Rooftop Solar PV Module Market size was valued at USD 38.49 billion in 2024 and is anticipated to reach USD 60.42 billion by 2032, at a CAGR of 5.8% during the forecast period.
REPORT ATTRIBUTE
DETAILS
Historical Period
2020-2023
Base Year
2024
Forecast Period
2025-2032
Rooftop Solar PV Module Market Size 2024
USD 38.49 Billion
Rooftop Solar PV Module Market, CAGR
5.8%
Rooftop Solar PV Module Market Size 2032
USD 60.42 Billion
The rooftop solar PV module market is driven by key players such as LONGi Solar, Trina Solar, 3M, Panasonic, LG Electronics, A.O. Smith, and Koninklijke Philips N.V. These companies are advancing solar technology through high-efficiency modules, smart energy systems, and sustainable production practices. Strategic alliances and strong distribution networks enhance their global presence and competitiveness. Asia-Pacific led the market with a 34% share in 2024, driven by large-scale installations in China, India, and Japan. North America followed with a 31% share, supported by policy incentives and rising corporate adoption of rooftop solar systems.
Access crucial information at unmatched prices!
Request your sample report today & start making informed decisions powered by Credence Research Inc.!
The rooftop solar PV module market was valued at USD 38.49 billion in 2024 and is projected to reach USD 60.42 billion by 2032, growing at a CAGR of 5.8%.
Rising government incentives, tax benefits, and renewable energy mandates are major drivers boosting residential, commercial, and industrial rooftop installations worldwide.
Technological advancements such as bifacial panels, smart inverters, and integrated storage systems are shaping the market’s transition toward high-efficiency and intelligent energy solutions.
The market is competitive, with key players focusing on expanding manufacturing capacity, optimizing costs, and forming partnerships to enhance technological strength and regional reach.
Asia-Pacific dominated with a 34% share in 2024, followed by North America at 31% and Europe at 27%; among segments, crystalline silicon held a 74% share, reflecting its superior performance and cost-effectiveness across diverse climatic conditions.
Market Segmentation Analysis:
By Technology
The crystalline silicon segment dominated the rooftop solar PV module market in 2024, holding a 74% share. Its strong presence is driven by high efficiency, long lifespan, and established manufacturing infrastructure. Crystalline silicon modules, including monocrystalline and polycrystalline variants, deliver superior performance in diverse climatic conditions. Their declining production costs and higher energy yield make them preferred for both residential and commercial rooftops. Thin-film modules, though less efficient, are gaining traction for lightweight and flexible applications, especially in urban and industrial installations requiring innovative architectural integration.
For instance, Maxeon 7 achieved 24.9% module aperture efficiency and a 40-year warranty.
By Connectivity
The on-grid segment accounted for a 79% market share in 2024, emerging as the leading connectivity type. Its dominance stems from widespread adoption in urban and semi-urban regions supported by net metering policies and government incentives. On-grid systems enable users to sell excess electricity to the grid, reducing payback periods and improving cost efficiency. Off-grid systems are also expanding in rural and remote areas, driven by demand for decentralized energy access and the growth of solar-plus-storage solutions enhancing energy independence.
For instance, Tata Power-DDL reported that as of September 2025, it had reached a total grid-connected solar capacity of 116.14 MWp.
By End Use
The commercial and industrial segment held the largest share of 58% in 2024, driven by high energy consumption and favorable corporate sustainability initiatives. Businesses are investing in rooftop solar installations to offset operational costs and meet renewable energy targets. Industries benefit from predictable energy pricing and reduced grid dependency, enhancing long-term energy security. Residential installations are also growing rapidly due to declining module costs and supportive rooftop subsidy programs. Utility-scale projects, while smaller in share, continue to drive large-capacity rooftop deployments across industrial parks and institutions.
Key Growth Drivers
Government Incentives and Policy Support
Government programs offering subsidies, tax credits, and feed-in tariffs are major growth enablers for rooftop solar PV adoption. Policies such as India’s Rooftop Solar Programme Phase II and the U.S. Investment Tax Credit (ITC) encourage both residential and commercial users to invest in solar installations. Supportive net metering frameworks further enhance financial returns, driving rapid installations. These incentives, combined with decarbonization goals and renewable energy mandates, continue to accelerate the market’s expansion across developed and emerging economies.
For instance, a BSES official stated in September 2025 that the company’s discoms, BSES Rajdhani Power Limited (BRPL) and BSES Yamuna Power Limited (BYPL), had energized a combined total of 11,100 rooftop solar connections.
