Microirrigation Systems Market Assessment, By Type [Drip Irrigation, Microsprinkler Irrigation], By Crop Type [Field Crops, Plantation Crops, Orchards, Others], By End-user [Residential, Commercial], By Region, Opportunities and Forecast, 2017-2031F

Microirrigation Systems Market Assessment, By Type [Drip Irrigation, Microsprinkler Irrigation], By Crop Type [Field Crops, Plantation Crops, Orchards, Others], By End-user [Residential, Commercial], By Region, Opportunities and Forecast, 2017-2031F

Global rooftop solar PV installation market is projected to witness a CAGR of 14.04% during the forecast period 2024-2031, growing from USD 105.96 billion in 2023 to USD 303.10 billion in 2031. Major factors driving the demand for rooftop solar PV installation are upgrading technology, government policies, and the high demand for energy from different sectors. The rooftop solar PV systems help mitigate the risk of dependency on a single energy source and create a reliable power source during outages, fostering the adoption of technology in the market.

Moreover, the industrial sector is heavily investing in rooftop solar PV technology to meet corporate sustainability goals mandated by governments. In developing countries, the industrial sector is making significant efforts to achieve long-term energy savings and reduce its carbon footprint, thereby promoting the growth of the rooftop solar PV installation market in the renewable energy sector.

The ongoing improvements in solar PV technology and design make panels more efficient by generating more power and enhancing the panel's lifespan. The technological improvement and quality of solar panels are enhancing, further supporting market growth in the forecast years. Furthermore, the integration of solar PV installation systems, along with energy storage solutions, such as batteries, is gaining popularity in the market. This trend creates significant opportunities for the rooftop solar PV installation market in the forecast period.

In June 2024, Tata Power Renewable Energy Ltd (TPREL) launched a new campaign, #GharGharSolar in Jodhpur, Rajasthan. The launch signifies the start of a nationwide campaign designed to motivate consumers to adopt residential solar rooftop solutions. The campaign will enhance renewable energy production and increase the demand for solar PV panels in the residential sector. This development helps the company encourage consumers to install residential solar rooftop solutions.

Adoption of Rooftop Solar PV Installation in Commercial and Industrial Sector to Fuel Market Growth

The rooftop solar PV installation technology improves operational efficiency, lowers energy costs, and assists the industrial sector in meeting sustainability targets. Commercial sectors are looking to produce in-house electricity, which significantly reduces the dependence on the power grid for energy supply. Industrial and commercial sectors are sensitive to power outages and fluctuating energy prices. Rooftop solar PV installation assists in stabilizing the power flow in industries during outages. Moreover, commercial and industrial sectors are under pressure from investors and government regulatory bodies for the adoption of sustainable practices for power consumption. The installation of rooftop solar PV technology helps lower carbon emissions and align with sustainability goals in the commercial sector, fostering greater adoption of rooftop solar installations.

Thus, commercial and industrial sectors are looking forward to a renewable energy transition, which is expected to continue accelerating the growth of rooftop solar PV installations in the forecast years.

As of September 2024, the Ministry of New and Renewable Energy reported that the cumulative solar power capacity reached 90.76 GW. This includes 14.30 GW from grid-connected solar rooftops, 3.78 GW from off-grid solar, 70.05 GW from ground-mounted solar plants, and 2.63 GW from hybrid projects featuring solar components.

Government Push Towards Renewable Energy Mix to Elevate Market Growth

Globally, environmental issues and awareness related to climate change are on the rise, and the government and higher authorities are pushing the adoption of renewable energy sources for power generation. Rooftop solar PV installation provides sustainable and reliable energy sources, which boosts the demand in the residential sector. The rooftop solar PV installation systems serve as clean and renewable energy sources, which further cut down greenhouse gas emissions and other outdoor pollutants in the environment. Developing countries are experiencing high energy demand from the residential sector, leading to increased interest in decentralized energy generation technologies in the market.

Globally, governments are assisting the residential sector in the investment process for the attainment of renewable energy production technologies. Moreover, the government is introducing policies related to the residential sectors, such as net metering and feed-in tariffs (FiTs), which in turn pushes the adoption of rooftop solar PV installation in the market. Thus, rooftop solar PV installation is set for faster growth in the renewable energy sector due to high fluctuations in retail electricity prices and growing policy support by the government.

For instance, in July 2024, the Government of India supported Indian solar panel manufacturers by providing subsidies. The government expanded the list of exempted capital goods and equipment used in the manufacturing of solar panels. Moreover, the government allocated around USD 0.87 billion (INR 7,327 crore) for the solar power sector, including grid, off-grid, and PM-KUSUM projects, in the Union Budget for FY2023-FY2024. This development will increase the production of panels at a lower cost.

