The solar shingles market has gained considerable traction over the past few
years owing to the growing demand for renewable energy solutions across the
globe. Solar shingles are solar photovoltaic systems that can directly replace
conventional asphalt or tile roofing materials. They are lightweight, easy to
install, durable and require little or no roof penetration. Solar shingles can
harvest electricity from sunlight and convert it to electricity, either storing
it or sending it back to the main power grid. The solar cells are hidden
beneath opaque glass or coated on the shingle's surface, allowing them to
function as conventional roofing materials while generating clean energy.
The
global solar shingles market is estimated to be valued at US$ 370.5 Mn in 2024
and is expected to exhibit a CAGR of 5.5% over the forecast period from 2024 to
2031.
Key Takeaways
Key players operating in the solar shingles market are Tesla, Inc., CertainTeed
Corporation, GAF Energy, SunTegra, LG Electronics, Dow Chemical Company, SolteQ
Europe B.V., Owens Corning, SunPower Corporation, and JinkoSolar Holding Co.,
Ltd. Key players are investing heavily in R&D activities to develop
advanced solar shingle technologies and focus on expanding their global
footprints.
The growing demand for renewable energy solutions due to rising environmental
concerns and supportive government policies is one of the major factors driving
the Solar Shingles Market share offer
an eco-friendly alternative to conventional roofing materials and help reduce
carbon footprint.
Major players in the market are focusing on capitalizing on opportunities
across emerging markets such as Asia Pacific, Latin America, and Middle East
& Africa. Rapid urbanization and industrialization coupled with rising
off-grid electricity needs in rural areas across developing nations will boost
the demand for solar shingles over the forecast period.
Market Key Trends
One of the key trends gaining traction in the solar shingles market is the
increasing adoption of Tesla solar roof tiles. Tesla solar roof tiles closely
resemble conventional roof tiles but are incorporated with photovoltaic cells
to generate electricity from sunlight. These fit seamlessly into the roof
design and come with a unique, aesthetically pleasing appearance and a longer
lifespan than regular asphalt shingles. With competitive pricing and innovative
technology, Tesla solar tiles are expected to lead the way in the market. These
developments underscore the Solar Shingles Market challenges and
opportunities as companies work to balance innovation,
affordability, and adoption barriers while meeting growing consumer.
Porter’s Analysis
Threat of new entrants: High upfront cost and economies of scale make it
difficult for new players to enter the market.
Bargaining power of buyers: Buyers have high bargaining power due to
availability of substitute products.
Bargaining power of suppliers: Established players have more bargaining power
over suppliers of raw materials and components.
Threat of new substitutes: Emergence of other renewable sources like wind
energy increases the threat of substitution.
Competitive rivalry: Intense competition between key players leads to price
reductions and investments in R&D.
Geographical Regions
North America accounts for the largest share in the global solar shingles
market in terms of value. This is attributed to rising solar installations in
the U.S. and presence of prominent players.
Asia Pacific is projected to be the fastest growing regional market between
2024 to 2031. Presence of emerging economies like China and India which are
witnessing rapid urbanization coupled with government incentives for renewable
energy is fueling demand.
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About Author:
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)
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