Declining Solar Module Costs and Technological Advancements
Continuous reductions in photovoltaic module costs, driven by mass production and improved manufacturing efficiency, have made solar energy more affordable. Advances in monocrystalline PERC and bifacial cell technologies have increased energy output per unit area, improving system economics. Reduced balance-of-system costs and growing use of automation in production further lower installation expenses. These improvements enable faster project deployment and higher returns, fueling adoption across residential and commercial sectors globally.
For instance, Trina’s Vertex S+ reaches 505 W and 22.7% efficiency with a 30-year power warranty.
Rising Corporate Sustainability Initiatives
The growing focus on corporate sustainability and energy independence has encouraged enterprises to adopt rooftop solar systems. Companies are setting net-zero targets and investing in on-site renewable generation to reduce emissions. Rooftop solar systems help businesses manage electricity costs while aligning with ESG reporting frameworks. Multinational corporations, industrial parks, and logistics facilities increasingly deploy large-scale rooftop systems to achieve energy efficiency and long-term environmental commitments.
Key Trends & Opportunities
Integration of Energy Storage Systems
The integration of battery storage with rooftop solar PV systems is gaining traction, enabling round-the-clock energy availability. Storage solutions help manage grid fluctuations, improve self-consumption, and enhance energy reliability during peak demand. Declining lithium-ion battery prices and innovations in hybrid inverter technologies are accelerating adoption. This trend is particularly strong in regions with unreliable grids, creating new opportunities for solar-plus-storage installations in both commercial and residential applications.
For instance, Sunrun has 195,000+ solar-and-storage systems and 3.2 GWh networked storage, with a 70% attachment rate in Q2 2025.
Emergence of Smart Rooftop Solutions
The market is witnessing a shift toward smart rooftop systems equipped with IoT sensors, AI-based monitoring, and predictive analytics. These technologies enhance performance tracking, optimize maintenance, and ensure higher system uptime. Smart inverters and digital platforms allow real-time energy management and integration with demand response programs. Such advancements are enabling end users to maximize energy savings and system longevity, creating new growth avenues for technology-driven solar providers.
For instance, In 2024, Enphase shipped approximately 6.5 million microinverters, a 58% decrease from the 15.5 million shipped in 2023. This decline occurred amid a challenging residential solar market but was offset by a significant increase in battery storage deliveries, which reached 521 megawatt-hours (MWh) in 2024, up from 351.6 MWh in 2023.
Expansion of Building-Integrated Photovoltaics (BIPV)
BIPV technologies are emerging as an attractive opportunity for urban areas, combining aesthetics and functionality. Integrating solar modules into rooftops, façades, and skylights enables energy generation without additional space requirements. Advancements in lightweight and transparent module designs are promoting adoption in modern architecture and green buildings. This trend aligns with sustainability goals and supports smart city development, offering high potential for future market growth.
Key Challenges
Intermittent Power Generation and Grid Integration Issues
Solar energy’s dependence on sunlight leads to fluctuating power generation, creating challenges in grid stability and energy management. Without efficient energy storage or smart grid solutions, excessive variability can disrupt electricity supply. Utilities face difficulties balancing demand and generation, especially in high-penetration markets. Addressing this issue requires advanced grid infrastructure, improved forecasting, and integration of hybrid systems to ensure reliable energy distribution.
High Initial Investment and Space Constraints
Despite falling module prices, the upfront installation cost of rooftop solar PV systems remains a key barrier. Many small and medium enterprises, along with residential users, face financing challenges. Additionally, limited rooftop space, especially in urban environments, restricts scalability. These constraints slow adoption, particularly in cost-sensitive markets. Innovative financing models, leasing solutions, and compact high-efficiency modules are needed to overcome these limitations and drive broader deployment.
Regional Analysis
North America
North America held a 31% share of the rooftop solar PV module market in 2024, driven by strong policy support and increasing rooftop installations across the United States and Canada. Federal tax credits, state-level incentives, and net metering programs continue to encourage residential and commercial solar adoption. The U.S. leads the region, supported by corporate renewable energy commitments and advanced grid integration. Growing demand for clean energy, declining module prices, and the presence of leading solar manufacturers strengthen market penetration across both urban and suburban applications.
