SOLAR SHINGLES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

The global solar shingles market is estimated to be valued at USD 370.5 Mn in 2024 and is expected to reach USD 540.3 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.Solar shingles are roofing shingles or tiles that have integrated solar panels, allowing a building's roof to generate electricity while retaining the appearance of conventional asphalt shingles. They help homeowners generate renewable energy while maintaining an aesthetically pleasing roofing system. Rising environmental concerns and growing adoption of green building technologies have driven the demand for solar shingles worldwide. Additionally, significant declines in the prices of solar panels and supportive government policies offering subsidies and tax rebates on solar roof installations are propelling the market growth. However, lack of consumer awareness and high upfront costs associated with solar shingles installation are some of the factors restricting the global solar shingles market to some extent.

Market Dynamics

The global solar shingles market is driven by various factors such as growing awareness about green technologies, climate change, and carbon emissions reduction. Rising energy costs coupled with incentives and tax credits by governments worldwide are encouraging residential and commercial consumers to switch towards renewable energy sources like solar power. Growing adoption of green building standards like LEED is also accelerating the demand for solar shingles. However, high initial costs of purchase and installation as compared to traditional roofing systems is a major challenge for market players to address. Lack of consumer education about payback periods and long-term benefits of solar shingles poses a threat as well. Ongoing improvements in module efficiency and declining prices of materials are expected to create new growth opportunities. Market players are focusing on bringing technological advancements to make solar shingles more appealing from an aesthetic and economic standpoint.

Key Features of the Study

- This report provides in-depth analysis of the global solar shingles market, and provides market size (USD Mn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year

- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players

- It profiles key players in the global solar shingles market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies

- Key companies covered as a part of this study include Tesla, Inc., CertainTeed Corporation, GAF Energy, SunTegra, LG Electronics, Dow Chemical Company, SolteQ Europe B.V., Owens Corning, SunPower Corporation, Renusol, BIPVCo, Sika AG, Canadian Solar Inc., Trina Solar Limited, and JinkoSolar Holding Co., Ltd.

- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

- The global solar shingles market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global solar shingles market

Market Segmentation

• By Type Insights (Revenue, USD Mn, 2019 - 2031)
• • Silicon Solar Shingles
  • Copper – Indium – Gallium – Selenide (CIGS) Solar Shingles
  • Others
• By Technology Insights (Revenue, USD Mn, 2019 - 2031)
• • Monocrystalline
  • Polycrystalline
  • Thin-Film
• By End User Insights (Revenue, USD Mn, 2019 - 2031)
• • Residential
  • Commercial
  • Industrial
• Regional Insights (Revenue, USD, 2019 - 2031)
• • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
• • Tesla, Inc.
  • CertainTeed Corporation
  • GAF Energy
  • SunTegra
  • LG Electronics
  • Dow Chemical Company
  • SolteQ Europe B.V.
  • Owens Corning
  • SunPower Corporation
  • Renusol
  • BIPVCo
  • Sika AG
  • Canadian Solar Inc.
  • Trina Solar Limited
  • JinkoSolar Holding Co., Ltd.