cells, are expected to create new opportunities. The Asia-Pacific region, particularly countries like China and India, is anticipated to lead the market due to its abundant sunlight, favorable policies, and robust manufacturing capabilities. The region's dominance is further supported by proactive government incentives that encourage the adoption of solar PV systems.
The residential segment of the market is experiencing substantial growth, driven by the increasing demand for accessible and affordable electricity solutions. The deployment of residential rooftop solar PV systems has surged globally, with significant contributions from countries like the United States, Europe, and Australia. Initiatives such as the European Union's collaboration with Enel Green Power to expand solar panel production facilities are expected to reduce costs and stimulate demand. In Asia-Pacific, government programs in India and other countries are promoting solar energy projects, further boosting the market. The consolidated nature of the market features key players like Titan Solar Power NV Inc, Momentum Solar, and Canadian Solar Inc., who are actively contributing to the expansion of rooftop solar installations.
Rooftop Solar Photovoltaic Installation Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD, till 2029
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1.3 Rooftop Solar Photovoltaic (PV) Installed Market in GW, till 2029
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.1.1 Declining Solar Panel Costs
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1.6.1.2 Supportive Government Policies
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1.6.2 Restraints
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1.6.2.1 High Upfront Cost
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1.7 Supply Chain Analysis
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1.8 Porter's Five Forces Analysis
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1.8.1 Bargaining Power of Suppliers
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1.8.2 Bargaining Power of Consumers
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1.8.3 Threat of New Entrants
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1.8.4 Threat of Substitute Products and Services
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1.8.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Location of Deployment
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2.1.1 Residential
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2.1.2 Commercial and Industrial
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2.2 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2029 (for regions only)})
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Rest of North America
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2.2.2 Asia-Pacific
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2.2.2.1 China
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2.2.2.2 India
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2.2.2.3 Australia
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2.2.2.4 Japan
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2.2.2.5 Malaysia
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2.2.2.6 Thailand
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2.2.2.7 Indonesia
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2.2.2.8 Vietnam
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2.2.2.9 Rest of Asia-Pacific
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2.2.3 Europe
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2.2.3.1 Germany
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2.2.3.2 United Kingdom
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2.2.3.3 Spain
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2.2.3.4 Italy
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2.2.3.5 France
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2.2.3.6 Nordic Countries
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2.2.3.7 Turkey
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2.2.3.8 Russia
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2.2.3.9 Rest of Europe
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Colombia
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2.2.4.4 Rest of South America
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2.2.5 Middle-East and Africa
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2.2.5.1 Saudi Arabia
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2.2.5.2 United Arab Emirates
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2.2.5.3 Qatar
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2.2.5.4 South Africa
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2.2.5.5 Egypt
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2.2.5.6 Nigeria
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2.2.5.7 Rest of Middle-East and Africa
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Rooftop Solar Photovoltaic Installation Market Size FAQs
How big is the Rooftop Solar Photovoltaic Installation Market?
The Rooftop Solar Photovoltaic Installation Market size is expected to reach 111.27 gigawatt in 2024 and grow at a CAGR of 8.04% to reach 163.78 gigawatt by 2029.
What is the current Rooftop Solar Photovoltaic Installation Market size?
In 2024, the Rooftop Solar Photovoltaic Installation Market size is expected to reach 111.27 gigawatt.
