Rooftop Solar PV Market Business Analysis, Growth and Forecast Report

The adoption of solar energy has risen considerably during the past few years, owing to the rapidly declining fossil fuels. While even now, the bulk of energy demand is being fulfilled with fossil fuels, the focus towards renewable energy sources has increased. Since the use of fossil fuels for energy generation has left the environment in a highly degraded state, the need for moving to alternate sources is pressing. Therefore, people and governments alike are increasingly adopting eco-friendly solutions all across the globe.

 

It is because of such factor that the global rooftop solar PV market is projected to advance at a significant pace in the years to come. As government and private organizations are trying to adopt these models for commercial and residential application, the demand is predicted to rise in the coming years.

 

This rapidly growing demand for rooftop solar PVs has further resulted in the development of cheap modules, which is further expected to lead to the increasing adoption of these products in low and middle income countries.

 

 

 

 

Rooftop solar PV systems comprise solar PV panels and other related equipment, including monitoring and mounting units, batteries, cables, junction boxes, meters, inverters, and transformers. The key applications of rooftop solar PV modules are off-grid and on-grid, between which, the demand for these products was higher for off-grid applications in the past.

 

Geographically, Europe emerged as a major rooftop solar PV market in the past due to the increasing adoption of solar energy and rising compliance regarding green energy. In addition to this, governments of various European countries are offering tax benefits to manufacturers of solar PV panels.

 

Government schemes, including direct capital subsidies, financing schemes, and green electricity schemes are further projected to increase the adoption of roof top solar PV modules in the region. Other than this, the demand for these products is also projected to considerably in the Asia-Pacific region, owing to the decreasing cost of the technology.

 

In conclusion, the demand for rooftop solar PVs is growing due to the increasing focus on renewable energy resources, government initiatives, and falling cost of the technology.