Europe
Europe accounted for a 27% share of the global rooftop solar PV module market in 2024, propelled by stringent carbon reduction goals and favorable renewable energy directives. Countries such as Germany, the Netherlands, and Italy lead adoption due to strong feed-in tariffs and rooftop installation subsidies. The European Green Deal and the REPowerEU plan continue to drive rapid deployment. Expanding smart grid infrastructure and building-integrated PV solutions are enhancing efficiency and flexibility. The region’s focus on energy independence and decarbonization further supports long-term market expansion.
Asia-Pacific
Asia-Pacific dominated the global rooftop solar PV module market with a 34% share in 2024, led by China, India, Japan, and Australia. Large-scale government initiatives promoting distributed solar generation and declining module costs have accelerated installations. China’s rooftop solar expansion under its national carbon neutrality plan and India’s target of 40 GW rooftop capacity are major growth contributors. The region also benefits from manufacturing cost advantages and expanding residential solar programs. Increasing urbanization and industrialization further boost adoption across commercial and industrial buildings.
Middle East & Africa
The Middle East and Africa captured a 5% share of the rooftop solar PV module market in 2024, supported by growing investments in distributed renewable energy. The UAE and Saudi Arabia are driving installations through sustainability programs such as the Dubai Clean Energy Strategy and Vision 2030. Falling solar costs and abundant sunlight make rooftop PV systems economically viable for businesses and households. In Africa, nations like South Africa and Kenya are adopting solar to overcome grid instability, creating new opportunities for off-grid and hybrid rooftop systems.
Latin America
Latin America accounted for a 3% share of the rooftop solar PV module market in 2024, with Brazil, Mexico, and Chile emerging as key contributors. Supportive regulatory frameworks, including net metering and tax exemptions, are promoting small-scale solar installations. Brazil’s distributed generation law has accelerated adoption in residential and commercial sectors. Falling installation costs and increasing consumer awareness of energy savings are boosting deployment across urban areas. The region’s growing renewable investments and policy reforms continue to strengthen market participation and encourage private-sector engagement.
Market Segmentations:
By Technology
Thin Film
Crystalline Silicon
Others
By Connectivity
On-Grid
Off-Grid
By End Use
Residential
Commercial & Industrial
Utility
By Geography
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
South-east Asia
Rest of Asia Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest of the Middle East and Africa
Competitive Landscape
Key players in the rooftop solar PV module market include LONGi Solar, Trina Solar, 3M, Koninklijke Philips N.V., Pentair PLC, Panasonic, Unilever PLC, LG Electronics, EcoWater Systems, A.O. Smith, Culligan International, and Kinetico Incorporated. The competitive landscape is characterized by strong technological innovation, extensive product portfolios, and expanding global distribution networks. Companies are focusing on enhancing module efficiency, integrating smart monitoring solutions, and improving manufacturing sustainability. Strategic partnerships with utility providers, rooftop installers, and energy storage companies are supporting large-scale deployment. Continuous investments in R&D, automation, and advanced materials are reducing production costs and boosting performance reliability. Leading players are also aligning with renewable energy policies and certification standards to strengthen their global presence. The competition remains intense, with firms emphasizing differentiation through product quality, after-sales service, and localized production facilities to meet the rising demand for clean, cost-effective rooftop solar systems worldwide.
Shape Your Report to Specific Countries or Regions & Enjoy 30% Off!
In 2025, Trina Solar Unveiled new and upgraded N-type TOPCon modules for residential, commercial, and utility-scale projects at the RE+ exhibition.
In 2025, LG Energy Solutions announced its partnership with Aptera Motors to supply 2170 cylindrical batteries that advance solar EV innovation and sustainable mobility to promote solar-powered transportation in the U.S.
In 2025, LONGi Solar Achieved two new world records for cell efficiency, including a 33% efficiency for its large-area perovskite-silicon tandem solar cell
Report Coverage
The research report offers an in-depth analysis based on Technology, Connectivity, End-Use and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.
Future Outlook
The rooftop solar PV module market will expand steadily due to rising energy demand and decarbonization efforts.
Advancements in high-efficiency monocrystalline and bifacial technologies will boost power generation capacity.
Supportive government incentives and net metering schemes will continue to drive large-scale adoption.
Integration of AI-enabled monitoring systems will improve energy optimization and performance tracking.
Growing adoption of solar-plus-storage systems will enhance reliability and off-grid capabilities.
Urban infrastructure development and smart city projects will increase rooftop solar installations.
Expansion of leasing and financing models will make installations more accessible to small consumers.
Sustainability commitments from corporations will accelerate commercial rooftop deployments.
Emerging markets in Asia-Pacific and Africa will offer strong growth potential through policy reforms.