Innovations in Technology and Designs to Create Market Opportunities

Advancements in rooftop solar PV installation have made solar energy systems more affordable, efficient, and versatile, leading to their increasing adoption across various sectors. Rooftop solar PV installations support the integration of energy storage solutions, which has increased the attractiveness of solar installations in the market. This integration allows users to store excess energy generated during the day for use during night hours or power outages, making solar energy more reliable and opportune for market growth in the forecast years.

Moreover, technological advancements in panel manufacturing and design will improve the durability and lifespan of solar panels. Enhancements in panel design could enable more efficient electricity generation over longer periods, offering a better return on investment and reducing long-term maintenance costs. Thus, innovations in technology, supply chain, and design create new opportunities for the growth and expansion of the rooftop solar PV installation market.

For instance, in May 2024, the Department of Energy decided to invest more than USD 70 million in research and development to seed new technologies in solar panel manufacturing. This development will increase the production of solar panels for different applications.

Monocrystalline to Dominate the Global Market Share

Monocrystalline panels are experiencing a high adoption rate in the forecast period, leading the segment to dominate the market share. These panels can perform better in low-light exposure than polycrystalline and thin-films, thereby increasing the demand for mono-crystalline panels in the market. The monocrystalline solar panels have a lower temperature coefficient, which causes less energy loss. These panels are less affected by harsh weather conditions and can perform in an unfavorable environment. Hence, they are considered a popular choice for rooftop solar PV installation applications. Furthermore, manufacturers of monocrystalline panels are investing in research and development to increase the efficiency rate of panels, which will foster their demand in the forecast years. Monocrystalline solar panels are durable and can withstand difficult environmental conditions, which drives their demand in the rooftop solar PV installation market.

For instance, in December 2022, Adani Solar introduced India’s first large-sized monocrystalline silicon ingot to produce M10 & G12 wafers and helped to drive indigenization to produce renewable electricity from Silicon-based PV modules with efficiencies ranging from 21% to 24%. This development will help the company increase revenue in the forecast years.

Asia-Pacific Leads the Rooftop Solar PV Installation Market Share

Asia-Pacific has dominated the rooftop solar PV installation market and is expected to continue during the forecast period. Asia-Pacific has become a leader in the global rooftop solar PV installation market due to the presence of major countries such as India, China, and Japan. Furthermore, these countries are mainly investing in the development of renewable energy production technologies, which help to reduce greenhouse gas emissions in the region. In addition, the government is pushing the industry sector to adopt rooftop solar PV installation, which will boost the market size.

Several financial institutions in developing countries are providing financial support to the domestic sector for the installation of rooftop solar PV technology. In recent years, India’s solar sector has experienced robust growth due to the high adoption rate of the renewable energy mix. Moreover, countries in the region are mainly focusing on setting high challenges related to decarbonization and sustainability goals, which enhances the demand for rooftop solar PV installation systems in Asia-Pacific. Furthermore, the rise in the interest in rooftop solar PV installation in Southeast Asian countries creates opportunities for the rooftop solar PV installation market during the forecast period.

For instance, in July 2024, China decided to bolster the solar power generating capacity by adding 102.48 GW of new solar installations between January and June 2024. This development showcases the country’s adoption of rooftop solar PV installation. Moreover, the adoption of rooftop solar PV installation in China will increase at a high rate in the forecast years.

Future Market Scenario (2024 – 2031F)

Ongoing improvements in the technology and design of rooftop solar PV installation will improve panel efficiency, which will enhance the productivity of renewable energy from the systems.

Environmental concerns push for the adoption of sustainable technological solutions for energy generation, which creates opportunities for the market.

The residential sector heavily investing in on-grid rooftop solar PV installation to ensure a reliable power source.

Supportive government policies and financial incentives for deploying rooftop solar PV in developing countries will continue to play a significant role in driving the growth of the global rooftop solar PV installation market.

Key Players Landscape and Outlook

Continuous innovation characterizes the landscape of rooftop solar PV installation globally as the companies compete in terms of energy efficiency, product life, and unique features. The market outlook remains positive, owing to increased demand for renewable energy. Rooftop solar PV installation photovoltaics players are concerned with supply chain resilience, energy efficiency, and environmental practices, which will define the industry's future. Product launches, agreements, business expansion, collaborations, and developing technologies are projected to increase competition in the fast-paced market.

For instance, in June 2024, Canadian Solar Inc. decided to enter into a partnership agreement with renewable energy equipment supplier Lifestyle Solar Inc. The partnership will help the company to sell solar and energy storage solutions to homebuilders in California. This development will help the company increase revenue and customer base in the coming years.