Rooftop Solar PV Market Driven by Residential Installations; will reach US$4.5 bn globally by 2023: Transparency Market Research

Albany - New York, Oct. 8, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has released a new market report titled "Rooftop Solar PV Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023". According to this report, the global rooftop solar PV market was valued at US$1.7 bn in 2014 and is projected to reach US$4.5 bn by 2023 at a CAGR of 11.0% from 2015 to 2023.

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Rooftop solar PV offers an efficient, emission-free renewable source of electricity which can be used off-grid as well as on-grid. Rooftop solar PV panels are mounted over rooftops of residential or commercial buildings. Typically, rooftop solar PV systems consists of solar photovoltaic panels and balance of system (transformers, electricity systems, and monitoring and mounting equipment along with mounting and installing modules). The solar panel is made from solar cells using silicon. Currently, there are two major silicon technologies available: monocrystalline and polycrystalline. Rooftop solar PV offers an effective and efficient method for reducing carbon footprint and generating electricity from solar radiation. The market for rooftop solar PV has been rapidly expanding, predominantly supported by government subsidies and tax credits. Rooftop solar PV systems are experiencing a surge in popularity due to their flexible nature and availability through leasing schemes. Rooftop solar electricity has been able to achieve grid parity in most of the countries. Energy payback time for rooftop solar PV systems has been reducing, further boosting the market. Recently, the rooftop solar electricity market has received huge investments and funding from equity and public investors.

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The market for rooftop solar PV systems has been analyzed in terms volume capacity in MW and revenue in USD Million. The report segments the rooftop solar PV market in terms of end-use and region. Based on the end-use, the market has been segmented into residential and commercial. The residential rooftop solar PV end-use segment held the largest share of 61.2% of the market in 2014. Rooftop solar PV systems are available through financial leasing and third-party model which has led to an increase in their demand in residential applications. Rooftop solar projects for government buildings are driving the commercial installations of rooftop solar PV systems.

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Demand for rooftop solar PV systems is expected to increase rapidly in the near future due to decreasing solar panel and energy storage system prices, net metering, and other policies.

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The global rooftop solar PV market has been segmented as follows:

Rooftop Solar PV Market: By End-use

  • Residential
  • Commercial

Rooftop Solar PV Market: By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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Source:Transparency Market Research