Continued innovation in lightweight and flexible modules will promote adoption in constrained rooftop spaces.
1. Introduction
1.1. Report Description
1.2. Purpose of the Report
1.3. USP & Key Offerings
1.4. Key Benefits for Stakeholders
1.5. Target Audience
1.6. Report Scope
1.7. Regional Scope
2. Scope and Methodology
2.1. Objectives of the Study
2.2. Stakeholders
2.3. Data Sources
2.3.1. Primary Sources
2.3.2. Secondary Sources
2.4. Market Estimation
2.4.1. Bottom-Up Approach
2.4.2. Top-Down Approach
2.5. Forecasting Methodology
3. Executive Summary
4. Introduction
4.1. Overview
4.2. Key Industry Trends
5. Global Rooftop Solar PV Module Market
5.1. Market Overview
5.2. Market Performance
5.3. Impact of COVID-19
5.4. Market Forecast
9. Market Breakup by Region
9.1. North America
9.1.1. United States
9.1.1.1. Market Trends
9.1.1.2. Market Forecast
9.1.2. Canada
9.1.2.1. Market Trends
9.1.2.2. Market Forecast
9.2. Asia-Pacific
9.2.1. China
9.2.2. Japan
9.2.3. India
9.2.4. South Korea
9.2.5. Australia
9.2.6. Indonesia
9.2.7. Others
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. United Kingdom
9.3.4. Italy
9.3.5. Spain
9.3.6. Russia
9.3.7. Others
9.4. Latin America
9.4.1. Brazil
9.4.2. Mexico
9.4.3. Others
9.5. Middle East and Africa
9.5.1. Market Trends
9.5.2. Market Breakup by Country
9.5.3. Market Forecast
12. Porter’s Five Forces Analysis
12.1. Overview
12.2. Bargaining Power of Buyers
12.3. Bargaining Power of Suppliers
12.4. Degree of Competition
12.5. Threat of New Entrants
12.6. Threat of Substitutes
13. Price Analysis
14. Competitive Landscape
14.1. Market Structure
14.2. Key Players
14.3. Profiles of Key Players
14.3.1. LONGi Solar
14.3.1.1. Company Overview
14.3.1.2. Product Portfolio
14.3.1.3. Financials
14.3.1.4. SWOT Analysis
14.3.2. Trina Solar
14.3.2.1. Company Overview
14.3.2.2. Product Portfolio
14.3.2.3. Financials
14.3.2.4. SWOT Analysis
14.3.3. 3M
14.3.3.1. Company Overview
14.3.3.2. Product Portfolio
14.3.3.3. Financials
14.3.3.4. SWOT Analysis
14.3.4. Koninklijke Philips N.V.
14.3.4.1. Company Overview
14.3.4.2. Product Portfolio
14.3.4.3. Financials
14.3.4.4. SWOT Analysis
14.3.5. Pentair PLC
14.3.5.1. Company Overview
14.3.5.2. Product Portfolio
14.3.5.3. Financials
14.3.5.4. SWOT Analysis
14.3.6. Panasonic
14.3.6.1. Company Overview
14.3.6.2. Product Portfolio
14.3.6.3. Financials
14.3.6.4. SWOT Analysis
14.3.7. Unilever PLC
14.3.7.1. Company Overview
14.3.7.2. Product Portfolio
14.3.7.3. Financials
14.3.7.4. SWOT Analysis
14.3.8. LG Electronics
14.3.8.1. Company Overview
14.3.8.2. Product Portfolio
14.3.8.3. Financials
14.3.8.4. SWOT Analysis
14.3.9. EcoWater Systems
14.3.9.1. Company Overview
14.3.9.2. Product Portfolio
14.3.9.3. Financials
14.3.9.4. SWOT Analysis
14.3.10. A.O. Smith
14.3.10.1. Company Overview
14.3.10.2. Product Portfolio
14.3.10.3. Financials
14.3.10.4. SWOT Analysis
14.3.11. Culligan International
14.3.11.1. Company Overview
14.3.11.2. Product Portfolio
14.3.11.3. Financials
14.3.11.4. SWOT Analysis
14.3.12. Kinetico Incorporated
14.3.12.1. Company Overview
14.3.12.2. Product Portfolio
14.3.12.3. Financials
14.3.12.4. SWOT Analysis
15. Research Methodology
Request A Free Sample
We prioritize the confidentiality and security of your data. Our promise: your information remains private.
Ready to Transform Data into Decisions?
