US Solar Roofing Market Size and Forecast (2021 – 2031)
US Solar Roofing Market Size and Forecast (2021 – 2031), Country Share, Trend, and Growth Opportunity Analysis Report Coverage: By Roof Type (New Installation and Reroofing), Technology (Thin Film and Crystalline Silicon), Grid Type (On-Grid and Off-Grid), Application (Industrial, Commercial, and Residential), and Country
$2,760 – $4,360
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Description
Vast Untapped Potential for the US Solar Roof is Boosting the US Solar Roofing Market Growth Opportunities
According to a 2022 report, on-site commercial solar energy is growing by about 3% over five years. As large companies begin to recognize the value of solar energy, this growth is expected to continue. Lowe’s, the home improvement store, is an example of a large company that has invested in solar energy. Lowe’s announced earlier in 2022 that it plans to install rooftop solar panels at 174 locations in California, New Jersey, and Illinois. Rooftop solar panels will help Lowe’s meet its renewable energy and greenhouse gas emissions goals. Once completed, the solar projects will cover ~ 90% of the expected energy consumption at each location. However, for many other companies, the enormous opportunities for solar roofing systems are still untapped. FedEx, for example, have millions of square feet of roof space that could capture the sun rays and generate electricity. Such untapped potential for solar roofing in the US is expected to create opportunities for the key players operating in the US solar roofing market during the forecast period.
The energy transition is the transition from dependency on fossil fuels to renewable and cleaner energy sources. This change addresses the urgent need for sustainable, environmentally friendly energy solutions. Recent decades have seen an increase in carbon dioxide (CO2) emissions, contributing to climate change. Transitioning to renewable and environment-friendly energy sources is a critical strategy to reduce these emissions and mitigate environmental damage. Solar energy is one of the fastest growing renewable energy sources and is playing an important role in the US’s energy transition goals. In addition, technological advancements in solar panels and related power-generating devices such as inverters, batteries, and others are expected to be the future trend in the US solar roofing market.
The increasing frequency of storms highlights the urgent need for an energy transition by fueling the adoption of solar energy in the US. In the country, as of November 8, 2023, there were 25 catastrophic events in 2023, each causing over US$ 1 billion in damages. Those events include two floods, 19 severe storms, one wildfire, one winter storm, and others. Hence, switching to renewable energy can help reduce the greenhouse gas (GHG) emissions that drive climate change and these devastating weather phenomena. Transitioning to clean energy can protect communities, save lives, and prevent major economic damage, which is anticipated to be the key trend in the US solar roofing market from 2023 to 2031.
Tesla Inc, Solarstone OÜ, CertainTeed LLC, GAF Energy, SunTegra Solar, Sunpower Corporation, ECO Roof and Solar, Western Roofing Systems, American Solar & Roofing, and JinkoSolar Holding Co Ltd are among the key players profiled in the US solar roofing market report. Companies in the US solar roofing market mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.
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According to our latest study on “US Solar Roofing Market Analysis to 2031 – Country Analysis – by Roof Type, Technology, Grid Type, and Application,” the market was valued at US$ 458.19 million in 2023 and is projected to reach US$ 829.95 million by 2031; it is anticipated to record a CAGR of 7.7% from 2023 to 2031. The report covers the US solar roofing market trends and their foreseeable impact during the forecast period.
The Inflation Reduction Act (IRA) in August 2022 became one of the major policy changes that sparked a wave of new solar investments and brought the market for solar energy close to meeting the ambitious clean energy goals of the energy & power sector and the federal government. Recent improvements in solar panel design, energy yield, solar cell efficiency, and grid integration result in the greater potential for solar roofing on a national scale. Key benefits associated with solar installations on roofs include household savings, economic opportunity, grid resilience and reliability, owning power production, and others.
Replacing a roof and installing a solar system can save homeowners an average of US$ 4,000. Solar roofing system installations open the door for homeowners and businesses to receive federal solar energy tax credits. Even with solar tax credits, low-income and disadvantaged communities face financial barriers to accessing solar roofing systems. Hence, programs such as Solar for All, which provides grants to expand access to solar energy to millions of low-income households, have gained significant importance. A community solar system can help households and businesses that do not own a roof of their own or do not have roof space suitable for solar panels access suitable roof space through a shared arrangement. Thus, government initiatives to promote the adoption of solar energy in the US and the benefits of solar roofing bolster the US solar roofing market size.
