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2018-2022 Years, New Global Rooftop Solar Installations Exceed 17GW
- May 14, 2018 -

Technavio, the market research and Analysis Agency, predicts that the global solar market will grow by more than 9% over the next 2018-2022 years.

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The report predicts that in 2018, the global rooftop solar market will grow by 9.26%. However, as the year-on-year growth rate declines, the market growth momentum will gradually slow down.

Increasing concern about self consumption is expected to be a key trend in the market. Solar photovoltaic is one of the most commonly used distributed generation technologies. These distributed PV units can be connected to the power grid to store redundant electricity generated.

In this report, Technavio analysts stressed that the rise in electricity prices is a key factor contributing to the growth of the global rooftop solar market.

Global population growth and urbanization have led to sustained growth in generating capacity. As a result, utility companies are operating at full capacity to generate more electricity from existing infrastructure. Electricity costs are increasing, mainly because utilities and power companies invest in power transmission and distribution equipment to upgrade existing infrastructure and increase new power resources.

According to Technavio's senior analyst of power research, "rising energy costs have led to energy conservation measures, such as encouraging people to generate electricity by themselves. The decline of solar PV technology cost it to compete with the grid price. In addition, rooftop photovoltaic power generation provides reliable and clean electricity, which increases their application in residential and non residential buildings. "

Because of the higher capacity required for generating electricity, the non residential sector has a larger market share in 2017. The adoption of renewable energy technology is becoming more and more popular because these technologies help to protect the environment and avoid paying carbon taxes (if applicable).

In 2017, Asia Pacific accounted for nearly 77% of the global rooftop solar market, followed by the Americas and Europe, the Middle East and Africa. It is estimated that by 2022, the market share of the Asia Pacific region will increase by 3%, and the market share of the other two regions will decrease.

It is estimated that by 2022, the installed capacity of new solar roofs will reach 17.12 gigawatts, of which 85% will come from the Asia Pacific region.