Portland, OR -- (SBWIRE) -- 11/22/2017 -- The global rooftop solar photovoltaic (PV) market was valued at $29,770 million in 2016, and is anticipated to grow at a CAGR of 11.2% to reach $64,671 million from 2017 to 2023. Rooftop solar photovoltaic (PV) materials are devices, which convert sunlight into electrical energy. These are known as solar cells and are made of several semiconductor materials. Single photovoltaic device is known as a cell, which is small in size and produces about 1 to 2 watts of power. Moreover, these cells are connected in series to form larger units called modules to boost the power output of photovoltaic cells. In addition, individual PV modules are connected in series to form an array. Moreover, one or more arrays are then connected to the electrical grid, which forms a complete PV system. Therefore, due to formation of this modular structure, these systems can meet small to big power requirements.

The global rooftop solar photovoltaic installation market has witnessed an increase in demand, owing to the availability of solar energy and increase in demand for electricity. Moreover, various encouraging and incentivized steps are taken by government, such as feed-in-tariff coupled with introduction of gross metering policy has further led to development of rooftop solar PV.

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In addition, rise in adoption of distributed PV technology globally is expected to boost the market growth. Furthermore, affordability of these installations has increased, owing to high levels of market competition. Moreover, growth of property value and durability contribute to the market growth in residential areas. However, lack of robust smart grid infrastructure restrains the market growth.

The global rooftop solar photovoltaic (PV) installation market is segmented based on technology, grid-type, end use, and geography. On the basis of technology, it is classified into thin film and crystalline silicon. Crystalline silicon is further divided into monocrystalline and multi crystalline. On the basis of grid-type, it is bifurcated into grid connected and off-grid. Grid connected is further categorized into centralized and decentralized. By end use, the market is classified into residential and commercial. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key market players in this sector include
- Suntech Power Holding Co. Ltd.
- Sun Power Corporation
- First Solar Inc.
- Yingli Green Energy Holding Co. Ltd.
- Canadian Solar Inc.
- Schott Solar Ag.
- Sharp Corporation
- Solar World Ag
- Jinko Solar Holding Company Ltd. Corporation
- Trina Solar Ltd.

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KEY BENEFITS FOR STAKEHOLDERS

- This report provides a quantitative analysis of the current trends, estimations, and dynamics from 2016 to 2023, which assists to identify the prevailing market opportunities.

- Major countries in each region are studied as per key trends, developments, and presence of industry players in the market.

- Region-wise and country-wise market conditions are comprehensively analyzed in the report.

- This study evaluates the value chain to understand the competitive environment across geographies.

- An in-depth analysis of segmentation is provided to elucidate the dominant market opportunities.