Solar Tile Market Size, Share, and Trends 2024 to 2034

Solar Tile Market (By Type: Standard Solar Tile, Dimpled Solar Tile, Eave-Mount Solar Tile; By Application: Residential Building, Commercial Building, Industrial Building,) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2034.

  • Last Updated : November 2024
  • Report Code : 5232
  • Category : Energy and Power

Solar Tile Market Size and Forecast 2024 to 2034

The solar tile market growth is driven by the increasing demand for sustainable energy solutions and consumer awareness of climate change. The global sector is expanding at a notable compound annual growth rate (CAGR) during the forecast period.

Solar Tile Market Size 2024 to 2034

Solar Tile Market Key Takeaways

  • Asia Pacific dominated the global solar tile market in 2023.
  • North America is projected to host the fastest-growing market in the coming years.
  • By type, the dimpled solar tile segment held a dominant presence in the market in 2023.
  • By type, the eave-mount solar tile segment is expected to grow at the fastest rate in the market during the forecast period.
  • By application, the residential buildings segment accounted for a considerable market share in 2023.
  • By application, the commercial building segment is anticipated to grow with the highest CAGR during the forecast Period.

Market Overview

This technology produces electricity and beautifully decorates buildings, which attracts a lot of people in residential and commercial areas prefer it. Governments, including Germany and the United States, have put into practice policies allowing for handsome rewards for using solar products, such as tax credits and rebates, which also offer a boost to the solar market. Additionally, the efficiency of solar tiles has been enhanced through innovations to provide higher energy conversion efficiency than conventional solar panels, making solar tiles attractive investments.

  • According to the International Energy Agency, global investments in solar energy stood at roughly USD 200 billion in 2023 to demonstrate a firm and enduring approach to addressing sustainable energy problems. 

Impact of Artificial Intelligence on the Solar Tile Market

Artificial Intelligence (AI) is helping in the progression of the solar tile market by improving the manufacturing process in terms of effectiveness, accuracy, and reproducibility. This leads to efficient manufacturing processes and creates value through operations automation, which in turn helps cut costs and reduce waste material. The technology also improves the energy produced by anticipating and adapting to weather conditions to enhance general productivity and effectiveness. Moreover, AI helps maintain quality through shortcomings detection at the initial stages of line production; thus, quality tiles are supplied to the market.

Solar Tile Market Growth Factors

  • Technological advancements: Innovations in solar panel efficiency and design enhance the performance of solar tiles, making them attractive to consumers.
  • Rising energy costs: Increasing electricity prices encourage homeowners and businesses to seek alternative energy solutions, driving demand for solar installations.
  • Consumer demand for aesthetics: Homeowners increasingly prefer solar products that blend seamlessly with traditional roofing materials, boosting the appeal of the solar tile market.
  • Increasing environmental regulations: Stricter environmental policies worldwide compel industries and consumers to adopt cleaner energy sources, including solar technologies.
  • Availability of financing options: Improved financing solutions, such as solar leases and power purchase agreements, facilitate access to solar installations for a broader range of consumers.
  • Growing electric vehicle adoption: The rising trend of electric vehicle ownership increases the need for renewable energy sources to support charging infrastructure.
  • Public awareness and education: Enhanced consumer education about the benefits of solar energy contributes to greater acceptance and adoption of solar technologies.

Market Scope

Report Coverage Details
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2034
Segments Covered Type, Application, and Regions
Regions Covered North America, Europe, Asia-Pacific, Latin America and Middle East, & Africa

Market Dynamics

Driver

Increasing focus on renewable energy solutions

Growing global awareness of climate change and the need for sustainable energy sources is anticipated to drive demand for the solar tile market. Increased interest in green energy is expected to create higher adoption of solar tiles, given that countries ramp up their efforts to address climate change and meet sustainable development goals. Additionally, the global transition to renewable energy, in addition to consumer concern towards sophisticated and more efficient solar tiles.

  • According to the IEA, clean energy investments more than doubled from USD 150 billion in 2020 to USD 240 billion in 2024, spent in the following four years, and supported globally by governments and policymakers in a bid to transition from carbon-based energy sources. 
  • Over 40 countries committed USD 290 billion to clean energy support in 2023, underlining the importance of renewable applications of solar tiles for decarbonization. 
  • In the U.S., the 2023 Inflation Reduction Act included significant provisions targeted at solar as government funding boosted and tax credits and incentives increased residential and commercial solar tile usage.
  • Europe’s Green Deal and the EU’s Net Zero Industry Act integrate solar solutions, including solar tiles, as a key to a clean energy transition that makes solar systems part of the European Union’s approach to attaining climate neutrality by 2050.

