Global Rooftop Solar Photovoltaic PV Sales Market Size By Type (Mono-Si Modules, Multi-Si Modules), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2023 to 2032

The Global Rooftop Solar Photovoltaic (PV) Sales Market, valued at USD 85 billion in 2023, is projected to exceed USD 200 billion by 2031, growing at a CAGR of 11.0% during the forecast period from 2023 to 2031. The rooftop solar PV market is expanding rapidly, driven by increasing demand for renewable energy sources, supportive government policies, and technological advancements in solar power generation. Rooftop solar PV systems offer decentralized, cost-effective energy solutions that reduce greenhouse gas emissions and dependence on traditional fossil fuels, making them essential for sustainable development and energy independence across the globe.

Drivers:

Rising Demand for Renewable Energy: Governments and organizations worldwide are promoting renewable energy adoption to combat climate change and ensure energy security, significantly boosting rooftop solar PV demand.

Supportive Policy Initiatives: Tax credits, subsidies, and incentives offered by governments to both residential and commercial property owners are accelerating market adoption.

Technological Advancements: Advances in PV module efficiency and energy storage solutions are making rooftop solar installations more efficient and economically viable.

Restraints:

High Initial Investment: The upfront cost of installing rooftop solar PV systems remains high, posing a barrier, especially for low- and middle-income households.

Space and Shading Constraints: Limited rooftop space and shading challenges can impact solar panel efficiency and the potential of rooftop installations in urban areas.

Opportunity:

Emerging Markets Growth: Rooftop solar adoption is expanding in developing countries due to decreasing installation costs and growing awareness of renewable energy benefits.

Integration with Smart Grids: The integration of rooftop solar PV systems with smart grids offers opportunities for improved energy management, load balancing, and real-time monitoring, enhancing system reliability and efficiency.

Market by System Type Insights:

The market is segmented into Residential, Commercial, and Industrial rooftop solar PV systems. The residential segment accounted for the largest market share in 2023, driven by the increasing adoption of solar solutions by homeowners seeking energy independence and lower utility costs. The commercial and industrial segments are also experiencing growth as businesses invest in sustainable energy solutions to reduce operational expenses and meet corporate sustainability goals.

Market by End-Use Insights:

Based on end-use, the market includes On-grid and Off-grid systems. The on-grid segment leads due to the widespread adoption of grid-connected solar PV systems, enabling excess power to be sold back to the grid. Off-grid systems are gaining traction in remote areas and regions with unreliable electricity infrastructure, providing a reliable alternative power source.

Market by Regional Insights:

Geographically, Asia-Pacific dominated the market in 2023, with high growth expected in countries like China, India, and Japan due to robust government initiatives and abundant solar resources. North America and Europe also hold significant shares, driven by favorable policies and increasing consumer awareness. The Middle East & Africa and Latin America are emerging markets, supported by investments in solar infrastructure to address energy deficits.

Competitive Scenario:

Key players in the Global Rooftop Solar Photovoltaic (PV) Sales Market include First Solar Inc., SunPower Corporation, Trina Solar Limited, JinkoSolar Holding Co., Ltd., Canadian Solar Inc., Tata Power Solar Systems Ltd., and Sunrun Inc. These companies are focusing on technological innovations, expanding their global footprint, and forming partnerships to enhance their market presence and address the growing demand for rooftop solar PV systems.

Scope of Work – Global Rooftop Solar Photovoltaic (PV) Sales Market

Key Market Developments:

2023: First Solar Inc. expanded its production capacity by opening a new manufacturing plant in India, aimed at meeting the growing demand for solar modules in Asia-Pacific.

2024: SunPower Corporation launched a high-efficiency solar panel series for residential markets, enhancing energy yield and optimizing space utilization.

2025: Trina Solar Limited announced a strategic partnership with a major utility provider in Europe to accelerate rooftop solar adoption through subsidized solar installation programs.

FAQs

What is the current market size of the Global Rooftop Solar Photovoltaic (PV) Sales Market?

The market was valued at USD 85 billion in 2023.

What is the major growth driver of the Global Rooftop Solar Photovoltaic (PV) Sales Market?

The primary driver is the increasing demand for renewable energy solutions, supported by favorable government policies and incentives.

Which is the largest region during the forecast period in the Global Rooftop Solar Photovoltaic (PV) Sales Market?

Asia-Pacific is the largest region, with significant growth expected due to government initiatives and abundant solar resources.

Which segment accounted for the largest market share in the Global Rooftop Solar Photovoltaic (PV) Sales Market?

The residential segment held the largest market share in 2023, driven by growing consumer interest in sustainable energy solutions.

Who are the key market players in the Global Rooftop Solar Photovoltaic (PV) Sales Market?

Major players include First Solar Inc., SunPower Corporation, Trina Solar Limited, JinkoSolar Holding Co., Ltd., and Canadian Solar Inc.