Solar Shingle Market Size, Industry Analysis Report, Regional Outlook, Application Development, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3720
Solar Shingle market size is set to witness robust growth on account of rising electricity prices coupled with increasing penetration of renewable energy in the power generation mix. Increased consumer spending toward upgradation and retrofitting of residential establishments along with growing environmental concerns associated with fossil fuel-based power generation will further propel the product adoption.
Growing efforts toward sustainable development in conjunction with investments toward development of new manufacturing facilities will drive the solar shingle market across industrial applications. Increasing levels of environmental pollution along with supportive regulatory landscape toward utilization of renewable energy technologies will further enhance the business outlook.
North America. solar shingle market will witness gains on account of resurgent economic growth and growing investment toward new construction. Introduction of supportive policies toward new clean energy technologies have created a favorable business scenario for the industry growth. For instance, in 2018, Government of Canada adopted the Quebec Energy Policy 2030 aimed toward achieving a sustainable low carbon economy across the country.
High aesthetic appeal, long life and associated monetary savings are some of the key underlying factors which will drive the solar shingle market growth. The growing adoption of smart meters coupled with increasing digitalization of grids to provide better value to the consumers will further stimulate product demand. In addition, increased spending toward the development of new residential and commercial facilities will boost the installation of these units over the forecast timeframe.
Middle East & Africa solar shingle market is anticipated to witness growth on account of strong photovoltaic potential along with rapidly growing hospitality industry. Limited grid connectivity across least developed and developing countries of the region has led to an increased adoption of renewable technologies. For instance, as of 2016, the household electrification rate across sub-Saharan Africa was 42% which was amongst the lowest in the world. Increasing demand for off-grid energy solutions will further boos the installation of these units over the forecast timeline.
High flexibility and light weight are some of the significant features favoring the adoption of Copper-Indium-Gallium-Selenide (CIGS) based solar shingle market. Ongoing technological innovation coupled with increasing investments toward research and development activities to enhance operational performance of the solar cells will further drive the industry growth.
Growing urbanization and rapid industrialization are some for the prominent factors which will drive the Asia Pacific solar shingle market. Rising concerns toward environmental emissions coupled with increasing demand for electricity from the residential sector will further enhance the adoption of these units. Countries including China, India, and Indonesia have implemented extensive policies to accelerate the adoption of renewable energy technologies. For instance, China’s 13th Five -Year Plan for renewable energy development, aims toward total renewable energy production of 7.3 million tce by 2020.
Key industry players operating across the solar shingle market include RGS Energy, Sunflare, Tesla, Inc., SunTegra, Solarmass Energy Group, Ltd., PV Evolution Labs, and FlexSol Solutions amongst others.
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