17 Aug 2016 09:08:19
Global Rooftop Solar PV Installations to See Strong Growth in Residential Sector, reports TMR
Asia Pacific Takes the Baton from North America to Lead Global Market
The report states that the opportunity in the global rooftop solar PV market will be worth US$4.58 bn by 2023 growing from its 2014 valuation of US$1.79 bn in 2014, as the market is anticipated to expand at a CAGR of 11% between 2015 and 2023. The residential buildings segment will be the leading end users of rooftop PV solar systems as the segment is anticipated to exhibit a CAGR of 11.4% between 2015 and 2023. North America is estimated to be the largest regional segment of the global market until the end of the forecast period; however, Asia Pacific is an emerging segment as it is projected to rise at a CAGR of 11.5% during the forecast period. By the end of 2023, the Asia Pacific rooftop solar PV market will be worth US$1.09 bn.
The top five leading players in the global rooftop solar PV market as of 2014 were Trina Solar, Yingli Green Energy Holding Company Limited, Jinko Solar, Canadian Solar, and SunPower. The cumulative share of these players amounted to 43% in 2014, says Transparency Market Research in a new report. Leading players are focusing on expanding their research and development facilities to develop new products to maintain their domination in the global market, observes TMR.
“Companies should work towards realigning their strategies to incorporate vertical integration of their operations to create a strong base of efficient and competitive services,” states the lead author of this research report. Mergers and acquisitions will also be considered by several players to establish their footprint across various other geographical regions and to absorb research and development facilities to improve technical support. TMR recommends players to consider bringing down costs for the price-sensitive countries in developing regions that have a higher need of alternative sources energy to reduce their carbon footprint.
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Tax Benefits and Energy-efficiency of Solar Systems Augment Growth
A large number of commercial and residential spaces are opting for rooftop solar PV systems as they are easy to install and offer an energy-efficient solution to the ongoing energy crisis. Due to technological advancements and wide acceptance of rooftop solar PV systems, these are being used as primary sources of energy instead of alternative sources. The ideal lifespan of rooftop solar PV is over 30 years, which is a strong factor supporting the adoption of these systems in various sectors. The incentives such as tax credits and rebates offered by governments for opting for solar energy as against conventional energy is also bolstering the growth of this market.
Lack of Smart Grid Infrastructure to Dent Demand for Rooftop Solar PV Systems
The lack of smart grid infrastructure is the biggest hurdle in the mass adoption of rooftop solar PV systems. Thus, they still remain a viable option for individual usage purpose than for a large-scale energy supply. This is also hampering the transmission of solar power for electricity purposes. The market is also being held back by the negative sentiment surrounding the net metering policies for this setup.
Global rooftop solar PV market to reach a valuation of US$4,584.3 mn by 2023
North America leads global market; Asia Pacific also emerges as a prominent regional segment with an 11.5% CAGR 2015-2023
Residential sector to be the largest end-use segment of the global market, expanding at a CAGR of 11.4% 2015-2023
The global rooftop solar PV market has been segmented as follows:
Rooftop Solar PV Market: By End-use
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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