The global rooftop solar panel market has considerable growth during the forecast period attributed to an increase in environmental concern, increasing demand for green energy, and the reduction of solar panel prices in both developing and underdeveloped economies. Other factors that contribute to the market growth include awareness among people towards cost-effective renewable energy source and government incentives, schemes and subsidies for domestic solar rooftops panel. Various government initiatives such as feed-in-tariff (FIT) programs in order to increase the installation of solar panels in commercial as well as residential is driving the growth of the rooftop solar panel market.
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Further, fluctuation in crude oil price has been majorly contributing to the increase in adoption of the rooftop solar panel. As per OMR Analysis, total net installation was 92.4 GW (gigawatt), in which 27.5 GW of rooftop solar panel was installed in 2017. In global solar panel market, rooftop solar panel held nearly 30% of market share. Moreover, the market is anticipated to grow at a CAGR of 7.7% over the forecast period. Global net installation is estimated to reach 135.5 GW in 2023 attributed to increasing rooftop solar panel installation in household and corporate sector; thereby, driving the rooftop solar panel market growth across the globe.
The reduction in the price of rooftop solar panel in the last decade is probably the greatest driver of the global rooftop solar panel market. Rooftop Solar Panel are penetrating significantly from various commercial to household applications across the globe. This has been made possible due to reducing the cost of solar panels over the last decade. A significant decline in the cost of Rooftop Solar Panel has been observed in the past years. NREL has accounted for all system and project development costs incurred during the installation of residential, commercial, and utility-scale systems.
NREL stated the cost of PV Rooftop Solar Panel used in the different application. As per NREL, average PV cost of residential systems in 2017, was around $2.80 per watt DC (/W DC), and commercial PV systems would cost around $1.85/W DC. Additionally, the cost of fixed-tilt utility-scale systems and one-axis-tracking utility-scale systems is around $1.03/W DC and $1.11/W DC respectively in the same years. There has been a sharp decline in the cost of these PV systems when compared with the cost in 2010. According to the data provided by NREL, around 61%, 65.4%, 77.5%, and 80% reduction in the cost of residential, commercial, fixed-tilt utility scale, and one-axis tracker utility-scale PV systems have been observed between 2010 and 2017.
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A full Report of Solar Panel Market is Available at: https://www.omrglobal.com/industry-reports/solar-panel-market-size
Current Market Trends Covered in the Global Rooftop Solar Panel Market Report
- Based on the types, the polycrystalline solar panel segment is estimated to hold a dominating market share during the forecast period.
- Based on the end-user, corporate sector held the largest market share in the global rooftop solar panel market in 2018.
- Asia-Pacific is estimated to dominate the global rooftop solar panel industry during the forecast period.
Global Rooftop Solar Panel Market Segmentation
By Type
- Monocrystalline Silicon Rooftop Solar Panel
- Polycrystalline Silicon Rooftop Solar Panel
- Thin-Film Rooftop Solar Panel
- Other Rooftop Solar Panel
By End-User
- Household Sector
- Corporate Sector
The global rooftop solar panel market has considerable growth during the forecast period attributed to an increase in environmental concern, increasing demand for green energy, and the reduction of solar panel prices in both developing and underdeveloped economies. Other factors that contribute to the market growth include awareness among people towards cost-effective renewable energy source and government incentives, schemes and subsidies for domestic solar rooftops panel. Various government initiatives such as feed-in-tariff (FIT) programs in order to increase the installation of solar panels in commercial as well as residential is driving the growth of the rooftop solar panel market.
To Request a Sample of our Report on Solar Panel Market: https://www.omrglobal.com/request-sample/solar-panel-market-size
Further, fluctuation in crude oil price has been majorly contributing to the increase in adoption of the rooftop solar panel. As per OMR Analysis, total net installation was 92.4 GW (gigawatt), in which 27.5 GW of rooftop solar panel was installed in 2017. In global solar panel market, rooftop solar panel held nearly 30% of market share. Moreover, the market is anticipated to grow at a CAGR of 7.7% over the forecast period. Global net installation is estimated to reach 135.5 GW in 2023 attributed to increasing rooftop solar panel installation in household and corporate sector; thereby, driving the rooftop solar panel market growth across the globe.
The reduction in the price of rooftop solar panel in the last decade is probably the greatest driver of the global rooftop solar panel market. Rooftop Solar Panel are penetrating significantly from various commercial to household applications across the globe. This has been made possible due to reducing the cost of solar panels over the last decade. A significant decline in the cost of Rooftop Solar Panel has been observed in the past years. NREL has accounted for all system and project development costs incurred during the installation of residential, commercial, and utility-scale systems.
NREL stated the cost of PV Rooftop Solar Panel used in the different application. As per NREL, average PV cost of residential systems in 2017, was around $2.80 per watt DC (/W DC), and commercial PV systems would cost around $1.85/W DC. Additionally, the cost of fixed-tilt utility-scale systems and one-axis-tracking utility-scale systems is around $1.03/W DC and $1.11/W DC respectively in the same years. There has been a sharp decline in the cost of these PV systems when compared with the cost in 2010. According to the data provided by NREL, around 61%, 65.4%, 77.5%, and 80% reduction in the cost of residential, commercial, fixed-tilt utility scale, and one-axis tracker utility-scale PV systems have been observed between 2010 and 2017.
(Get 15% Discount on Buying this Report)
A full Report of Solar Panel Market is Available at: https://www.omrglobal.com/industry-reports/solar-panel-market-size
Current Market Trends Covered in the Global Rooftop Solar Panel Market Report
- Based on the types, the polycrystalline solar panel segment is estimated to hold a dominating market share during the forecast period.
- Based on the end-user, corporate sector held the largest market share in the global rooftop solar panel market in 2018.
- Asia-Pacific is estimated to dominate the global rooftop solar panel industry during the forecast period.
Global Rooftop Solar Panel Market Segmentation
By Type
- Monocrystalline Silicon Rooftop Solar Panel
- Polycrystalline Silicon Rooftop Solar Panel
- Thin-Film Rooftop Solar Panel
- Other Rooftop Solar Panel
By End-User
- Household Sector
- Corporate Sector
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
