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SOLAR ROOF TILES MARKET REPORT OVERVIEW
The Solar Roof Tiles Market Size is Projected to be worth US$ 165.5 Million in 2023. The Market is likely to Surpass US$ 832.44 Million by 2032 at a CAGR of 15.2% During the Forecast period [2024-2032].
Solar roof tiles, sometimes known as photovoltaic shingles, are solar panels that generate electricity. This factor has augmented the solar roof tiles market growth.
The market is anticipated to increase significantly due to factors including the government's emphasis and launch of new policies on the integration of renewable energy sources. This special technique has created a lot of opportunities for this particular product market. Which has in terms augemnted demand in the commercial and industrial sectors and creating new opportunities
COVID-19 Impact: Market Growth Obstructed by Pandemic due to Lockdown
The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
This has affected the overall supply and demand chains of the particular market. As a halt on construction activities was witness duen to rectrictions and curfews, this market faced a awful amountbof crisis. This particular factor drastically affected the market growth. Therefore, a small influence from COVID-19 is anticipated on the solar roof tiles market share.
LATEST TRENDS
"Solar Potential to Drive Market Growth"
Because of the advancements in Solar Roof Tiles, there should be opportunities in the market throughout the projection period. Yet, the unrealized solar potential and emphasis on growing decentralization would allow consumers, both industrial and residential, to become less dependent on central grids, which is anticipated to present a growth opportunity over the course of the forecast period.
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SOLAR ROOF TILES MARKET SEGMENTATION
By Type
Based on type the global market can be categorized into Monocrystalline Solar Cells and Thin-film Solar Cells amongst which the leading segment is the Monocrystalline Solar Cells.
- Monocrystalline Solar Cells: It is nothing but a process known as the Czochralski technique, single silicon crystals are used to create a monocrystalline cells for solar use.
- Thin-film Solar Cells: It is basically thinning film in which a substrate is covered in one or more thin layers of photovoltaic material to create solar cells.
By Application
Based on application the global market can be categorized into Residential Rooftop and Commercial Rooftop amongst which the leading segment is the Residential Rooftop.
- Residential Rooftop: It is just an application where it is used in building houses.
- Commercial Rooftop: It is nothing but an application where it is used by commercial buildings.
DRIVING FACTORS
"Resedential Real Estate to Boost the Market"
This is the major factor attributing the growth of this particular market. When it comes to roofs with asphalt shingles, roof tiles can minimize the amount of heat that enters the roofs where people keep valuables stored that need not be damaged at any cost. The rising demand for residential real estate in emerging economies, primarily due to urbanization, includes luxury shelter options. These factors are anticipated to drive the market growth during the forecast period.
"On-grid Rooftop system to Expand the Market"
This is the second major factor attributing the growth of this particular market and has resulted in the hike of revenue numbers so much so that they are touching the skies. Clients benefit from it. Through the use of a power inverter device, solar panels or arrays in an on-grid rooftop system are connected to the utility grid and can run in parallel with the electric utility grid. These factors are anticipated to drive the market growth in the present times and also during the forecast period.
RESTRAINING FACTOR
"High Cost to Impede Market Growth"
The market expansion for roofing tiles is probably going to be drastically be affected and aslo slowed by fluctuations in raw material prices, the high cost of roofing tiles, and the high installation costs. This struggle has cost the industries loss in millions as the demand was drastically lowered.
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SOLAR ROOF TILES MARKET REGIONAL INSIGHTS
The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
"Asia Pacific Dominating the Market due to Advanced Technology"
Asia Pacific is expected to be the leading region of this particular product market and is anticipated to to grow over the forecasted period. In order to lessen waste and pollution from construction sites, China intends to promote the construction of prefabricated buildings. As a result of the construction industry's shift to more modern methods, the demand for roofing tile products will rise as low-carbon production modes and higher-quality structures are established. Throughout the projection period, these variables will propel market expansion in the Asia-Pacific region. Asia Pacific is the dominating region for this particular product industry.
KEY INDUSTRY PLAYERS
"Leading Players adopt Acquisition Strategies to Stay Competitive"
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
LIST OF MARKET PLAYERS PROFILED
- GAF Energy (U.S.)
- Tesla (U.S.)
- CertainTeed (U.S.)
- Midsummer (Sweden)
- GB-Sol (U.K.)
IINDUSTRIAL DEVELOPMENT
April 2024: This particular company has attributed the market growth in terms of revenue and shares system. Apple said that it will establish a joint venture with CleanMax, a provider of renewable energy, to finance six rooftop solar projects that would power the company's activities in India. When operational, the solar project, which is anticipated to have a total capacity of 14.4 MW, will offer a local alternative for powering the company's offices and two retail locations in Mumbai and New Delhi. This development has proved that the company will continue to proliferate this particular product market growth.
REPORT COVERAGE
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 165.5 Million in 2023 |
Market Size Value By |
US$ 832.44 Million by 2032 |
Growth Rate |
CAGR of 15.2% from 2023 to 2032 |
Forecast Period |
2032 |
Base Year |
2023 |
Historical Data Available |
2019-2022 |
Regional Scope |
Global |
Segments Covered |
Type and Application |
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What value is the Solar Roof Tiles Market is expected to touch by 2032?
The Global Solar Roof Tiles Market is expected to reach USD 0.831 billion by 2032.
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What CAGR is the Solar Roof Tiles Market expected to exhibit by 2032?
The solar roof tiles market is expected to exhibit a CAGR of 15.2% by 2032.
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Which are the driving factors of the solar roof tiles market ?
On-grid Rooftop & Resedential Real Estate are some of the driving factors of the market.
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What are the key solar roof tiles market segments?
The key market segmentation that you should be aware of, which include, based on type the Solar Roof Tiles Market is classified as Monocrystalline Solar Cells and Thin-film Solar Cells.
