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The solar shingle is a solar panel designed in such a way to integrate it into a conventional asphalt roof of the residential or commercial building without losing its aesthetic looks. They are installed similar to normal asphalt roof protect from rain and produce solar energy at the same time. Solar shingles are smaller in size and typically less than an inch thick to resemble as traditional roof tiles. The major advantage of solar shingles is that it adds sleek appearance compared to the traditional solar panel and produce extra power to save energy bills. Solar shingles also have few drawbacks which inhibit its growth such as huge installation cost and lower efficiency than the traditional solar panel. The market for solar shingles can be segmented on the basis of type, and geography.
On the basis of type, the solar shingles are available in two types of photovoltaic panels such as Silicon solar shingles and, CIGS thin-film solar shingles. The CIGS thin-film solar shingle is the latest technology and widely accepted by lots of residential application. CIGS thin-film panel provides more flexibility, lightweight, and have the ability to bend per roof structure.
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The major driver for Solar Shingles Market is the increasing awareness about the clean energy and solar products along with adding aesthetic looks to their buildings. As the demand for solar-based electricity is increasing across the world, many companies are coming up with latest advanced solar modules focusing on efficiency, cost, and design of the solar panel.
The factor that is expected to inhibit the growth of the market is the huge installation cost. The solar shingles come in various types and are suitable for a different kind of requirement. Globally, the prices of the solar panel have gone down considerably over the years and the trend is going to follow in the forecast period.
Some of the major companies that are present in the global solar shingles market are Tesla, RGS Energy, CertainTeed Corporation, Solarmass Energy Group Ltd., SunTegra Solar, Luma Solar, Sunflare, Hanergy Thin Film Power Group, Anu Solar Power Pvt Ltd, FlexSol Solutions B.V. and, PV Technical Services.
· Silicon Photovoltaic
· CIGS Thin Film Photovoltaic
· North America (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 solar shingles market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is going to dominate the solar shingles market owing to the large installation of solar shingles and it is also expected to account for a large proportion of the market in the forecast period as well. Followed by the North America region where the US and Canada have shown a huge demand for solar shingles in the past couple of years. Asia Pacific countries such as China, Australia, and Indonesia are expected to gain the largest market opportunity owing to increasing huge potential of planned solar projects in the coming years. Followed by Latin America and Middle East & Africa regions respectively.
Key Industry Developments
· In Feb 2019, RGS Energy has won “Best Energy Efficiency Product” award for its stunning POWERHOUSE™ solar shingle system at 7th annual best of IBS awards during NABH International Builders’ Show in Las Vegas
· In May 2018, Sunrise Solar Solutions LLC has entered into a partnership with SunTegra Solar Solutions for developing high quality solar solutions and now focusing on premier residential and commercial installer of solar PV in Westchester County in New York metro area
· In Oct 2016, Tesla announces the production plan for four different types of solar tiles into its manufacturing. The solar tiles will be produced by SolarCity factory due from 2017