LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global rooftop solar market to post a CAGR of over 9% during the forecast period. The market’s growth momentum is expected to decelerate over the forecast period owing to a decline in the year-over-year growth.
The growing focus toward self-consumption is a key trend which is expected to impact the market. Solar PVs are one of the most commonly used distributed generation technology. They are located at the source of power consumption, and thus, provide reliable power to the users. These distributed solar PV units can be connected to the power-grid to store excess power generated.
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In this report, Technavio analysts highlight the increasing price of electricity as a key factor contributing to the growth of the global rooftop solar market:
Increasing price of electricity
The growing population and urbanization across the world have led to the continuous growth of electricity generation. As a result, utilities are running power plants at full capacity to generate more power from the existing infrastructure. There is a gradual increase in the cost of power, mainly due to the investments made by utilities and power companies in T&D equipment to upgrade existing infrastructure and add newer power resources.
According to a senior analyst at Technavio for power research, “The rising cost of energy has led to the adoption of energy conservation measures such as encouraging people to generate their own electricity. The decline in the cost of solar PV technology has made it competitive with grid electricity prices. In addition, the rooftop PVs offer reliable and clean electricity, which has increased their adoption in both residential and non-residential buildings.”
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Global rooftop solar market - segmentation and analysis
This market research report segments the global rooftop solar market based on applications (non-residential and residential sectors) and key regions (the Americas, APAC, and EMEA).
The non-residential segment accounted for a larger share of the market in 2017, owing to the higher system capacity required to generate power. The adoption of renewable technologies is gaining traction, as these technologies help the organizations to stay environmentally responsible as well as avoid paying a carbon tax if applicable.
In 2017, APAC led the global rooftop solar market with a share of close to 77%, followed by the Americas and EMEA. The market share of APAC is expected to grow by a further 3% over the forecast period while that of the other two regions will decline.
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