Rooftop Solar PV Market is Projected to Witness considerable Growth by 2024 | Hexa Research

Rooftop Solar PV Market is Projected to Witness considerable Growth by 2024 | Hexa Research

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Research Report on Rooftop Solar PV Market Size, Share, Trends, Growth, Segmentation, Key Players, Overview and Forecasts – 2024

27 March 2019
Global Rooftop Solar PV market is expected to witness substantial growth over the forecast period on account of the increasing demand in residential and commercial segments. Minimum government interventions, favorable subsidies, and tax credit are expected to drive the Solar PV market. U.S. contributes to a large share of the market and is anticipated to grow even further. Solar power is considered to be a clean source of energy and is a viable alternative to fossil fuels which are considered to be the reason for environmental degradation and contributor to global warming. The reasons for the anticipated growth of Solar PV market is the unpredictability of fossil fuels and dependence on them. Furthermore, the low maintenance cost compared to the energy generation units of other energy sources is anticipated to be another driver for the market.

The rooftop solar PV market has fluctuating demand as it has a high capital expenditure than other available energy sources. Capital expenditure is one of the biggest reasons for declining of commercial market demand. Furthermore, the scarcity of commercial land for installation of panels is another shortcoming for solar PV market, although the residential market is expected to grow significantly on account of the increasing consumer awareness regarding the environment. conservation and protection. Reduced carbon emission and varied sizes of PV modules have led to the growth of the market share in comparison to other energy sources.

Declining prices of PV modules on account of substantial improvement in technology has led to the decrease in the prices of raw materials and manufacturing of solar cells. Furthermore, there are various subsidies available for solar PV installation such as Feed-In Tariff and regulatory framework such as Draft Purchase Power Agreement which have made adoption of solar energy favorable.

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The rooftop solar PV market is bifurcated into three types on the basis of the application which include Utility, Residential and Non- Residential. Demand for residential solar PV systems is anticipated to grow substantially as the consumers are recognizing the importance of environment protection and utilization of cleaner energy source to decrease the effects of pollution owing to the use of fossil fuels. The non- residential market is anticipated to struggle on account of the longstanding barriers to space restrictions, project finance, and sensitivity towards state incentive reductions. The utility was one the largest application of solar PV market in U.S. in 2015. Growing consumer awareness has led to the development of sustainable energy and reduced carbon emission which is anticipated to expand solar PV market.

The solar PV systems can further be classified on the basis of components into photovoltaic modules, mounting systems, cables, solar inverters, DC isolators, AC isolators, generation meter and the grid. Demand for solar photovoltaic modules, solar inverters, and mounting systems is anticipated to increase as they are utilized in residential market which is growing substantially. Solar inverters are used in nearly all the rooftop solar PV systems as it the heart of the system and concerns with the safely conversion of DC to AC current which is ultimately used by end consumers. Furthermore, the grid is an important component which is used to supply power and has the ability to supply the excess power to other consumers.

California had the largest market share in 2015 in solar PV installations predominantly in utility and residential market on account of increased consumer awareness and high standard of living. It accounted for over 50% of market share than any other state in North America. Mexico is anticipated to lead in solar distribution market owing to its net metering policy. In Central America, Honduras, Guatemala, and Panama are anticipated to witness a substantial increase in solar power installations owing to growing energy concerns. In addition, supportive regulations by respective governments are expected to promote demand for renewable generation over the forecast period, thus benefiting the market growth. Latin America is expected to be the fastest growing market for solar energy on account of availability of resources and rising electricity demand.

Browse Related Reports:
Solar Power Market: Government policies and regulations are the major key drivers of solar power market because of government subsidies global solar power market has grown between 25 to 30 percent.
Fuel Cell Market: The global fuel cell (FC) market is expected to exhibit solid growth on account of rising demand for unconventional energy sources.

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