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DG Rooftop Solar PV Market REPORT OVERVIEW
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The global DG Rooftop Solar PV market size was in USD 6518.36 million 2022. As per our research, the DG Rooftop Solar PV market is expected to reach USD 12084.41 million by 2028, exhibiting a CAGR of 10.84% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
DG Rooftop Solar PV (Distributed Generation Rooftop Solar Photovoltaic) refers to the installation of solar photovoltaic (PV) systems on rooftops or other suitable spaces of individual homes, businesses, or institutions for the purpose of generating electricity locally. This electricity generation is distributed and consumed on-site, reducing the reliance on traditional grid-supplied electricity. DG Rooftop Solar PV is a form of distributed generation, meaning that electricity is generated close to where it is consumed. This reduces transmission and distribution losses and can enhance the reliability of the electricity supply. Solar panels are typically installed on the rooftops of buildings, including residential homes, commercial establishments, industrial facilities, and public institutions like schools and hospitals. The panels are mounted on racks or frames to capture sunlight. Solar PV panels use photovoltaic cells to convert sunlight into electricity. These cells are made of semiconductor materials that generate a direct current (DC) when exposed to sunlight.
DG Rooftop Solar PV systems can be designed to operate in conjunction with the electrical grid. Excess electricity generated during sunny days can be fed back into the grid, and when the sun is not shining, electricity can be drawn from the grid. Many regions have net metering policies in place, which allow owners of DG Rooftop Solar PV systems to receive credit for the excess electricity they generate and feed into the grid. This credit can offset their electricity bills. DG Rooftop Solar PV systems help reduce greenhouse gas emissions and dependence on fossil fuels, making them an environmentally friendly energy source. They also contribute to the transition to cleaner energy sources and a more sustainable energy future. In many countries, there are financial incentives and subsidies available to encourage the adoption of rooftop solar PV systems. These incentives may include tax credits, rebates, and feed-in tariffs.
COVID-19 Impact: Installation Delays to Hinder Market Growth
The solar industry relies on a global supply chain for components such as solar panels, inverters, and mounting hardware. COVID-19 disruptions, including factory closures and transportation issues, led to delays in the production and delivery of solar equipment, which affected project timelines and increased costs. Lockdowns, social distancing measures, and health concerns during the pandemic led to disruptions in the installation of rooftop solar systems. Many installation teams faced delays, and some projects had to be postponed. The economic impact of the pandemic created financial uncertainty for individuals and businesses, making it more challenging for some to invest in rooftop solar PV systems. Financing options and access to capital for solar projects were affected.
LATEST TRENDS
"Smart and IoT-Enabled Systems to Enhance Market Growth"
Integration of energy storage solutions, such as batteries, with rooftop solar PV systems has been a growing trend. This allows users to store excess energy generated during the day for use during the night or during power outages, increasing energy independence and grid resilience. Rooftop solar systems are becoming smarter through the use of Internet of Things (IoT) technology. These systems can be monitored, controlled, and optimized remotely, leading to better performance, increased energy efficiency, and easier maintenance. DG Rooftop Solar PV systems are increasingly being integrated with advanced energy management systems. This allows users to monitor their energy consumption and adjust it in real-time to maximize savings and participate in demand response programs. There has been a growing interest in green financing options, such as green bonds and sustainability-linked loans, to fund rooftop solar projects. Investors and financial institutions are recognizing the long-term value and sustainability of these projects.
DG Rooftop Solar PV Market SEGMENTATION
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- By Type
Based on type market is classified as crystalline silicon and thin film.
- By Application
Based on application market is classified as non-residential and residential.
DRIVING FACTORS
"Energy Independence to Augment Market Growth"
Continuous reductions in the cost of solar panels, inverters, and other system components have made rooftop solar PV more affordable for residential, commercial, and industrial consumers. Falling costs have improved the return on investment (ROI) for solar installations. Various government incentives and policies at the federal, state, and local levels have played a crucial role in promoting rooftop solar adoption. These incentives may include tax credits, rebates, feed-in tariffs, and net metering programs. The desire for energy independence and reduced reliance on centralized power grids has driven many individuals and businesses to invest in rooftop solar PV systems. Generating one's electricity can provide greater control and stability over energy costs. Growing environmental awareness and concerns about climate change have prompted individuals and organizations to adopt renewable energy sources like solar power to reduce greenhouse gas emissions and mitigate their carbon footprint.
"Technological Advancements to Propel Market Growth"
Rooftop solar PV systems provide a source of electricity during power outages or grid disruptions, enhancing energy resilience. This became more significant during natural disasters and emergencies. Ongoing advancements in solar panel technology, including higher efficiency and durability, have improved the performance of rooftop solar systems, making them more attractive to consumers. Rooftop solar installations offer the potential for long-term electricity cost savings. As energy prices fluctuate, solar power can provide a stable and predictable source of electricity. Net metering policies allow solar PV system owners to receive credit for excess electricity they generate and feed into the grid. This financial incentive encourages adoption by reducing electricity bills.
RESTRAINING FACTORS
"Return on Investment (ROI) Uncertainty to Impede Market Expansion"
The initial investment required for the purchase and installation of rooftop solar PV systems can be a significant barrier for many consumers and businesses, even with declining equipment costs. High upfront costs can deter potential adopters. The ROI for rooftop solar PV systems can vary depending on factors like local solar irradiance, energy prices, and the specific system's efficiency. This uncertainty can make potential buyers hesitant. Technical and administrative challenges related to grid interconnection and utility requirements can add complexity and cost to the installation process. In some cases, utilities may impose fees or restrictions on DG systems. Lengthy and complex permitting processes, as well as regulatory barriers, can slow down rooftop solar installations and increase costs. These barriers can vary by region and can discourage potential adopters.
DG Rooftop Solar PV Market REGIONAL INSIGHTS
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"North America to Dominate the Market Due to Several States Leading in Installations"
North America was one of the world's largest accommodations for DG Rooftop Solar PV market share. The government implemented ambitious renewable energy targets and policies, offering incentives, subsidies, and feed-in tariffs to promote rooftop solar adoption. North America’s manufacturing capabilities also led to competitive pricing for solar panels and components. The United States had a robust DG Rooftop Solar PV market share, with several states leading in installations. Factors contributing to its growth included federal investment tax credits, state-level incentives, and net metering policies. The competitive market, with numerous solar installers, drove innovation and reduced installation costs.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- First Solar (U.S.)
- Yingli (China)
- Kyocera Solar (Japan)
- Trina Solar (China)
- Risen (China)
REPORT COVERAGE
The report anticipates a detailed analysis of the global DG Rooftop Solar PV Market growth and size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 6518.36 Million in 2022 |
Market Size Value By |
US$ 12084.41 Million by 2028 |
Growth Rate |
CAGR of 10.84% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the DG rooftop solar PV market expected to touch by 2028?
The global DG rooftop solar PV market size is expected to reach USD 12084.41 million by 2028.
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What CAGR is the DG rooftop solar PV market expected to exhibit by 2028?
The DG rooftop solar PV market is expected to exhibit a CAGR of 10.84% by 2028.
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Which are the driving factors of the DG rooftop solar PV market?
Energy independence and technological advancements are the driving factors of the DG rooftop solar PV market growth.
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Which are the key players functioning in the DG rooftop solar PV market?
First Solar, Yingli, Kyocera Solar, Trina Solar, Risen and others are the key players functioning in the DG rooftop solar PV market.