Asia Pacific Rooftop Solar Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 14.3% from 2023 to 2033.
• The Asia Pacific Rooftop Solar Market Size is Expected to Hold a Significant Share by 2033.

The Asia Pacific Rooftop Solar Market size is expected to hold a significant share by 2033, at a CAGR of 14.3% during the forecast period 2023 to 2033.

Market Overview

Solar rooftop systems are photovoltaic (PV) systems that are integrated into a building's roof to generate electricity from available sunlight. The system's components include solar panels, an inverter, and wiring. Solar rooftop systems are becoming more popular as smart homes, communities, and businesses adopt them. Solar rooftop systems are divided into two categories: battery storage systems and grid-connected solar rooftop systems. Solar rooftop systems connect to power grids and can also work with off-grid systems. When the sun isn't shining, off-grid solar rooftop systems store energy with batteries. Governments around the world are working to reduce CO2 emissions and pollution by utilizing low-carbon energy resources such as nuclear and renewable energy. The growing use of solar rooftops to generate clean energy is boosting the market. The depletion of fossil fuel reserves such as petroleum, crude oil, and natural gas is driving the development of clean, green, and renewable energy sources. This is expected to boost the market. The Asia Pacific rooftop solar market is growing due to a variety of factors, including lower solar panel costs, supportive government policies, environmental consciousness, increased energy demand, grid reliability requirements, technological advancements, corporate sustainability goals, job creation, and public awareness. Collectively, these drivers encourage the use of affordable and clean energy, improve energy security, reduce carbon footprints, and promote regional economic development and sustainable practices.

Report Coverage

This research report categorizes the market for the Asia Pacific rooftop solar market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Asia Pacific rooftop solar market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Asia Pacific rooftop solar market.                 

Driving Factors

Stringent government policies and reforms in Asia-Pacific to reduce carbon emissions are expected to significantly boost the solar rooftop market as the most sought-after renewable energy source. Growing investments by leading technology firms in Asia-Pacific to produce self-sufficient energy using renewable energy resources are expected to drive the market. The availability of power generated by solar energy at a low cost in comparison to traditional energy resources is expected to boost the Asia Pacific rooftop solar market during forecast period. Rising energy demand and the rooftop solar market are mutually beneficial, resulting in economic growth and job creation. The expansion of the solar industry opens up opportunities for investment, research, manufacturing, installation, and maintenance, boosting local economies and supporting employment throughout the region.

Restraining Factors

High initial costs for establishing a solar rooftop network, including the installation of solar panels and storage systems, can hamper market growth. Regular maintenance and associated costs are likely to restrain the market. Technical obstacles, as well as policy and regulatory uncertainty, which may hamper the growth of the Asia Pacific rooftop solar market.

Market Segment

• In 2023, the thin film segment accounted for the largest revenue share over the forecast period.

Based on technology, the Asia Pacific rooftop solar market is segmented into thin film and crystalline silicon. Among these, the thin film segment has the largest revenue share over the forecast period. The production of thin films from lightweight, flexible materials, in addition to their robust durability and compact design, is driving the growth. Thin film rooftop solar PV is widely used in commercial applications due to its low installation costs and lightweight design.

• In 2023, the grid-connected segment is witnessing the largest growth over the forecast period.

Based on grid type, the Asia Pacific rooftop solar market is segmented into grid-connected and off-grid. Among these, the grid-connected segment is witnessing the largest growth over the forecast period. In the Asia Pacific rooftop solar market, the grid-connected segment is projected to dominate. Grid-connected installations are attractive due to government incentives, feed-in tariffs, and reliable energy access. They enable the injection of surplus energy into the grid, providing economic benefits to users. Grid-connected systems align with Asia Pacific's energy goals, which prioritize energy security and grid stability. Grid-connected installations are also feasible in urban and commercial settings due to existing infrastructure. These factors, combined with cost-effectiveness and policy support, indicate that the grid-connected segment will play a dominant role in driving the growth of the Asia Pacific rooftop solar market.

• In 2023, the commercial & industrial segment is witnessing significant growth over the forecast period.

Based on end use, the Asia Pacific rooftop solar market is segmented into residential, commercial & industrial. Among these, the commercial & industrial segment is witnessing significant growth over the forecast period. The commercial segment dominates the market owing to the widespread use of ergonomic chairs in offices, educational institutions, healthcare facilities, and other professional settings. Ergonomic chairs help to ensure employee comfort and productivity while lowering the risk of workplace injuries. Furthermore, the implementation of corporate wellness programs, occupational health and safety regulations, and a growing awareness of the importance of workplace ergonomics are all contributing to market growth. Apart from that, companies are increasing their investment in ergonomic chairs as part of a broader strategy to improve employee well-being, retain talent, and increase overall productivity, which is driving the Asia Pacific rooftop solar market growth.

• China is projected to have the largest share of the Asia Pacific rooftop solar market over the forecast period.

Based on region, the China is projected to have the largest share of the Asia Pacific rooftop solar market over the forecast period. China's leadership in the Asia Pacific rooftop solar market can be attributed to a variety of factors. The country's robust manufacturing capabilities enable large-scale production of solar panels, lowering costs and making solar energy more affordable. Additionally, China's strategic government policies and incentives foster solar adoption. Major expenditures in research and development have resulted in technological innovations that improve the efficiency and performance of solar panels. Furthermore, China's large population and rapidly increasing energy demand necessitate a variety of energy solutions, with rooftop solar playing an important role. Overall, China's combination of manufacturing expertise, policy support, technological advancements, and market demand places it at the forefront of the Asia Pacific rooftop solar market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Asia Pacific rooftop solar market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• JA Solar Holdings Co., Ltd.
• JinkoSolar Holding Co., Ltd.
• Suntech Power Holdings Co., Ltd.
• Yingli Green Energy Holding Co., Ltd.,
• Canadian Solar Inc.
• Huawei Technologies Co., Ltd.
• Sungrow Power Supply Co. Ltd
• Trina Solar Limited
• Hanwha SolarOne Co. Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the Asia Pacific rooftop solar market based on the below-mentioned segments:

Asia Pacific Rooftop Solar Market, By Technology

• Thin Film
• Crystalline Silicon

Asia Pacific Rooftop Solar Market, By Grid-type

• Grid Connected
• Off-grid

Asia Pacific Rooftop Solar Market, By End User

• Residential
• Commercial & Industrial

Asia Pacific Rooftop Solar Market, By Region

• India
• China
• Japan
• Rest of Asia-Pacific