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

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

The global solar roofing market size was valued at $59.4 billion in 2021 and is projected to reach $241.6 billion by 2031, with a CAGR of 15.1% from 2022 to 2031.

Solar roof is made up of several components such as PV tiles, non-PV tiles, and metal flashings that improve the aesthetics of your roof and solar inverters. These components work together to harvest sunlight and convert it to DC electricity, which may then be utilized to power appliances.

Global population growth and rapid industrialization have increased the demand for power. The increased public awareness of power generation using renewable energy sources is expected to drive the solar roofing industry. The increase in the investment of the government and private institutions toward the utilization of efficient solar energy is anticipated to boost the market. In 2021, the industrial sector accounted for 35% of the total U.S. end-use energy consumption. Hence, rapid industrialization across the world is projected to increase the electricity demand. The increase in electricity demand has led to the development of green energy sources such as building integrated solar. Growing environmental concerns as a result of strict laws to reduce GHG emissions have forced companies to adopt effective energy conservation measures. The implementation of stringent government regulations to control carbon footprints has encouraged industries to choose integration with effective energy conservation methods, which has led to the rapid expansion of the solar roofing market during the forecast period. The presence of these advantages has driven the demand for the solar roofing market.

The presence of huge installation costs and the need for maintenance of solar panels mounted on roofs  hamper the market growth. Furthermore, solar technology serves as an ideal option for various end-use applications and high capital costs associated with solar installations as compared to other emerging renewable technologies restrain the growth of the market.

Rural electrification is the process of bringing electrical power to rural and remote areas. Rural communities are suffering from colossal market failures as the national grids are short of their demand for electricity. It typically begins in cities & towns and gradually extends to rural areas; however, this process often runs into obstacles in developing nations. In order to drastically increase electrification rates, the Indian Government has set the target of 175GW of installed renewable energy by 2022 and mandated the electrification of over 18,000 villages through “JNN solar mission” and “Pradhan Mantri Gram Vidyut Yojana” programs that are expected to provide good market opportunity for the development of solar roofing market during the forecast period.

Crystalline Silicon type solar cell is one of the most widely used semiconductor materials in photovoltaic (PV) technology to manufacture solar cells and is made of highly pure silicon wafers that are further used to convert solar energy into electrical energy. C-Si occupies more than half of the total PV market revenue owing to its benefits and improved efficiency. Monocrystalline Si solar cell technology is widely used in rooftop solar panels to convert the highest amount of solar energy into electricity, owing to its properties such as higher efficiency to generate electricity, long service life, and lower installation cost. An increase in demand for rooftop solar panels for the generation of electricity and implementation of government regulations to reduce dependency on the usage of fossil fuels to curb carbon emissions across countries such as the U.S., Germany, France, Spain, India, and China are anticipated to boost the demand for mono-Si solar cell technology.

On-grid type is a solar energy system that uses photovoltaic modules to generate electricity. The on-grid type of systems are connected to the electric grid and used to supply power to it. These systems can be easily integrated with the existing power grid as they use renewable sources of energy for generating electricity, which reduces carbon dioxide emissions into the atmosphere.

Asia-Pacific accounted for a significant share of the global market revenue in 2021. Asia-Pacific is the largest consumer in the global solar roofing market owing to the presence of key developing economies such as China, India, and Japan, which registered the highest market share in the solar roofing market in the year 2021. In addition, Europe is the second largest market share region for this market. The solar energy share in total electricity production of Europe for 2021 was 14.0%. The increase in the production of solar energy in Europe is attributed to the surge in the installation of BIPV systems. The rise in construction activities has led to an increase in the installation of BIPV systems to generate electricity to meet emergency power needs. In addition, the implementation of stringent environmental regulations to reduce carbon emissions is expected to increase the demand for solar roofing across Europe.

The solar roofing market is segmented based on type, grid type, installation type, and region. On the basis of type, the market is fragmented into thin-film, crystalline, and others. Thin film segment is further divided into CdTe, a-Si, and CI(G)S, while crystalline segment is further bifurcated into multi-Si and mono-Si. By grid type, the market is classified into on grid and off-grid. By installation type, the market is categorized into residential, commercial, and utility-scale. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by Europe, North America, and LAMEA.

Impact of Covid-19 on Global Solar Roofing Market

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 the least priority on their list resulting to a delay in the decisions with context the installation of solar rooftops.

Competitive Landscape

The major companies profiled in this report are JinkoSolar, JA Solar, Trina Solar, LONGi Solar, Canadian Solar, First Solar, SunPower Corporation, Indosolar, Hanwha Q-cells, and E-Ton Solar. The decline in the cost price of solar panels and increase in the awareness among the people regarding the advantages of utilization of rooftop solar panels have positive impact on the solar roofing market. Additional growth strategies such as an expansion of storage capacities, acquisition, partnership, and research & innovation in the optimization and improvement in the efficiency and reliability of sodium-ion batteries have led to attaining key developments in the global solar roofing market trends.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the solar roofing market analysis from 2021 to 2031 to identify the prevailing solar roofing market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the solar roofing market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global solar roofing market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Installation Type

Residential
Commercial
Utility-Scale

By Type

Thin film
Type
CdTe
a-Si
CI(G)S
Crystalline
Type
Multi-Si
Mono-Si
Others

By Grid Type

On-Grid
Off-Grid

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
Italy
Spain
UK
France
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Chile
South Africa
Rest of LAMEA

Key Market Players

First Solar, Inc.
Hanwha Q-cells
LONGi
Trina solar
JA Solar
SunPower Corporation
Indosolar Ltd
Canadian Solar
e-ton solar
JinkoSolar Holding Co., Ltd.

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