Asia-Pacific Solar Rooftop Market Insights
The Asia-Pacific Solar Rooftop Market is anticipated to be driven by growing concern over reducing carbon emissions.
The worldwide Asia-Pacific Solar Rooftop industry is quite active and is anticipated to grow rapidly over the coming years. A Asia-Pacific Solar Rooftop photo voltaic (PV) system uses solar panels positioned on a building's roof to transform the sun's light energy into electrical energy. Asia-Pacific Solar Rooftop systems have two options: they can be off-grid with battery storage or connected to the grid. They have system ratings ranging from 10 kW to more than 100 MW for industrial, commercial, and residential applications, respectively.
Rooftop solar photovoltaic systems are installed on top of all commercial, industrial, residential, and governmental buildings and are frequently used to generate power from solar energy. Asia-Pacific Solar Rooftop power generation systems can be either off-grid or grid-connected. In Asia-Pacific Solar Rooftop systems that are connected to the utility grid, solar PV rooftops are used to generate power. Off-grid systems, on the other hand, produce electricity that is used by the linked load and any excess is stored in batteries for use as and when necessary. The demand for Asia-Pacific Solar Rooftop systems has been slowly increasing over the last several years, and in the future, it is anticipated to expand significantly. Due to growing demand from its end-use applications, Asia-Pacific Solar Rooftop systems have been dominating the renewable energy market.
Key Players
The companies that are highly contributing towards the market are
- SMA Solar Technology AG (Germany)
- Trina Solar (China)
- Yingli Green Energy Holding Company Limited (China)
- Canadian Solar Inc. (Canada)
- Jinko Solar (China)
- SolarWorld AG (Germany)
- SunPower Corporation (U.S.)
- Shunfeng International Clean Energy Limited. (China)
- Tata Power Solar Systems Limited (India)
- Delta Energy Systems (Germany)
- JA Solar Holdings Co. Ltd. (China)
- ABB Ltd. (Switzerland).
Regional Analysis
Over 30% of global revenues were attributable to the Asia Pacific area in 2019, and this dominance is anticipated to last throughout the projected period. The country that contributed the most to the market's revenue generation was China. One of the key drivers of the market growth in China is the favourable government policies that offer financial incentives and subsidies to solar PV projects, combined with the existence of large market players.
In 2019, the European regional market's revenue share was approximately 26.52%. In terms of revenue market share, the United Kingdom led all of Europe. The expanding rooftop solar PV capacity is being boosted by the trend of producing more electricity using renewable sources. Moreover, the expansion of the regional industry is being driven by strict regulatory reforms pertaining to the deployment of sustainable energy.
North America held a sizeable portion of the market, with the United States being the main source of revenue for the expansion of the region. In the coming years, product penetration is expected to increase across the nation due to the rising demand for clean fuel power generation and the soaring capacity of residential solar.
Market Segmentation
The market for Asia-Pacific Solar Rooftop is further segmented depending upon the capacity, connectivity and end user.
By capacity, it is divided into the capacities of 10 kilowatt, 11-100 kilowatt and more than 100 kilowatt.
By connectivity the market is further segmented into on grid and off grid types.
By end user, the market is segmented into residential, commercial and industrial sector.
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