Solar Rooftop Sales Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The global solar rooftop market is expected to grow at a high rate. In 2025, it will be worth $170.4 billion, and in 2034, it will be worth $919.19 billion. This is a CAGR of 20.6% during the forecast period. It is the growing adoption of renewable energy sources that are primarily responsible for this market growth. Moreover, the technological advancements in the solar panel efficiency and energy storage solutions have further increased the adoption of solar rooftops for residential, commercial, and industrial applications. The key players in the solar rooftop market, such as Sunpower, Canadian Solar, and Tesla, are investing in strategic collaborations and technological advancements to gain market share. For instance, the expansion of the product line of the solar roof by Tesla and the focus of Sunpower on the integrated solar solutions indicate the industry's shift towards more efficient and easy-to-use systems. Also, the government initiatives, such as the financial incentives for the installation of solar rooftops, are expected to drive the growth of the market.

Regional Market Size

Regional Deep Dive

Solar Rooftop Market is expected to grow at a CAGR of over 17% by 2023, driven by increasing energy demands, technological advancements, and supportive government policies. The North American market is characterized by a strong focus on the environment and the adoption of clean energy, with California leading the way with ambitious solar initiatives. Europe is a diverse market with different regulations and legislation. Asia-Pacific is the fastest-growing market, driven by favorable economic conditions and government incentives. The Middle East and Africa are slowly shifting toward solar energy, largely because of abundant sunlight and the need to diversify energy sources. Brazil and Chile are also investing heavily in solar to meet their growing energy demands.

Europe

• The European Union's Green Deal aims to make Europe the first climate-neutral continent by 2050, promoting solar energy as a key component.
• Germany's Feed-in Tariff program continues to incentivize solar installations, leading to a robust market for both residential and commercial solar rooftops.

Asia Pacific

• China remains the largest market for solar rooftops, with government policies supporting large-scale solar projects and residential installations.
• India's Solar Rooftop Scheme aims to install 40 GW of solar rooftop capacity by 2022, significantly enhancing the market landscape.

Latin America

• Brazil's net metering policy allows residential solar users to sell excess energy back to the grid, stimulating market growth.
• Chile's Solar Energy Law promotes the development of solar projects, including rooftop installations, to diversify its energy mix.

North America

• California's Solar Mandate requires all new homes to include solar panels, significantly boosting the residential solar market.
• Companies like Tesla and Sunrun are innovating with solar roof technologies and financing options, making solar more accessible to homeowners.

Middle East And Africa

• The UAE's Mohammed bin Rashid Al Maktoum Solar Park is one of the largest renewable energy projects in the region, promoting solar rooftop installations.
• South Africa's Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) is encouraging private investment in solar energy, including rooftop solutions.

Did You Know?

“As of 2023, over 1.5 million homes in the United States have installed solar panels, representing a significant shift towards renewable energy.” — Solar Energy Industries Association (SEIA)

Segmental Market Size

The solar rooftop market is experiencing a strong growth due to the growing demand for green energy and supportive regulations. The high cost of traditional energy and the growing emphasis on sustainable development are driving this market. The residential and commercial sectors are adopting solar technology. Government incentives such as tax rebates and subsidies are encouraging market interest and investment in the solar rooftop sector. The solar rooftop market is currently in a transitional stage from a growth stage to a maturity stage, with California and Germany being the most advanced. The main players are Sunpower and Tesla, which offer innovative solutions to meet the diverse needs of consumers. The main applications are residential energy, commercial buildings, and even agricultural applications. The solar rooftop can achieve energy savings and sustainable development. The trend of zero-emission and the development of photovoltaic cells and systems is driving the market, and the development of energy storage and smart grid is shaping the future of the industry.

Future Outlook

From 2025 to 2034, the global solar rooftop market is expected to reach $170.3 billion, a CAGR of 20.6%, and a market value of $919.19 billion, with a growth rate of 20.6%. The main driving force for this development is the combination of technological progress, a favorable policy environment, and the rising awareness of consumers towards green consumption. In 2034, the proportion of solar energy in the residential energy market in the major countries will reach 26%, driven by the improvement of the efficiency and price of solar technology. The price of solar panels has fallen by 80% in the past ten years, and the price of batteries has fallen by more than 50%. The government subsidy policy is expected to increase the demand, especially in the countries with high solar irradiation. The trend of integrating smart home technology and community solar projects will also have a great impact on the market, making solar energy more accessible and more appealing to a wider range of consumers. In the next 10 years, the solar rooftop market will become the mainstay of the sustainable energy industry.