The US solar roofing market ecosystem stakeholders include component manufacturers, solar roofing equipment manufacturers, and end users. Component manufacturers play a crucial role in the solar roofing market’s ecosystem by providing the essential materials, equipment, and technologies required to design, manufacture, and install solar roofing systems. These suppliers contribute to the solar roofing industry’s overall growth, efficiency, and performance. A raw material supplier (provider) ships natural resources to producers and solar equipment manufacturers. Solar equipment manufacturers convert raw materials and natural resources into valuable goods.
The scope of the US solar roofing market report includes roof type, technology, application, and grid type. Based on roof type, the market is bifurcated into new installation and reroofing. In terms of technology, the US solar roofing market is segmented into thin film and crystalline silicon. The market, in terms of application, is segmented into residential, commercial, and industrial. Based on grid type, the market is bifurcated into on-grid and off-grid. Among the significant roof types, the new installation segment held the larger US solar roofing market share in 2023, and it is likely to retain its dominance during the forecast period. The market growth for this segment is attributed to the surging demand for energy consumption and rising electricity costs across the US.
The new installation segment covers the installation of new solar roofing across different construction projects and existing buildings as well. The overall economic growth across the US slowed down in 2023, which was close to the recession. Moreover, a shortage of skilled labor and a rapid rise in the prices of raw materials were a few of the major challenges for the construction sector across the US in 2023. New construction for single-family homes witnessed a decline of ~6% in 2023 compared to 2022, as the number of units dropped to nearly 891,000 across the US, according to the Dodge Construction Network. Moreover, the construction of multifamily apartments across the US in 2023 dropped by ~9% compared to that in 2022, as the number of units reduced to nearly 723,000. In addition, the construction of commercial buildings witnessed a total decline of approximately 3% in 2023. Nonetheless, the demand for solar roofing rose despite the declining construction sector owing to the rising focus on the need to reduce energy consumption and cope with increasing energy costs for the commercial, residential, and industrial sectors. According to the Solar Energy Industries Association (SEIA), the total solar installations across the US amounted to ~185,000 gigawatts-direct current (GWdc) in 2023, recording an increase from 145,000 GWdc in 2022. Thus, an upsurge in solar capacity installations fueled the US solar roofing market growth in 2023.
US Solar Roofing Market Share — by Country, 2023
Source: The the Reporting Teams Analysis
The US solar industry installed 11.8 GWdc of capacity in the first quarter of 2024, which proved to be the second-best quarter for the industry after the last quarter of 2023. However, residential solar installations declined by 25% year-over-year due to challenges such as high interest rates and the transition to net billing in California, as well as in some other states in the US. However, commercial and industrial solar roofing installations witnessed healthy growth in 2023, which fueled the US solar roofing market size with the soaring demand for crystalline silicon solar cell installations across the US.
Tesla Inc, Solarstone OÜ, CertainTeed LLC, GAF Energy, SunTegra Solar, Sunpower Corporation, ECO Roof and Solar, Western Roofing Systems, American Solar & Roofing, and JinkoSolar Holding Co Ltd are among the key players profiled in the US solar roofing market report. Companies in the US solar roofing market mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.
