LAS VEGAS, Oct. 16, 2017 (GLOBE NEWSWIRE) -- In 2012, the Solar Rooftop Market was valued around USD 1.48 billion and is anticipated to reach approximately USD 4.14 billion by 2022, while registering at a significant compound annual growth rate (CAGR) of 9.70% during the forecast period. A solar rooftop changes the light energy from the sun into electrical energy with the assistance of solar panels fixed on the rooftop on any building. These housetop solar panels may be off-grid with the storage of battery or associated with the grid. They are utilized as a part of many industrial, commercial and residential purposes alongside systems appraisals of up to 10 kW, 11kW-100MW and more than 100 MW, individually. The extensive requirement for energy even with reducing fossil fuels has brought about use of solar rooftop panels in several portions. Aside from providing energy productive resolutions, these solar panels are additionally simple and easy to use and to establish. In the recent years, the requirement for solar rooftops has extensively expanded and is anticipated to develop with a striking benefit. Solar rooftops especially in the residential application are impelling this market further. In the past ten years, there has been a relentless defeat in the cost of significant components, for example, poly-silicone; silver that is utilized as a part in the procedure of manufacturing of solar cells. Due to higher power creating limit, rooftop solar panels are turning into the most preferred choice for substitute energy, outperforming other green energy sources. Due to benefits as such, this industry is observing significant development. Governments from different locales are putting forth tax sops to deploy solar panels to generate warm, this factor is advancing the further development of this market.
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Drivers and Restraints of Solar Rooftop Market
The global solar rooftop market has witnessed substantial growth owing to its utilization in commercial, industrial and residential areas and is anticipated to witness significant growth in the upcoming years. Solar rooftop panels are extremely user-friendly and convenient to install which is one of the major factors that influence the development of the market. The rising requirement for energy along with decreasing fossils fuels has led to the adoption of solar rooftop panels. Due to its ability to generate high level of electricity, solar rooftop panels have become the top priority choice as an alternative energy. These systems have been driving the renewable energy market because of its heightening interest from its end user applications. Owing to these advantages the market is observing significant growth. Nonetheless, absence of smart grid framework is said to hamper the development of this market to some degree. This outcome is making them unfeasible for providing the energy on a greater scale. In addition, the market is being put off by the negative estimations identified with the net metering strategies implied for implementing these panels.
Competitors and Market Classification
On the basis of application the global solar rooftop market is segmented into Industrial, commercial and residential. On the basis of type the global solar rooftop market is segmented into on-grid type and off-grid type. The key participants in the market are RelyOn Solar Private Limited, Elecomponics Technologies India Pvt Ltd, Thermax Limited, Landpower Solar Technology, Jaksons Engineers Limited, KEC International Limited, Tata Power Solar Systems Limited, SOLON India Private Limited, Versolsolar, Fourth Partner Energy Pvt Ltd, and CleanMax Solar. Geographically, the global solar rooftop market is segmented into North America, Europe, Asia Pacific and Rest of the World.
The global solar rooftop market is segmented as follows:
By Product:
- On-Grid Type
- Off- Grid Type
By Application:
- Industrial
- Commercial
- Residential
Some of the key questions answered by the report are:
- What was the market size in 2012 and forecast from 2013 to 2022?
- What will be the industry market growth from 2013 to 2022?
- What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
- What are the major segments leading the market growth and why?
- Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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