Research and Markets Forecasts Strong Growth for Global Solar Shingles Market at 4.8% CAGR until 2028

In the renewable energy sector, the global solar shingles market is witnessing significant growth, with projections indicating a Compound Annual Growth Rate (CAGR) of 4.8% until 2028. Valued at USD 375.8 million in 2022, the market is expected to continue its upward trajectory, driven by the increasing awareness of clean energy solutions that seamlessly integrate with architectural aesthetics in both residential and commercial structures.

Solar shingles, innovative photovoltaic modules designed for integration with conventional asphalt roofing, are gaining popularity for their dual functionality in providing rain protection and generating solar energy. Their sleek appearance, durability, and potential for energy cost savings make them an appealing option in the renewable energy landscape.

Advancements in silicon and CIGS thin-film solar shingle technology have increased their flexibility and adaptability, catering to various residential applications. These alternatives to traditional bulky solar panels offer economic benefits by reducing utility bills and providing homeowners with significant energy independence.

Market Drivers and Trends:

1. Urbanization and Home Renovations: Rapid urbanization and increased investment in home renovations are driving the demand for solar shingles.
2. Environmental Consciousness: Heightened environmental consciousness is pushing the adoption of renewable energy solutions.
3. Government Policies and Incentives: Supportive government policies and incentives are encouraging the uptake of renewable energy.
4. Innovations in Semiconductor Technology: Advancements in semiconductor technology are expanding the market opportunity for solar shingles.

Challenges in the Solar Shingles Market:

1. Cost and Affordability: Higher upfront costs compared to conventional solar panels hinder widespread adoption.
2. Installation Complexity: Specialized labor and expertise are required for installation, adding to the total investment cost.

Addressing these challenges is crucial, as cost reduction could further drive market growth, reduce greenhouse gas emissions, and enhance energy security.

Key Attributes:

• No. of Pages: 180
• Forecast Period: 2022 – 2028
• Estimated Market Value (USD) in 2022: $375.8 Million
• Forecasted Market Value (USD) by 2028: $502.36 Million
• Compound Annual Growth Rate: 4.8%
• Regions Covered: Global

Companies mentioned in the report include SunTegra Solar, Ergosun, CertainTeed, Canadian Solar, Ertex Solar, FlexSol Solutions B.V, Tesla, Anu Solar Power Pvt Ltd, PV Technical Services Inc., and Sunflare.