Portland, OR, June 02, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global rooftop solar photovoltaic (PV) installation market generated $45.9 billion in 2020, and is projected to reach $84.2 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Significant surge in demand for rooftop solar photovoltaic systems in residential buildings to save expenses sustained on electrical energy, increase in the standard of living among people across the globe, rise in the disposable income among people, and persistent technological advancements to provide electric power for the various home appliances are expected to drive the growth of the global rooftop solar photovoltaic (PV) installation market. On the other hand, requirement of enormous space for its installation are expected to hinder the growth to some extent. However, growing awareness about various renewable energy sources among people are expected to create ample opportunities for the growth of the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a negative impact on the growth of the global rooftop solar photovoltaic (PV) installation market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various manufacturing units, including those of rooftop solar photovoltaic (PV) installation due to the stringent social distancing restrictions imposed by the government to curb the spread of the virus.
- In addition, temporary ban of import and export of raw material further aggravated the impact on the market.
- However, the market is expected to recoup soon.
The report offers a detailed segmentation of the global rooftop solar photovoltaic (PV) installation market based on deployment, technology, end-use and region.
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Based on deployment, the ground mounted segment held the largest market share in 2020, garnering nearly three-fourths of the total market. The rooftop mounted segment, on the other hand, is predicted to cite the fastest CAGR of 6.4% during the forecast period.
Based on end-use, the industrial segment held the majority share in 2020, holding nearly half of the total market. The residential segment, on the other hand, is anticipated to exhibit the fastest CAGR of 6.4% during the forecast period.
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Based on region, the market across Asia-Pacific held the lion’s share in 2020, garnering more than two-fifths of the total market. In addition, the same region is projected to cite the fastest CAGR of 6.5% during the forecast period. The other regions analyzed in the report include North America, Europe and LAMEA.
The key players analyzed in the global rooftop solar photovoltaic (PV) installation market report include Suntech Power Holding Co. Ltd, First Solar Inc., Yingli Solar, Sunpower Corporation, Sharp Corporation, JA Solar Holding Company Ltd., Kyocera, Shenzhen Topray Solar Co. Ltd., Tata Power Solar Systems Ltd.., and Wuxi Suntech Power Co. LTD.
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