Solar Shingle Market Size, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3720
Solar Shingle Market Size is anticipated to see substantial growth between the period 2021 to 2027 on account of growing emphasis on cost savings and the elongating electricity bills. The growing need for sleek appearances has resulted in the increased replacement of traditional solar panels. The rising environmental concerns and the adverse effects of fossil fuel-based power generation has made way for the rising requirement of upgrading and retrofitting the residential establishments. The soaring adoption of clean products is another important driver for industry growth.
The spiraling air pollution levels have paved the path for increasing investments in the development of novel manufacturing facilities. The rise in consumer spending coupled with the influx of various advanced solar modules is other potential factors driving the market penetration.
With respect to type, the solar shingle industry is segmented into silicon photovoltaic and copper indium gallium selenide (CIGS) thin film photovoltaic. Out of these, the market size from CIGS thin film photovoltaic segment is likely to expand with increasing penetration across the residential sector. As CIGS solar cells offer a limited number of health and environmental concerns, they are increasingly preferred over their cadmium telluride counterparts. Higher adoption for large-scale commercialization and the rising need for lightweight and flexible solutions will also considerably contribute to shaping the growth curve of the market.
On the basis of regional segmentation, Europe is expected to emerge as a profiting revenue pocket for the solar shingle market due to the surge in the rate of product installation. The rising presence of some of the major industry participants is another impact rendering trend for the market expansion. For instance, in February 2020, Tesla disclosed its plans of expanding its solar roof tiles in Europe.
North America solar shingle market is slated to see exponential gains from 2021 to 2027 on account of the soaring residential solar panel installations in the U.S. There is also a significant influx of numerous innovative technologies to cater to the residential sector in the region. The rising number of investments toward new construction and the emergence of several supportive policies will drive the regional market growth size.
Tesla, Inc., PV Evolution Labs, Solarmass Energy Group, Ltd., RGS Energy, FlexSol Solutions, SunTegra and Sunflare, are some of the well-known companies in the solar shingle market.
These participants are placing targeted efforts on inorganic strategies, including partnerships, novel product developments, acquisitions, and investments to cater to the increasing solar demand whilst reinforcing their footprint across the global markets.
For instance, in August 2020, RGS Energy collaborated with Dow for installing the latter’s POWERHOUSE solar shingles. The firm became the exclusive licensee for the sales and distribution of POWERHOUSE 3.0, both domestically and internationally.
In another instance, in October 2019, Tesla announced its plans of launching Solar Roof V3, a new version of its solar roof tiles. The company also disclosed the ramping up of its solar roof tile production to 1,000 roofs per week through the end of the year.
Effect of COVID-19 crisis on the solar shingle market forecast
The ongoing COVID-19 pandemic not only disrupted the global economy but also forced some severe setbacks on most businesses worldwide. The rapid uptick in the infection count triggered the varying degrees of lockdowns and caused the shutting down of operations across several industrial sectors. The market outlook for solar shingles also changed dramatically as safety regulations and mobility restrictions considerably disrupted the supply chains for all renewable energy industries.
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