Pune, India, May 26, 2022 (GLOBE NEWSWIRE) — The global solar shingles market is poised for steady growth owing to the increasing preference for building aesthetics. Traditional solar panels are thick and large, diminishing the aesthetics of a building once they are installed. Solar shingles, on the other hand, are sleek in design and smaller. As a result, they enhance the aesthetic appeal of buildings without compromising their core function of converting sunlight into electricity. This bodes well for the global solar shingles market, as these dual benefits will boost the sales of solar shingles during the forecast period.
The report for the solar shingles market highlights detailed research on new advancements implemented in the industry to bolster market development and gain lucrative opportunities to improve service demands. New services and products introduced by key players in major countries are discussed further in this report to analyze the company’s business development strategies. The competitors’ number of products and services are assessed to understand the potential scope for developing market performance in emerging competition.
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Being an integrated photovoltaic building product, a solar shingle has the ability to generate electricity from sunlight directly. These panels are composed of materials that naturally create electricity when exposed to sunlight. They can be installed on rooftops of residential and commercial buildings to power them and some of them can even convert electricity to heat. The materials used for making shingles are the same as those used in regular solar panels. Rising demand for clean and efficient energy is expected to be the key driver of the global solar shingles market, as enunciated by Fortune Business Insights
Europe to Emerge as Market Leader in Regions; North America to Follow
Europe, followed by North America, is expected to hold a dominant market share during the forecast period. This primarily owing to larger paying capacities which is accelerating the adoption rates of solar shingles in the markets in Europe and North America. The global solar shingles market is also slated for a major upward thrust on account of the rapidly growing market in Asia-Pacific, particularly countries like India and Australia that receive sunlight almost throughout the year.
By Type the market is segmented into Silicon Photovoltaic, CIGS Thin Film Photovoltaic.
Geographically, the market is classified into four major regions- North America, Europe, Asia Pacific, and the rest of the world.
Rising Need for Renewable Energy Sources to Boost the Market
Solar energy is increasingly becoming popular as a clean energy alternative, especially in tropical countries like India. Newer technologies are being introduced on a regular basis and the global solar shingles market size is expected to widen with increasing innovations related to harnessing of solar energy. Solar shingles have been proven to be more efficient than regular solar panels, despite having higher initial investment costs.
For example, RGS Energy’s Powerhouse Solar Shingle has a proven energy efficiency of up to 17% as compared to traditional solar panels. Moreover, the shingles are flexible and durable which increases their appeal and makes them even more applicable in all types of constructions. For example, the CIGS thin-film solar shingle is becoming widely popular for residential purposes due to it being lightweight, flexible, and malleable. These factors are anticipated to positively impact the global solar shingles market development till 2026.
High Installation Costs to Hinder Market Growth
Compared to regular solar panels, solar shingles come with considerably higher installation costs. In the US, installing a solar panel costs between US$ 10,000 and US$ 15,000, while installation of a solar shingle costs between US$ 60,000 and US$ 75,000. This is expected to be a major inhibiting factor for the global solar shingles market during the forecast period as such costs will make access to the technology unaffordable.
Exciting Innovations to Characterize Market Competition
Major players in the global solar shingles market are increasing their investments in research and development activities to gain a competitive edge. For example, in 2019, Hanergy’s Miasole’ large area flexible CIGS module was awarded by the Fraunhofer Institute for Solar Energy Systems as the world’s most efficient. Such innovations and their recognition through different awards is expected to encourage more players to devote their energies toward innovation.
Some of the important companies in the global solar shingles market, as identified by Fortune Business Insights, include RGS Energy, Luma Solar, Tesla, Solarmass Energy Group Ltd., FlexSol Solutions B.V., Hanergy Thin Film Power Group, CertainTeed Corporation, and others.
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Key Industry Developments:
In Feb 2019, RGS Energy has won “Best Energy Efficiency Product” award for its stunning POWERHOUSE™ solar shingle system at 7th annual best of IBS awards during NABH International Builders’ Show in Las Vegas
In May 2018, Sunrise Solar Solutions LLC has entered into a partnership with SunTegra Solar Solutions for developing high quality solar solutions and now focusing on premier residential and commercial installer of solar PV in Westchester County in New York metro area
Major Table of Contents:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution Analysis
- Impact of COVID-19
- Global Solar Shingles Market Analysis, Insights and Forecast, 2017-2028
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