Fortune Business Insights
Global Solar Shingles Market to Rise as Application of Rooftop Solar Panels in Residential Structures Increases, Says Fortune Business Insights
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 …….