Benefits of solar shingles over conventional PV modules, the growing need for sleek appearances, growing emphasis on cost savings, growing environmental concerns, and the negative effects of fossil fuel-based electricity generation drive the growth of the global solar shingles market. Region-wise, the market in Asia-Pacific was the largest in 2021, and is likely to maintain its leadership status during the forecast period.
| Source: Allied Market Research
Portland, OR, Jan. 24, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global solar shingles market generated $326.2 million in 2021, and is estimated to reach $555.2 million by 2031, witnessing a CAGR of 5.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
|Market Size in 2021||$326.2 Million|
|Market Size in 2031||$555.2 Million|
|No. of Pages in Report||204|
|Segments Covered||Type, Roofing Type, End User, and Region|
|Drivers||Benefits of solar shingles over conventional PV modules such as their lower weight and more attractive roof integration, weather-resistant nature, and their ability to act as waterproof barriers and shield roofs|
|Growing need for sleek appearances|
|Growing emphasis on cost savings and longer utility bills|
|Growing environmental concerns and the negative effects of fossil fuel-based electricity generation|
|Opportunities||Favorable regulatory environment and efforts towards sustainable development|
|Technological advancements related to solar energy harvesting coupled with the increasing investments in the development of manufacturing facilities|
|Restraints||High installation cost|
- The outbreak of the COVID-19 pandemic had a negative impact on the global solar shingles market, especially during the initial phase. However, the market rebounded from the COVID-19 pandemic positively in the second half of 2021.
- Moreover, the leading manufacturers implemented various strategies, such as product launches and expansion investments to gain a competitive edge in the market. This factor is likely to support the market growth throughout the forecast period.
The report offers a detailed segmentation of the global solar shingles market based on type, roofing type, end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on type, the silicon solar shingles segment held the largest share in 2021, accounting for more than two-fifths of the global solar shingles market, and would rule the roost through 2031. The same segment is estimated to witness the fastest CAGR of 5.8% during the forecast period. The report also discusses the copper-indium-gallium-selenide (CIGS) solar shingles, and others segments.
In terms of roofing type, the new roofing segment captured the largest market share of more than three-fifths of the global solar shingles market in 2021 and is expected to lead the trail during the forecast period. The same segment is likely to achieve the fastest CAGR of 5.7% through 2031. The report also studies the reroofing segment.
In terms of end user, the industrial segment captured the largest market share of nearly three-fifths of the global solar shingles market in 2021 and is expected to lead the trail during the forecast period. The same segment is likely to achieve the fastest CAGR of 5.7% through 2031. The report also studies the commercial and residential segments.
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Based on region, the market in Asia-Pacific was the largest in 2021, accounting for two-fifths of the global solar shingles market share, and is likely to maintain its leadership status during the forecast period. The same market is expected to manifest the highest CAGR of 6.1% from 2022 to 2031. The other regions analyzed in the study include North America, LAMEA, and Europe.
Leading players of the global solar shingles market analyzed in the research include Canadian Solar, Ertex Solar, FlexSol Solutions B.V., SunTegra Solar, Sunflare, tesla, PV Technical Services Inc., Ergosun, CertainTeed, and Anu Solar Power Pvt. Ltd.
The report analyzes these key players of the global solar shingles market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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