Global Solar Shingle Market – Industry Trends and Forecast to 2029

Global Solar Shingle Market, By Type (Silicon Photovoltaic, CIGS Thing Film Photovoltaic, Others), Application (Residential, Commercial, Industrial) – Industry Trends and Forecast to 2029

Market Analysis and Size

Solar shingle has gained colossal popularity over the traditional solar panels and are quickly taking over due to the increasing focus on cost reductions. Traditional solar panels are increasingly being replaced as a result of the growing need for sleek appearances. On the other side, solar shingles have a more modern appearance and are smaller. As a result, they improve the aesthetic appeal of buildings while maintaining their primary function of converting sunlight into power. This is encouraging for the global market for solar shingles because these two advantages will increase solar shingle sales during the anticipated term. Moreover, the key manufacturers have taken several strategic measures to gain a competitive edge in the industry, such as product launches and expansion investments, which will aid the market growth during the forecasted period.

Global solar shingle market was valued at USD 285.00 million in 2021 and is expected to reach USD 437.39 million by 2029, registering a CAGR of 5.5% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes technological advancements, regulatory framework, PESTEL, porter's five forces analysis, industry standards-at a glance, raw material costs/ operational expenditure-overview, supply chain analysis, vendor selection criteria, pricing analysis, production analysis, and climate chain scenario.

Report Scope and Market Segmentation

Market Definition

Solar shingles, also known as photovoltaic shingles, are solar panels created to mimic the appearance and functionality of common roofing materials, including asphalt shingles or slate, and to generate electricity at the same time. Building-integrated photovoltaics is a category of solar energy technology that includes solar shingles (BIPV). Solar shingles come in a variety of shapes and sizes, including solid panels that are the size of shingles, semi-rigid designs with multiple silicon solar cells that are sized more like conventional shingles, and more recent systems using various thin-film solar cell technologies that are comparable to conventional shingles in terms of both size and flexibility. There are also items with a more conventional configuration of silicon solar cells per panel, with ratings of up to 100 watts DC per shingle.

Solar Shingle Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Beneficial Features of Solar Shingles

The shingles are adaptable and durable, which further adds to their attractiveness and enables them to be employed on a range of buildings The CIGS thin-film solar shingle is drawing more interest from homeowners because it is portable, adaptable, and flexible. The solar shingles also further eliminate the necessity for a large installation area that traditional solar panels require. These factors are expected to have a positive impact on the global market for solar shingles. They can mix in with an old or new roof because they are more flexible and lower in weight. As a result, these benefits offered by solar shingles further accelerates their demand, thus propelling the overall market growth.

Furthermore, the rapid urbanization coupled with the increased consumer spending on home upgrades and retrofits are major market growth drivers. The growing environmental concerns about fossil fuel-based power generation, elongating electricity bills and growing pollution levels are further anticipated to boost the adoption of solar shingles.

Opportunities

• Favourable Regulatory Environment and Efforts towards Sustainable Development

The favorable regulatory environment for the use of renewable energy technologies as well as the increased efforts toward sustainable development are estimated to further extend profitable opportunities to the market players in the forecast period of 2022 to 2029.

• Advancements and Investments

Furthermore, the advancements related to solar energy harvesting coupled with the increasing investments in the development of novel manufacturing facilities are estimated to further provide growth opportunities for the solar shingle market.

Restraints/Challenges

• High Installation Costs

Solar shingles require significantly more money to install than standard solar panels. In the US, the price to install a solar panel ranges from US$ 10,000 to US$ 15,000, while the price to install a solar shingle is from US$ 60,000 to US$ 75,000. This is anticipated to have a significant negative impact on the global market for solar shingles during the forecast period since high costs will make the technology unaffordable.

• Drawbacks of Solar Shingles

Furthermore, the solar shingles are unable to store energy, thus they cannot supply power at night or during storms. Additionally, the roof must be at the proper angle for the shingles to catch the sun. These factors are estimated to pose as a serious challenge to the growth of the solar shingle market.

This solar shingle market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the solar shingle market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Solar Shingle Market

The coronavirus pandemic had an adverse impact on the solar shingle market. The unexpected outbreak brought multiple levels of lockdowns and the suspension of operations in several industrial sectors. The market environment for solar shingles witnessed a tremendous upheaval at the same time that safety regulations and mobility restrictions profoundly impacted the supply chains for all renewable energy businesses. The pandemic has also largely hampered various industrial operations and disrupted the supply chain, affecting almost all industries. The lack of workforce directly impacted production and manufacturing activities, which largely clogged the market growth and expansion.

On the plus side, the solar shingle market recovered from the COVID-19 epidemic in the second half of 2021. Moreover, the key manufacturers have taken several strategic measures to gain a competitive edge in the industry, such as product launches and expansion investments, which will aid the market growth during the forecast period.

Global Solar Shingle Market Scope

The solar shingle market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Silicon Photovoltaic
• CIGS Thing Film Photovoltaic
• Others

 Application

• Residential
• Commercial
• Industrial

Solar Shingle Market Regional Analysis/Insights

The solar shingle market is analyzed and market size insights and trends are provided by country, type and application as referenced above.

The countries covered in the solar shingle market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Poland, Norway, Finland, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the solar shingle market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. The increased growth of the market as the favorable regulations encouraging the installation of solar shingle and increased consumer spending on home upgrades and retrofits within the region in the forecast period of 2022 to 2029.

North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022 to 2029 due to the increased efforts toward sustainable development and larger paying capacities within the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Solar Shingle Market Share Analysis

The solar shingle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to solar shingle market.

Some of the major players operating in the solar shingle market are

• DOW (U.S.)
• Tesla, (U.S.)
• PVEL LLC (U.S.)
• Ergosun (U.S.)
• RGS Energy (U.S.)
• FlexSol Solutions B.V. (Netherlands)
• SunTegra Solar (U.S.)
• SunMaster Solar Lighting Co.,Ltd. (China)
• SolarOne Solutions, Inc. (U.S.)
• Best Solar Street Lights USA (U.S.)
• Solar Lighting International, Inc. (U.S.)
• Azuri Technologies Ltd (Kenya)
• Dyesol Ltd. (Australia)
• Solarwatt  (Germany)
• Hanergy Holding Group Limited (China)
• Ertex Solartechnik GmbH (Germany)
• Canadian Solar (Canada)
• Sunflare (U.S.)