US Solar Roofing Market Size and Forecast (2021 - 2031), Country Share, Trend, and Growth Opportunity Analysis Report Coverage: By Roof Type (New Installation and Reroofing), Technology (Thin Film and Crystalline Silicon), Grid Type (On-Grid and Off-Grid)

US Solar Roofing Market Size and Forecast (2021 - 2031), Country Share, Trend, and Growth Opportunity Analysis Report Coverage: By Roof Type (New Installation and Reroofing), Technology (Thin Film and Crystalline Silicon), Grid Type (On-Grid and Off-Grid), Application (Industrial, Commercial, and Residential), and Country

The US solar roofing market size is projected to reach US$ 829.95 million by 2031 from US$ 458.19 million in 2023. The market is expected to register a CAGR of 7.7% during 2023–2031.

Vast Untapped Potential for the US Solar Roof is Boosting the US Solar Roofing Market Growth Opportunities

According to a 2022 report, on-site commercial solar energy is growing by about 3% over five years. As large companies begin to recognize the value of solar energy, this growth is expected to continue. Lowe’s, the home improvement store, is an example of a large company that has invested in solar energy. Lowe's announced earlier in 2022 that it plans to install rooftop solar panels at 174 locations in California, New Jersey, and Illinois. Rooftop solar panels will help Lowe’s meet its renewable energy and greenhouse gas emissions goals. Once completed, the solar projects will cover ~ 90% of the expected energy consumption at each location. However, for many other companies, the enormous opportunities for solar roofing systems are still untapped. FedEx, for example, have millions of square feet of roof space that could capture the sun rays and generate electricity. Such untapped potential for solar roofing in the US is expected to create opportunities for the key players operating in the US solar roofing market during the forecast period.

The energy transition is the transition from dependency on fossil fuels to renewable and cleaner energy sources. This change addresses the urgent need for sustainable, environmentally friendly energy solutions. Recent decades have seen an increase in carbon dioxide (CO2) emissions, contributing to climate change. Transitioning to renewable and environment-friendly energy sources is a critical strategy to reduce these emissions and mitigate environmental damage. Solar energy is one of the fastest growing renewable energy sources and is playing an important role in the US’s energy transition goals. In addition, technological advancements in solar panels and related power-generating devices such as inverters, batteries, and others are expected to be the future trend in the US solar roofing market.

The increasing frequency of storms highlights the urgent need for an energy transition by fueling the adoption of solar energy in the US. In the country, as of November 8, 2023, there were 25 catastrophic events in 2023, each causing over US$ 1 billion in damages. Those events include two floods, 19 severe storms, one wildfire, one winter storm, and others. Hence, switching to renewable energy can help reduce the greenhouse gas (GHG) emissions that drive climate change and these devastating weather phenomena. Transitioning to clean energy can protect communities, save lives, and prevent major economic damage, which is anticipated to be the key trend in the US solar roofing market from 2023 to 2031.

Tesla Inc, Solarstone OÜ, CertainTeed LLC, GAF Energy, SunTegra Solar, Sunpower Corporation, ECO Roof and Solar, Western Roofing Systems, American Solar & Roofing, and JinkoSolar Holding Co Ltd are among the key players profiled in the US solar roofing market report. Companies in the US solar roofing market mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.

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