The Global solar rooftop market is projected to grow at a CAGR of 18.36% during the forecast period, to reach a market size of US$100.246 billion by 2024, from US$36.458 billion in 2018. supportive government policies and initiatives in major developing countries are further augmenting the demand for rooftop solar systems in both the residential and the commercial sector, which will further drive the market during the forecast period. However, the market for solar rooftop will be restrained owing to the factors like overcapacity of solar panels in some countries along with the reduction or removal of feed-in tariffs in some major developed countries like Japan, and United Kingdom which will further slow down the adoption of rooftop solar panels and thus slowing down the market growth.
Despite these market growth, restraints, ample of opportunities lies with solar rooftop market such as increasing prices of fossil fuels will further strengthen the demand for renewable energy in which solar energy will be the most demanding. Similarly, increasing government schemes like the net metering to promote residential rooftop solar generation with less capital expenditure will boost the market growth for solar rooftop during the forecast period.The Global solar rooftop market is projected to grow at a CAGR of 18.36% during the forecast period, to reach a market size of US$100.246 billion by 2024, from US$36.458 billion in 2018.
Global Solar Rooftop Market By Application
On the basis of application, the global solar rooftop market is segmented into residential and commercial. The drivers driving the market growth during the forecast period include growing awareness regarding use of the renewable energy worldwide and solar energy is comparatively cheaper than the traditional power sources, thus contributing to the energy savings. Furthermore, support from the government in the form of subsidies and incentives for the adoption of solar rooftops in the residential and commercial sector is further driving the market growth during the forecast period.
The global solar rooftop market for residential sector is projected to grow at a CAGR of 19.04%to reach US$31.089 billion in 2024. The market for the residential solar rooftop market is propelled to grow during the forecast period due to the fact that solar energy is cheaper in comparison to the electricity generated from the traditional non-renewable energy sources. Also, with the growing trend of green energy drive, the people are gaining awareness regarding the use of solar energy and its role in the reduction of carbon footprint which is further giving rise to the adoption of these solar cells, emanating the growth of the global solar rooftop market in the residential sector.
Furthermore, subsidies provided by the Government are fueling the growth of the solar rooftop market in the residential sector. For example, in India, the Central Government and the State Nodal Agencies (SNA) are offering subsidy schemes for the installation of PV rooftops in the residential sector in addition to other sectors as well. Central Government in the country provides 30 percent subsidy for the installation of solar rooftops for institutional residential and social sectors. This has motivated people to adopt solar rooftops, emanating the market growth during the forecast period.
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