Rooftop
solar PV is a photovoltaic system, which comprises photovoltaic
panels, transformers, electricity systems, and monitoring and
mounting equipment along with mounting and installation modules.
Photovoltaic panel mounts on the rooftops of commercial or
residential structures used to capture the solar radiation for
generating emission-free electricity. These panels are made up of
silicon wafer and possess a capability of generating both off-grid
and on-grid electricity. Solar panels are classified mainly into two
types: monocrystalline and polycrystalline. Installation of rooftop
solar PV systems mainly depends on insolation value in a particular
area. These insolation values are impacted by time of the year,
latitude, weather conditions, roof slope, roof aspect, shading from
adjacent buildings, and vegetation.
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The
average life expectancy of a traditional rooftop solar PV system is
30 years. Flexibility with the off-grid and on-grid has increased the
popularity of rooftop solar PV systems across the globe. Rooftop
solar PV systems on account of their flexible nature and availability
through leasing schemes are experiencing a surge in popularity. These
systems have a very high market potential in countries which lack
grid infrastructure. Many solar resource-rich nations in Africa and
South and Latin America provide vast potential for rooftop solar PVs.
Currently, many countries such as India, China, and the U.S. are
exploring various clean energy techniques for generation of
electricity which spurs the demand for rooftop solar PV systems.
These
countries also offer several subsidies coupled with tax credits
schemes to encourage the demand for such systems. As a result, the
rooftop solar PV market is attracting huge investments from equity
investors and public investors through funding and IPOs. The market
for rooftop solar PV systems has been further boosted with the
reduction of energy payback time in the last few years.
The
segmentation of the rooftop solar PV market is done on the basis of
volume capacity (MW) and revenue (US$ Mn). The market has been
further segmented on the basis of end-use and geography. End-use
segmentation comprises residential and commercial buildings. The
residential segment held the largest share of 61.2% of the rooftop
solar PV market in 2014. Residential market for rooftop solar PVs is
primarily driven by financial leasing, third-party model, tax
incentives, and net metering. Moreover, commercial rooftop solar
projects for government buildings are also propelling rooftop solar
PV installations.
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In
terms of geography, the rooftop solar PV market has been segmented
into four regions: North America, Asia Pacific, Europe, and Rest of
the World. North America held the largest market for rooftop solar
PV, accounting for 39% of the global market in 2014. In the U.S.,
California is leading in rooftop solar PV installations. The
Government of U.S. is offering several tax credits and incentives in
order to promote the installation of rooftop solar PV systems. Europe
was the second-largest market for rooftop solar PV installations in
2014. Germany with its well-structured solar policies and large
funding for market development was the leading player in Europe in
2014.
Asia
Pacific with its countries such as China and Japan was the
third-largest market for rooftop solar PV, in terms of market share,
in 2014.
The
market in Rest of the World is expected to witness significant growth
in the near future, with increase in commercial projects across South
Africa, Chile, and Brazil. Key players in the global rooftop solar PV
Market include Trina Solar Limited, Yingli Green Energy Holding
Company Limited, Canadian Solar Inc, Jinko Solar Holding Co., Ltd.,
SolarWorld AG, SunPower Corporation, Shunfeng International Clean
Energy Limited (SFCE), Hanwha Q CELLS Co Ltd, JA Solar Holdings, Co.,
Ltd., Vivint Solar, Inc., SolarCity Corporation and Sungevity.
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