Key Takeaways from Analyst
Rooftop solar is gaining popularity among homeowners as it provides an aesthetic alternative to traditional solar panels. Solar shingles resemble conventional roofing materials and can be incorporated directly into the roof, thereby increasing adoption. Another driver is that solar shingles qualify for tax credits and subsidies in many countries and states. This makes the overall system cost competitive with grid power prices in the long run.
Asia Pacific is currently the dominant region in this market owing to supportive renewable energy policies. However, North America is expected to be the fastest growing regional market. The U.S., in particular, offers a favorable regulatory environment for solar power at federal and state levels. Growing environmental consciousness and tax incentives will continue attracting more residential installations.
A key restraint is the higher upfront costs of solar shingles compared to traditional panels. Extensive research is being conducted to further bring down manufacturing expenses. Seasonal variations also reduce output during fall and winter months in regions with colder climate. Nonetheless, solar integrators are constantly developing new technologies to optimize performance throughout the year.
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