Solar Shingles Market: Overview, Trends, Opportunities, and Future Prospects - UnivDatos

According to a new report by UnivDatos Market Insights, Solar Shingles Market is expected to reach USD 1,646.19 Million in 2030 by growing at a CAGR of 11.9%. As the world's population continues to grow, the energy demand is also increasing, and so are the capacities of solar installations. The current adoption of solar shingles is in its niche phase and is expected to increase in coming years. The adoption solar shingles are continuously increasing mainly due to the aesthetic looks offered by these panels. Moreover, these shingles synced with ceramic materials increase the life, durability, and ability to withstand the harsh weather thus further driving the adoption of these shingles. Furthermore, as solar shingle manufacturers are offering innovative products with adding unique features to further increase the demand of solar shingles in coming years.

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For instance, Timberland Solar Shingle by GAF Energy have the ability to withstand water-shredding and can further resist air flow up to 130 mph.

For instance, Luma solar shingles are different from others and offer a high efficiency of more than 21%. Moreover, they are manufactured highly durable and can withstand category 5 hurricanes.

The increase in adoption of BIPV technologies is further increasing the adoption of solar shingles. Governments across the globe are emphasizing more on the adoption of Building Integrated Photovoltaic (BIPV) by providing more tax credits, subsidies, and financial incentives. As the demand for smart features and energy-efficient solutions rises, solar shingles align perfectly with this trend. Solar-powered smart homes can further leverage the energy generated from solar shingles to power various home automation systems, reducing dependence on the grid and further promoting energy efficiency. Smart cities, too, are incorporating solar shingles extensively in their infrastructure to generate clean energy, contribute towards their sustainability goals, and provide a more aesthetic look.

Moreover, the recent adoption of Net-Zero Energy Buildings is driving the BIVP market and subsequently solar shingles market. These buildings produce as much energy as they consume, significantly reducing carbon footprints. Solar shingles serve as an ideal solution for achieving this objective as they seamlessly integrate into rooftops, generating renewable energy while maintaining the building's aesthetic appeal. In European countries, governments are increasing their focus on the construction of Net-Zero Energy Buildings. The newly introduced Buildings Energy Act enables greater use of BIPV compared with previous policy frameworks. In addition, more and more federal states and towns and cities have enacted local laws that make it mandatory to combine buildings with PV. According to BIPV Boost, Germany has installed 81 GW of BIPV (Building Integrated Photovoltaics). 

Current Solar Shingle Products Scenario of Majorly Available Brands

·         CertainTeed offers both Apollo Shingle and Apollo Tile systems; these are monocrystalline silicon solar cells with an efficiency of 14 and are used in every shingle with a power rating of 70 watts per piece. The shingles' conversion efficiency is 17.2%. Moreover, both have an operating temperature that can go anywhere in the range of 40˚C and 90˚C.

·         Suntegra's solar shingles offer three different models with a scope of power output between 105W and 114W. They all use 24 monocrystalline cells per piece, attaining an electrical efficiency of 15.9% to 17.2%. The shingle price ranges between $3.80 and $4.26 per watt.

·         Luma Solar shingle offers a 25-year restricted power warranty at 80% and a 5-year limited product warranty. A conversion efficiency of 22.1% is even higher than standard solar panels. The shingle uses 16 monocrystalline 80W cells per shingle. The Luma solar shingles cost $4.5 per watt and can reach up to $38 per square foot.

·         Forward Solar offers metal solar roof non-solar portions that cost $9.75 per square foot and $3.75 per watt for solar parts. Also, it provides a weatherization warranty of 30 years.

A wide range of investments for advancement in solar panel recycling further escalates market opportunities. Some of the recent investments are:

In March 2022, Canadian Solar declared that it had started mass production of a new 54-cell format module with 182 mm cells for commercial, residential, and industrial rooftop solar systems. CS6R-MS, the new solar module type under the HiKu6 series, has a power output of up to 420 W and an efficiency of up to 21.5%.

In February 2021, Ergosun announced that it had created an integral solution to integrate roofing materials with a Solar PV system so that this could have a long-lasting favorable effect on the future. Ergosun solar roof tiles/shingles produce much less environmental impact than a regular PV panel and help reduce CO2 emissions.

Asia Pacific is expected to experience a significant growth rate in the projected period. One of the primary factors is the increasing government initiatives promoting renewable energy sources. Governments in countries like China, Japan, Australia, and India have implemented supportive policies, such as feed-in tariffs and tax incentives, to encourage the adoption of solar energy. The rise of smart homes and cities is also fueling the demand for solar shingles in Asia. Integrating renewable energy sources like solar shingles becomes essential as urban areas become more interconnected and digitally advanced. Solar-powered buildings provide a sustainable energy solution, reducing reliance on traditional grid systems and contributing to developing smart, energy-efficient cities.

Moreover, China, a global manufacturing hub, plays a pivotal role in the Asia-Pacific Solar Shingles market. Furthermore, increasing urbanization in the Asia Pacific region creates a higher energy demand. Traditional energy sources cannot keep pace, creating a greater need for sustainable energy solutions. Net-zero energy buildings are gaining momentum as an innovative approach to meet energy demands while minimizing environmental impact.

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Conclusion

As the global adoption of solar shingles is increasing, manufacturing companies are investing heavily in these technologies to outperform their products. The solar shingle market is in its nascent phase and poised for significant growth. It is expected to grow exponentially over the next five years, driven by increasing solar adoptions, increasing technological advancements and decreasing cost, increased adoption for the residential sector, increasing demand for smart homes and smart cities, and a growing focus on sustainable practices. These solar shingles offer numerous benefits over conventional solar panels, including great aesthetic looks, direct integration with the roof In the current scenario, lightweight and highly durable, and increased home value. The major issue with solar shingles is the high initial investment cost. Still, as technology continues to evolve and new or more efficient shingles are being developed, we can expect more penetration in solar shingles. Key solar shingle market players include Sunflare, GAF Energy, Tesla, Certainteed, LLC, Solteq, SunTegra Solar, Ergosun, RGS Energy, and FlexSol Solutions B.V.

Overall, the future of the solar shingles market looks bright, with plenty of opportunities for growth and innovation. As the world continues to shift towards clean energy sources, solar shingles will play an increasingly important role in meeting our sustainable goals.