Rooftop Solar PV Installations to See Strong Growth in Residential Sector

The top five leading players in the global rooftop solar PV market as of 2014 were Trina Solar, Yingli Green Energy Holding Company Limited, Jinko Solar, Canadian Solar, and SunPower. The cumulative share of these players amounted to 43% in 2014, says Transparency Market Research in a new report. Leading players are focusing on expanding their research and development facilities to develop new products to maintain their domination in the global market, observes TMR.

“Companies should work towards realigning their strategies to incorporate vertical integration of their operations to create a strong base of efficient and competitive services,” states the lead author of this research report. Mergers and acquisitions will also be considered by several players to establish their footprint across various other geographical regions and to absorb research and development facilities to improve technical support. TMR recommends players to consider bringing down costs for the price-sensitive countries in developing regions that have a higher need of alternative sources energy to reduce their carbon footprint.

The report states that the opportunity in the global rooftop solar PV market will be worth US$4.58 bn by 2023 growing from its 2014 valuation of US$1.79 bn in 2014, as the market is anticipated to expand at a CAGR of 11% between 2015 and 2023. The residential buildings segment will be the leading end users of rooftop PV solar systems as the segment is anticipated to exhibit a CAGR of 11.4% between 2015 and 2023. North America is estimated to be the largest regional segment of the global market until the end of the forecast period; however, Asia Pacific is an emerging segment as it is projected to rise at a CAGR of 11.5% during the forecast period. By the end of 2023, the Asia Pacific rooftop solar PV market will be worth US$1.09 bn.

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Ganesh Rajput

As one of the lead news writers on CMFE News, Ganesh’s specialization lies in the science and technology domains. His passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Ganesh’s take on the impact of digital technologies across the science, technology, and business domains gives his writing a fresh and modern outlook.

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