Rooftop Solar PV Module Market to hit $110.6 Bn by 2032, Predicts Global Market Insights Inc.

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Major rooftop solar pv module market players includes Trina Solar, Canadian Solar, JA SOLAR Technology Co., Ltd., JinkoSolar, REC Solar Holdings AS, GCL-SI, Hanwha Group, CsunSolarTech, The Solaria Corporation, LG Electronics, Yingli Solar, Shunfeng International Clean Energy Co., Ltd, RENESOLA, EMMVEE SOLAR, among others

Selbyville, Delaware, June 27, 2023 (GLOBE NEWSWIRE) —

Rooftop Solar PV Module Market size is expected to cross a valuation of USD 110.6 billion by 2032, according to latest research report by Global Market Insights, Inc.

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The increasing number of stringent clean energy targets initiated by governments and organizations worldwide coupled with the rising focus on sustainability and cost competitiveness of solar PV technology are the major factors accelerating the adoption of rooftop solar PV modules. In recent years, rooftop solar PV systems are playing a crucial role in achieving these targets as they offer decentralized and renewable energy solutions. To combat climate changes and reduce greenhouse gas emissions, multiple countries have implemented ambitious clean energy goals and targets, further driving the business development. 

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Crystalline silicon technology to gain prominence

Rooftop solar PV module market from the crystalline silicon technology segment is projected to record robust growth through 2032. Crystalline silicon solar panels, which include both monocrystalline and polycrystalline variants, are the most widely used and established technology in the solar industry. Due to their efficiency, reliability, and cost-effectiveness, crystalline silicon modules have turned a popular choice for rooftop solar installations. Moreover, the scalability and versatility of crystalline silicon modules are further contributing to their rising demand to address the increasing need for clean and renewable energy solutions.

Monocrystalline solar panels to witness high demand

The rooftop solar PV module industry from the monocrystalline segment is anticipated to register robust growth rate through 2032. The high conversion efficiency of monocrystalline solar panels enables maximum energy generation in limited roof spaces. The surging advancements in technology and economies of scale has increased the affordability of monocrystalline solar panels. Moreover, the increasing environmental consciousness along with the growing inclination towards clean energy solutions are driving the demand for monocrystalline solar panels.

Rising scope in utility applications

The rooftop solar PV module market from the utility segment is set to witness notable expansion through 2032. The growth can be attributed to the benefits of rooftop solar PV systems in utilities in energy portfolios. Rooftop solar installations enable utilities to diversify their generation sources, reduce reliance on fossil fuels, and meet renewable energy targets. The influx of favorable policies and investments from utilities in the implementation of rooftop solar PV systems will also drive the segment growth.

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North America to emerge as a vital market for rooftop solar PV module manufacturers

North America held sizable revenue share in the rooftop solar PV module industry in 2022 and will grow at robust CAGR from 2023-2032 driven by the increasing focus on renewable energy and the transition towards sustainable future. Several governments and utilities in developing countries are offering incentives, tax credits, and favorable policies to promote solar energy adoption, further propelling the market growth. The rising environmental awareness among consumers along with the higher need to reduce energy bills will influence the regional market growth.

Rooftop Solar PV Module Industry Participants

Some of the major firms operating in the rooftop solar PV module market are JinkoSolar, Shunfeng International Clean Energy Co., Ltd, Trina Solar, RENESOLA, Canadian Solar, SunPower Corporation, JA SOLAR Technology Co., Ltd., GCL-SI, Hanwha Group, LONGi, Motech Industries Inc., CsunSolarTech, The Solaria Corporation, Yingli Solar, SHENZHEN SHINE SOLAR CO., LTD, LG Electronics, REC Solar Holdings AS, Indosolar, EMMVEE SOLAR, VIKRAM SOLAR LTD, and RISEN ENERGY Co., LTD.

Partial Table of Contents (ToC) of the report:

Chapter 2   Executive Summary
2.1    Rooftop solar PV module industry 360° synopsis, 2019 – 2032
2.1.1    Business trends
2.1.2    Technology trends
2.1.3    Product trends
2.1.4    Connectivity Trends
2.1.5    End-use trends
2.1.6    Regional trends

Chapter 3   Rooftop Solar PV Module Industry Insights
3.1    Industry ecosystem analysis
3.2    Regulatory landscape
3.3    Industry impact forces
3.3.1    Growth drivers
3.3.1.1   Favorable government schemes
3.3.1.2   Growing off-grid & decentralized solar installations
3.3.1.3   Stringent clean energy targets
3.3.2    Industry pitfalls & challenges
3.3.2.1   Accessibility of other clean energy sources
3.4    Growth potential analysis
3.5    Porter’s Analysis
3.6    PESTEL Analysis
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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

CONTACT: Contact Us: Aashit Tiwari Corporate Sales, USA Global Market Insights Inc. Toll Free: 1-888-689-0688 USA: +1-302-846-7766 Europe: +44-742-759-8484 APAC: +65-3129-7718 Email: [email protected] 

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