o Highlights key business priorities in order to assist companies to realign their business strategies
o The key findings and recommendations highlight crucial progressive industry trends in the US solar roofing market, thereby allowing players across the value chain to develop effective long-term strategies
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
o Scrutinize in-depth the US market trends and outlook coupled with the factors driving the market, as well as those hindering it
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
1. Introduction
1.1 The the Reporting Teams Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. US Solar Roofing Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. US Solar Roofing Market – Key Market Dynamics
5.1 US Solar Roofing Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Key Strategic Initiatives Driving the Solar Roofing Market Growth
5.2.2 Government Initiatives and Benefits Associated with Solar Roofing
5.3 Market Restraints
5.3.1 Trade Policy Challenges and Different Policy by States
5.4 Market Opportunities
5.4.1 Vast Untapped Potential for the US Solar Roof
5.5 Future Trends
5.5.1 Role of Solar Energy in Energy Transition
5.6 Impact of Drivers and Restraints:
6. US Solar Roofing Market Analysis
6.1 US Solar Roofing Market Revenue (US$ Million), 2021–2031
6.2 US Solar Roofing Market Forecast and Analysis
7. US Solar Roofing Market Analysis – by Roof Type
7.1 New Installation
7.1.1 Overview
7.1.2 New Installation: US Solar Roofing Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Reroofing
7.2.1 Overview
7.2.2 Reroofing: US Solar Roofing Market – Revenue and Forecast to 2031 (US$ Million)
8. US Solar Roofing Market Analysis – by Technology
8.1 Thin Film
8.1.1 Overview
8.1.2 Thin Film: US Solar Roofing Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Crystalline Silicon
8.2.1 Overview
8.2.2 Crystalline Silicon: US Solar Roofing Market – Revenue and Forecast to 2031 (US$ Million)
9. US Solar Roofing Market Analysis – by Grid Type
9.1 On-Grid
9.1.1 Overview
9.1.2 On-Grid: US Solar Roofing Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Off-Grid
9.2.1 Overview
9.2.2 Off-Grid: US Solar Roofing Market – Revenue and Forecast to 2031 (US$ Million)
10. US Solar Roofing Market Analysis – by Application
10.1 Industrial
10.1.1 Overview
10.1.2 Industrial: US Solar Roofing Market – Revenue and Forecast to 2031 (US$ Million)
10.2 Commercial
10.2.1 Overview
10.2.2 Commercial: US Solar Roofing Market – Revenue and Forecast to 2031 (US$ Million)
10.3 Residential
10.3.1 Overview
10.3.2 Residential: US Solar Roofing Market – Revenue and Forecast to 2031 (US$ Million)
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning and Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
13. Company Profiles
13.1 Tesla Inc
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Solarstone OÜ
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 CertainTeed, LLC
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 GAF Energy
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 SunTegra Solar
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Sunpower Corporation
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 ECO Roof and Solar
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Western Roofing Systems
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 American Solar & Roofing
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 inkoSolar Holding Co Ltd
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The the Reporting Teams
Table 1. US Solar Roofing Market Segmentation
Table 2. List of Vendors
Table 3. US Solar Roofing Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. US Solar Roofing Market – Revenue and Forecast to 2031 (US$ Million) – by Roof Type
Table 5. US Solar Roofing Market – Revenue and Forecast to 2031 (US$ Million) – by Technology
Table 6. US Solar Roofing Market – Revenue and Forecast to 2031 (US$ Million) – by Grid Type
Table 7. US Solar Roofing Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Figure 1. US Solar Roofing Market
Figure 2. PEST Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. US Solar Roofing Market Revenue (US$ Million), 2021–2031
Figure 5. US Solar Roofing Market Share (%) – by Roof Type, 2023 and 2031
Figure 6. New Installation: US Solar Roofing Market– Revenue and Forecast to 2031 (US$ Million)
Figure 7. Reroofing: US Solar Roofing Market– Revenue and Forecast to 2031 (US$ Million)
Figure 8. US Solar Roofing Market Share (%) – by Technology, 2023 and 2031
Figure 9. Thin Film: US Solar Roofing Market– Revenue and Forecast to 2031 (US$ Million)
Figure 10. Crystalline Silicon: US Solar Roofing Market– Revenue and Forecast to 2031 (US$ Million)
Figure 11. US Solar Roofing Market Share (%) – by Grid Type, 2023 and 2031
Figure 12. On-Grid: US Solar Roofing Market– Revenue and Forecast to 2031 (US$ Million)
Figure 13. Off-Grid: US Solar Roofing Market– Revenue and Forecast to 2031 (US$ Million)
Figure 14. US Solar Roofing Market Share (%) – by Application, 2023 and 2031
Figure 15. Industrial: US Solar Roofing Market– Revenue and Forecast to 2031 (US$ Million)
Figure 16. Commercial: US Solar Roofing Market– Revenue and Forecast to 2031 (US$ Million)
Figure 17. Residential: US Solar Roofing Market– Revenue and Forecast to 2031 (US$ Million)
Figure 18. Heat Map Analysis by Key Players
Figure 19. Company Positioning and Concentration
The List of Companies – US Solar Roofing Market
o Tesla Inc
o Solarstone OÜ
o CertainTeed LLC
o GAF Energy
o SunTegra Solar
o Sunpower Corporation
o ECO Roof and Solar
o Western Roofing Systems
o American Solar & Roofing
o JinkoSolar Holding Co Ltd
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