With the emergence and long-term Impact of COVID-19, the Global Solar Roofing Market is to reach USD 210.7 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Solar Roofing Market is poised to raise up to USD 210.7 Billion by 2030. Solar Roofing is a type of roof-mounted electrical system that generates power from solar energy. Solar roofing is a distributed power-generation technique that assists in meeting a building’s energy demand while keeping within the boundaries of an existing distribution network. Governments around the world are increasingly investing in renewable energy sources. This investment in renewable energy is leading to the growth of the Solar roofing market, as solar roofing turbines are widely used in residential and small-scale commercial applications. For instance, in Sept. 2021, the U.S. Department of Agriculture revealed that the Department is planning to invest USD 464 million to build or improve renewable energy infrastructure and to assist rural communities, agricultural producers, and companies’ lower energy costs in 48 states and Puerto Rico. USD 129 million of these projects have been funded by the USDA under the Rural Electricity for America Program. Additionally, Advances in solar technology have made solar roofing more efficient also Solar roofing has also given rise to new business models such as solar leasing and power purchase agreements. However, High installation prices and the requirement for roof-mounted solar panel maintenance limit market growth throughout the forecast period of 2023-2030.
Geographically, the global Solar Roofing Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 Owing to the increase in carbon footprint, the U.S. Government has implemented stringent environmental regulations regarding the usage of fossil fuels and is encouraging the use of photovoltaic energy by enforcing policies According to Solar Energy Industry Association (SEIA) in 2021, the utility-scale cumulative U.S. solar installations is around 77,741 MWdc. Asia Pacific is expected to grow significantly during the forecast period, owing due to the widespread use of solar energy in the generation of electricity for standalone systems and rural electrification also rising levels of disposable income, population growth, and rapid urbanization, as well as increased awareness of energy efficiency and environmental development.
The global Solar Roofing Market is highly competitive owing to the presence of several key manufacturers such as First Solar, Inc., Hanwha Q-cells, LONGi, Trina solar, JA Solar Holdings, SunPower Corporation, and others.
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Key findings of the study suggest:
- Global Solar Roofing Market is anticipated to grow with a healthy growth rate of more than 15.1% over the forecast period 2023-2030.
- In the Type segment, crystalline emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to increasingly investing in renewable energy sources.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Type:
- Thin film
- Crystalline
- Others
By Grid Type:
- On-Grid
- Off-Grid
By Installation Type:
- Residential
- Commercial
- Utility-Scale
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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