Request Your Sample Report and Start Your Journey of Informed Choices
Providing the strategic compass for industry titans.
Frequently Asked Questions
What is the current market size for Rooftop Solar PV Module Market, and what is its projected size in 2032?
The market size was valued at USD 38.49 billion in 2024 and is projected to reach USD 60.42 billion by 2032.
At what Compound Annual Growth Rate is the Rooftop Solar PV Module Market projected to grow between 2025 and 2032?
The market is projected to grow at a CAGR of 5.8% during the forecast period.
Which Rooftop Solar PV Module Market segment held the largest share in 2024?
The crystalline silicon segment held the largest share of 74% in 2024.
What are the primary factors fueling the growth of the Rooftop Solar PV Module Market?
Government incentives, declining module costs, and rising corporate sustainability initiatives are key growth drivers.
Who are the leading companies in the Rooftop Solar PV Module Market?
Leading companies include LONGi Solar, Trina Solar, 3M, Panasonic, and LG Electronics.
Which region commanded the largest share of the Rooftop Solar PV Module Market in 2024?
Asia-Pacific dominated the market with a 34% share in 2024.
About Author
Ganesh Chandwade
Senior Industry Consultant
Ganesh is a senior industry consultant specializing in heavy industries and advanced materials.
The Seismic Services Market size was valued at USD 9.02 Billion in 2024 and is anticipated to reach USD 11.81 Billion by 2032, at a CAGR of 3.43% during the forecast period.
The Small Wind Turbine Market size was valued at USD 3.61 billion in 2024 and is anticipated to reach USD 8.15 billion by 2032, growing at a CAGR of 10.7% during the forecast period (2025–2032).
The flywheel synchronous condenser market size was valued at USD 212.75 million in 2024 and is anticipated to reach USD 533.26 million by 2032, at a CAGR of 8.7% during the forecast period.
The Solar Power Windows Market size was valued at USD 800.00 million in 2018 to USD 1,599.34 million in 2024 and is anticipated to reach USD 8,617.81 million by 2032, at a CAGR of 23.56% during the forecast period.
Renewable Energy Carbon Credit Market size was valued USD 2.79 billion in 2024 and is anticipated to reach USD 12.06 billion by 2032, at a CAGR of 20.1% during the forecast period.
The Residential Solar Tracker Market size was valued at USD 270.5 million in 2024 and is anticipated to reach USD 1,132.44 million by 2032, at a CAGR of 19.6% during the forecast period.
The renewable energy contactor market size was valued at USD 470.5 million in 2024 and is anticipated to reach USD 1,092.12 million by 2032, at a CAGR of 11.1% during the forecast period.
Residential Demand Side Management market size was valued at USD 25.63 billion in 2024 and is anticipated to reach USD 70.6 billion by 2032, at a CAGR of 13.5% during the forecast period.
The rooftop solar EPC market size was valued at USD 122.04 billion in 2024 and is anticipated to reach USD 170.91 billion by 2032, at a CAGR of 4.3% during the forecast period.
The Industrial Carbon Dioxide Market size was valued at USD 29.53 Billion in 2024 and is anticipated to reach USD 37.84 Billion by 2032, at a CAGR of 3.15% during the forecast period.
The Power Banks Market size was valued at USD 11,400.00 million in 2018 to USD 14,660.89 million in 2024 and is anticipated to reach USD 26,598.01 million by 2032, at a CAGR of 7.85% during the forecast period.
The Green Hydrogen Market size was valued at USD 2,500.00 million in 2018 to USD 8,890.57 million in 2024 and is anticipated to reach USD 1,15,513.74 million by 2032, at a CAGR of 37.88% during the forecast period.
Licence Option
The report comes as a view-only PDF document, optimized for individual clients. This version is recommended for personal digital use and does not allow printing. Use restricted to one purchaser only.
$4999
To meet the needs of modern corporate teams, our report comes in two formats: a printable PDF and a data-rich Excel sheet. This package is optimized for internal analysis. Unlimited users allowed within one corporate location (e.g., regional office).
$6999
The report will be delivered in printable PDF format along with the report’s data Excel sheet. This license offers 100 Free Analyst hours where the client can utilize Credence Research Inc. research team. Permitted for unlimited global use by all users within the purchasing corporation, such as all employees of a single company.
Thank you for the data! The numbers are exactly what we asked for and what we need to build our business case.
Materials Scientist (privacy requested)
The report was an excellent overview of the Industrial Burners market. This report does a great job of breaking everything down into manageable chunks.
