Market Trends of North America Rooftop Solar Industry
This section covers the major market trends shaping the North America Rooftop Solar Market according to our research experts:
Residential Sector to Dominate the Market
- The residential sector is expected to be the fastest-growing market for the rooftop solar, owing to factors like the rising shift towards greener sources of energy and rising awareness about the environment.
- Solar photovoltaic mounted on the rooftop of a residential building used to generate electricity are know as residential rooftop solar PV. The installation includes photovoltaic modules, mounting systems, cables, and other electrical accessories.
- It is expected that nearly 1.8% of homes across the largest metro areas around the world have installed the rooftop solar PV. California in the United States is the prominent state to have the highest penetration in this segment.
- San Diego and San Francisco are the major cities to have the highest percentage of residents that installed rooftop solar PV. Moreover, the cities are expected to have around 12-15% penetration level during the forecasting period.
- Therefore, with the increase in the demand for cleaner energy, rooftop solar in the residential sector is expected to rise significantly in the forecast period.
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United States to Dominate the Market
- The United States is expected to witness significant growth in the forecast period, over rising environmental concerns, and economic benefits of domestic solar power generation. The country accounts for over 10% of global solar power capacity, as of 2019.
- Increasing demand for clean energy is one of the primary drivers for the distributed solar power generation market in the country. The country is actively shifting from conventional energy-producing sources to clean energy sources and produced over 16.7% of the total electricity generated from hydropower and renewables combined.
- Rooftop solar offers the benefits of modern electricity services to households that had no access to electricity, reducing electricity costs on islands and in other remote locations that are dependent on oil-fired generation, as well as enabling residents and small businesses to generate their own electricity.
- In 2019, the United States added around 13.3 GW of solar power, 2.8 GW of which was residential solar.
- All of the above factors are expected to help the country dominate the region in terms of rooftop solar capacity during the forecast period.
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