Dublin, Jan. 28, 2024 (GLOBE NEWSWIRE) -- The "Solar Shingles Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
In an exciting development within the renewable energy sector, the global solar shingles market has exhibited substantial growth, with valuations projected to climb at a Compound Annual Growth Rate (CAGR) of 4.8% through 2028. The market has shown a remarkable increase from its 2022 valuation of USD 375.8 million. This rise can be attributed to the growing awareness of clean energy solutions that do not compromise on the architectural aesthetics of residential and commercial structures.
Solar shingles, innovative photovoltaic modules designed for seamless integration with conventional asphalt roofing, have become increasingly popular for their dual role in rain protection and solar energy production. Features such as sleek appearance, durability, and the added advantage of energy cost savings make them an attractive option in the renewable energy landscape.
The advancement in silicon solar shingles and CIGS thin-film solar shingles technology has enhanced their flexibility and adaptability, catering to diverse residential applications. These modern alternatives to traditional bulky solar panels also offer economic benefits by cutting down on lengthy utility bills and delivering significant energy independence to homeowners.
Market Drivers and Trends
Rapid urbanization, rising investment in home renovations, and heightened environmental consciousness are driving the demand for solar shingles. Supportive government policies and incentives further bolster market growth, encouraging the adoption of renewable energy. Innovations in semiconductor technology across the electronics sector are contributing to the market opportunity for solar shingles.
The trend of integrating solar solutions with building materials has shown a surge in residential applications. Moreover, advancements in technology and a favorable regulatory environment are anticipated to create profitable opportunities.
Challenges in the Solar Shingles Market
- Cost and Affordability: Despite their evident benefits, the higher upfront costs of solar shingles compared to conventional solar panels pose a challenge to their widespread adoption.
- Installation Complexity: The installation requires specialized labor and expertise, contributing to the total investment cost.
Addressing these challenges is pivotal, as cost reduction could spur further market growth, reduce greenhouse gas emissions, and enhance energy security.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $375.8 Million |
| Forecasted Market Value (USD) by 2028 | $502.36 Million |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- SunTegra Solar
- Ergosun
- CertainTeed
- Canadian Solar
- Ertex Solar
- FlexSol Solutions B.V
- Tesla
- Anu Solar Power Pvt Ltd
- PV Technical Services Inc.
- Sunflare
For more information about this report visit https://www.researchandmarkets.com/r/3ee2sc
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