Solar Shingles Market Overview
The solar shingles market share is expected to witness considerable growth in coming years, owing to favorable regulatory environment and efforts towards sustainable development. Further,
Technological advancements is primarily expected to drive the global alternative energy market positively during the forecast.
The solar shingles market was valued at $326.2 million in 2021, and is estimated to reach $555.2 million by 2031, growing at a CAGR of 5.5% from 2022 to 2031.
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Key players operating in the global solar shingle market include Anu Solar Power Pvt Ltd, Canadian Solar, CertainTeed, Ertex Solar,Ergosun, FlexSol Solutions B.V., PV Technical Services Inc., SunTegra Solar, Sunflare, Tesla.
The major benefits of solar shingles over conventional PV modules, which are bulky and clearly visible, are their significantly lower weight and perhaps more attractive roof integration which is driving solar shingles market size in future.
Solar shingles are weather-resistant and meet similar strength and flexibility requirements as conventional roof shingles which booting the solar shingles market trends.
Solar shingles have more uses than conventional PV modules do, such as the ability to act as waterproof barriers and shield roofs from the passage of outside waste which creates the solar shingles market opportunity in near future.
Solar shingle market growth is anticipated during the forecasted period on account of growing emphasis on cost savings and the elongating electricity bills.
Asia-Pacific garnered the highest share of 40.2% in 2021, in terms of revenue, growing at a CAGR of 6.1%.
The silicon solar shingle segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.8% from 2022 to 2031.
The new roofing segment is anticipated to register the highest CAGR of 5.7% during the forecast period.
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Solar shingles have been created as an aesthetic and integrated alternative to conventional standard photovoltaic system solutions. Solar shingles can be used to create electricity, which would then be used to power household appliances or feed electricity into the grid, or they can be used to convert electricity into heat, much like solar thermal energy (STE) systems.
Ideally, depending on a house’s location, roof area, and roof orientation, effective solar shingles might entirely supply the building’s electrical needs which is boosting solar shingles market share.
The major benefits of solar shingles over conventional PV modules, which are bulky and clearly visible, are their significantly lower weight and perhaps more attractive roof integration which is driving solar shingles market size in future.
Solar shingles are weather-resistant and meet similar strength and flexibility requirements as conventional roof shingles which booting the solar shingles market trends.
In the solar shingles market forecast, power output and efficiency are factors to consider. Solar shingles may be able to meet all of a house’s electrical requirements, however depending on the solar cell technology incorporated into the shingles, they may produce up to 50% less power per square meter than typical solar PV modules.
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