Growing market for Roof Solar System Industry 2020

 Growing adoption of rooftop solar photovoltaics (PV) panels in residential and commercial installations for generation of power using solar energy and increased investment by major players in the solar energy industry for the development of rooftop solar PV panels are the key trends witnessed in the global rooftop solar PV market. This increasing adoption is favored due to regulatory policies, development of infrastructure, high gross domestic product (GDP) growth, large consumer base, low cost of power generation, and sustainable energy requirements in emerging economies such as China and India.

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Rooftop solar PV systems consist of solar PV panels and related equipment, which comprise transformers, inverters, meters, junction boxes, cables, batteries, and monitoring and mounting units. Rooftop solar PV systems are gaining widespread adoption by consumers, owing to their on-grid and off-grid flexible nature. In the report, the rooftop solar PV market is segmented on basis of application and region.

The value chain of rooftop solar PVs includes mounting structures and trackers suppliers, raw material suppliers, rooftop module manufacturers, distributors, and end-use consumers from residential, commercial, and industrial segment. Large number of manufacturers practice vertical integration owing to the easy integration of various interdependent services of the supply chain such as the wholesale distribution of product, project planning & construction, and operations and maintenance services.

Covid-19 pandemic is projected to severely impact the global rooftop solar PV supply chain. Increased solar panel prices, stagnant international trading, material supply shortages, and manufacturers facing labor shortages are among the prominent factors negatively influencing the market growth. Disruption in the supply chain due to delayed solar projects is expected to majorly impede the growth of the rooftop solar photovoltaic market.