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Solar power is emerging as the fastest-growing sector in power generation driven by the favorable regulatory mechanism, technological solutions, and institutional structures. Renewable energy is being seen as a transformative solution to meet energy demand as well as sustainable economic development. Consequently, the countries across the world are taking the initiative to promote green technology to mitigate the severe threat of GHG emission.
The government and private entities are working together to meet the renewable energy target. As a result of this rooftop solar photovoltaic (PV) is gaining traction due to improvement in solar PV modules, manufacturing advances, economies of scale and reductions in the balance of system cost have driven down the solar PV cost globally.
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Individuals and businesses have been attracted to the environmental benefits of solar power and the ability to generate their own electricity. Rooftop solar photovoltaic (PV) is being installed at large scale owing to its sustainable power generation and enormous environmental benefits.
Rooftop solar photovoltaic (PV) installation market is segmented into technology, grid type, and by the application. Crystalline silicon accounts significant share in the market by technology due to its high efficiency which reduces the cost of the final installation.
Crystalline silicon cells reach module lifetimes of 25+ years and exhibit little long term degradation. Based on grid type, the market is segmented as grid-connected and off-grid connections. By Application, the rooftop solar PV installation market is bifurcated as residential, commercial, and industrial.
The rooftop solar photovoltaic (PV) installation market is driven by a rise in retail tariffs of C&I consumer by ailing distribution utilities and massive adoption of rooftop solar photovoltaic by commercial and industrial consumers. International organizations and government authorities are working in collaboration to promote solar power by offering incentives and subsidies for the installation of rooftop solar PV, which drives its market.
Rooftop solar photovoltaic installation requires high capital investment, and the payback period is very high which limiting its growth in the market. Solar power is dependent on weather condition which drops the efficiency of the solar system, and it requires enormous spaces that restraint its growth in the market. The rooftop solar photovoltaic market is dominated by off-grid type due to higher installation by the residential and commercial sector.
The significant companies in the rooftop solar photovoltaic (PV) installation market are Jinko Solar Co., Ltd., Trina Solar, Canadian Solar Inc., First Solar, Azure Power, JA Solar, SunPower Corporation, Yingli Solar, Vikram Solar, Tata Power Solar Systems Limited, Solimpeks Corporation, Sungevity, RelyOn Solar Pvt Ltd
· Crystalline Silicon
· Thin film
By Grid Type
· Grid Connected
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
The global rooftop solar photovoltaic (PV) installation market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The United States solar market remained stable at 10.6GW, which made the country the world’s second-largest solar market in 2018. It is expected that rooftop solar PV market experiencing the massive demand from the commercial and residential sector that would boost the rooftop solar PV market in North America. Europe has seen a substantial growth in the solar power reaching 11.3GW in 2018; a 21% increase compared to the 9.3GW installed in the previous year. EU solar market has shown significant growth after stagnation in 2017. Germany ranked 1st in Europe followed by Turkey and Netherland at 2nd & 3rd position respectively. Europe is working on achieving its 2020 target by framing its policies and ensuring positive framework through clean energy package legislation which accelerates the significant growth of the rooftop solar PV installation in Europe. The solar power market in the Asia Pacific shrank in 2017 due to changes in the subsidy program by China as it stopped the solar subsidy program in May 2018. However positive news from Korea which exceeds 2GW level for the first time which is driven by new policy launch to support renewable energy. India is the 3rd largest country in the world with 8.3GW installed capacity in 2018. The government is undertaking various programs to promote clean energy as a part of sustainable development and offering incentives and subsidies for the installation of solar power. The low cost of the solar has continued to attract many new countries and emerging market to start looking even more severe into this unique, flexible and renewable source of energy that would help to leverage the growth of the rooftop solar PV installation market in the Asia Pacific. MEA is one of the fastest-growing markets for solar power in a bid to promote a clean source of energy. Middle East is known for its several record-breaking low solar tariffs in Arabian Peninsula though the news entrant such as Kuwait, Oman, Saudi Arabia are finalized utility-scale PV power plant. Furthermore, there was an announcement in African countries which include Angola, Chad, Morocco, Mozambique, Tunisia, Senegal which adds significant value for the growth of the rooftop solar PV installation in MEA.
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