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Asia-Pacific To Dominate Rooftop Solar PV Market By 2030, Says Report

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The cumulative solar PV rooftop capacity is expected to grow at a CAGR of more than 12% during the forecast period. Solar PV is one of the fastest-growing sources of energy globally. The increasing need to reduce greenhouse gas (GHG) emissions, the growing demand for power, and the need for energy independence and security are some of the major factors that accelerated the adoption of rooftop solar PV.

Pixon

The Rooftop Solar Photovoltaic (PV) Market Research Report provides market size and market segmentation globally as well for each of the key countries. It gives insights on key growth drivers and challenges at a country level, historic and forecast data for cumulative installed rooftop solar PV capacity and annual additions, major active and upcoming rooftop solar PV plants in each country, major tenders and contracts, and brief information about the major manufacturers and in the country.

A huge number of installations in Japan, China, India, and Vietnam led to Asia-Pacific increasing its share to over half of the rooftop solar PV cumulative capacity in 2020. Asia-Pacific will continue to dominate the market by 2030.

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Australia boasts the largest solar PV per capita in the world. The growth in the rooftop solar PV market in the country was aided by state-level FiT programs. After the end of FiTs in several states, the primary support scheme for solar PV was RET’s small-scale certificates (STCs) and large-scale certificates (LGCs).

The global rooftop solar PV market was valued at $64.3 billion in 2020. It is expected to grow at a CAGR of more than 12% during 2021-2030. The C&I segment backed by high growth in major solar PV markets such as China, the US, and India accounted for more than 60% of the capacity. The evolution of both residential and C&I consumers to prosumers, the trend of solar panels being adopted as building materials, and additional factors such as an increase in preference for distributed small-scale solar in smart cities and microgrids combined with storage and digital solutions are expected to lead to stable growth in solar PV rooftop installations in both the segments.

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