The global rooftop solar panel market is anticipated to grow at a CAGR of nearly 8.2% during the forecast period. Market players are highly inclined towards the adoption of different growth strategies including capacity expansion, mergers and acquisitions, new product launches, and geographical expansion, to remain competitive in the marketplace. For instance, in January 2021, Leeward Renewable Energy, LLC, a renewable energy company, declared a purchase and sale agreement with First Solar, Inc. Under the agreement, Leeward acquired a utility-scale solar project platform of approximately 10-gigawatts (GW) AC from First Solar.
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In addition, Leeward acquired the US project development platform of the company, which includes the 773MW of the Rabbitbrush, Madison, Oak Trail, Horizon, and Ridgely projects. The construction of these projects is expected to occur in the next two years, as well as includes the 30 MWAC Barilla Solar project, which is operational. This acquisition will enable Leeward to expand its geographical footprint in the US. Further, in June 2020, Canadian Solar Inc. declared the launch of next-generation PV modules across the globe. This launch of the solar PV models propels solar energy to achieve ever lower Levelized cost-of electricity (LCOE). These strategic initiatives will further accelerate innovations in rooftop solar panels and thereby will drive market growth.
The governments of different countries initiate policies to provide incentives to solar panel owners to reduce the installation cost load. Government support in the form of incentives, reduction in tariff, and tax credits are expected to offer ample opportunities for the growth of the rooftop solar panel market. Additionally, several economies around the globe are setting targets and introducing policies for promoting renewable energy and reducing greenhouse gas (GHG) emissions. In addition, economies such as Australia and the US are developing solar cities. The government provides incentives to deploy solar plants in various sectors such as residential, industrial, commercial, and so on. However, the high installation cost is acting as a restraining factor for the growth of the market.
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Market Coverage
- Segment Covered-
o By Type
o By End-User
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- SunPower Corp., Canadian Solar Inc., First Solar Inc., JA Solar Holdings Co., Ltd., and JinkoSolar Holding Co., Ltd.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Rooftop Solar Panel Market Report Segment
By Type
- Monocrystalline Silicon Rooftop Solar Panel
- Polycrystalline Silicon Rooftop Solar Panel
- Thin-Film Rooftop Solar Panel
o Amorphous Silicon (a-Si)
o Cadmium Telluride (CdTe)
o Copper Indium Gallium Selenide (CIS/CIGS)
- Others
By End-User
- Household Sector
- Corporate Sector
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