PUBLISHER: Grand View Research | PRODUCT CODE: 1654579
PUBLISHER: Grand View Research | PRODUCT CODE: 1654579
The global rooftop solar PV market size is expected to reach USD 88.9 billion by 2030, exhibiting a CAGR of 5.8% from 2025 to 2030, according to a new report by Grand View Research, Inc. Growing deployment of renewable energy due to increased demand cleaner power generation sources are likely to strengthen the increasing demand for rooftop solar PVs.
Proliferating demand for rooftop solar photovoltaic across end-use sectors owing to significant price difference between retail electricity and solar-generated electricity is bound to provide a major boost to the market growth. In addition, rooftop solar PV modules have low maintenance cost and require no additional land space for installation as they can be set up on any type of roof.
Growing advancements in solar PV manufacturing technology has resulted in declining costs and higher efficiency of rooftop solar PV modules, thereby driving the product demand across several end-use applications. Moreover, government support in form of tax credits and installation subsidies will further propel the market growth over the forecast period.
Market players are emphasizing on developing innovative design technology due to growing need for decarbonization of energy sector and reduction of carbon footprint. Manufacturers aim to generate the most immediate payback period by enhancing the overall conversion efficiency of rooftop solar PV modules. The improved efficiency modules are projected to lower the levelized cost of electricity by three to four percent, thereby making solar-generated electricity the most competitive.