Restraint

High initial installation costs

High upfront costs of solar tiles are anticipated to restrain the widespread adoption of the solar tile market, particularly in residential sectors. Compared to normal solar panels, solar tiles can only be installed after much tweaking and by professional workers, which puts the overall installation cost high. This financial barrier is pertinent to owners of budget-sensitive homes and relatively small businesses restraining the size of the market. Additionally, these high upfront costs present barriers in different economic areas.

Opportunity

Increasing supportive government policies and incentives

Rising government support in the form of tax incentives, rebates, and subsidies for renewable energy solutions is likely to create immense opportunities for the players competing in the solar tile market. Increased government involvement through taxation credits, financial refunds, or grants to renewable energy systems is expected to increase demand for solar tiles. Furthermore, strong incentives and favorable policies from governments and international bodies.

  • The U.S. recently passed the Inflation Reduction Act of 2022, which provides USD 369 billion for clean energy space, new construction, and installation of solar power plants. This credit helps property owners get a tax credit for 30% of the cost of installation of ’solar energy systems, including solar roof tiles, thus enhancing adoption in the residential and commercial buildings category. 
  • Europe Green Deal and the EU’s Net Zero Industry Act are intended to increase the usage of renewable energy by providing a favorable legal framework as policies in support of at least 45% of renewable energy in the total EU energy consumption by 2030. 

Type Insights

The dimpled solar tile segment held a dominant presence in the solar tile market in 2023 due to their efficiency in energy usage and the beauty of their design. This type of tile boasts a specific design to capture solar energy and work cooperatively with roofing materials. The decentralized integration of renewables is set to drive the demand for these tiles, and it is complemented by policies, including the Inflation Reduction Act that incentivizes residential solar power use in the United States. Legal requirements of construction change and shift toward environmental stability, and property developers and homeowners are expected to choose dimpled solar tiles for utilitarian and ornamental value.

  • In 2023, IRENA of renewable energy sources indicates that today, different models of dimpled tiles have shown higher conversion efficiency than 22% as compared to the average efficiency of the industrial level, which is 18%. 

The eave-mount solar tile segment is expected to grow at the fastest rate in the solar tile market during the forecast period of 2024 to 2034, owing to its effectiveness in providing a good strategic point through which the roof eaves are used to capture as much light as possible and thereby increase the generation of energy. The increasing popularity of incorporating renewable energy systems into homes always raises curiosity about eave-mounted varieties since they do not encroach on the architectural beauty of homes. Furthermore, the rising consciousness about the value of roofs covered with solar panels also facilitates segment growth.

  • The Global Solar Council said that in 2024, new eave-mount solar tile designs will return 15% more efficiency than traditional tiles. 

Application Insights

The residential buildings segment accounted for a considerable share of the solar tile market in 2023 due to the growing pressures by consumers to buy energy-saving products and services and the desire for energy independence. Those in the residential sector are in search of ways to regulate their bill expenditure and, hence, the increase in the use of solar tiles. Moreover, several government policies, such as tax credits and rebates in the promotion of renewable energy technologies, further fuel the market.

  • A report by the U.S. Department of Energy in 2023 showed that residential solar photovoltaic systems had risen by a quarter, with solar tiles since they blended with the traditional roofing materials. 

The commercial building segments is anticipated to grow with the highest CAGR in the solar tile market during the studied years, as they realize the total cost of ownership and contribution to corporate sustainability goals. A report from the IREA makes a notable point suggesting that commercial buildings are most appropriate for the use of solar tiles since their roof surfaces are typically big, and all commercial buildings consume energy in large quantities. Additionally, solar technology that has been adopted in new commercial building designs fits the rising global trend of sustainability.

Regional Insights

Asia Pacific dominated the global solar tile market in 2023, owing to the increased industrialization and urbanization and the commitment of the governing bodies to the utilization of renewable sources of energy. The huge potential is projected to emanate primarily from countries, including China and India, and with China alone set to remain the world’s leading producer and installer of solar power. China is expected to boast over 40% of the world's solar power potential as it continues to invest in research and development of solar equipment and the installation of solar power facilities in 2024. Additionally, increasing consumer and business concerns about the environment are expected to propel the market.

North America is projected to host the fastest-growing solar tile market in the coming years due to effective government interventions, the high cost of energy, and the rising concern of consumers about the environment. The United States has shown massive increases in the adoption rates of solar energy, which has also been helped in part by federal support mechanisms, such as the Investment Tax Credit, which offers a 26%-point credit for solar installations until 2022 and is expected to facilitate the market. Solar photovoltaic capacity in the United States was significantly installed in 2023. Additionally, the state plans, especially in California and New York, have encouraged the use of solar technologies in new construction codes, making solar tiles a popular product for homeowners and contractors.

  • In 2023, more than 21,000MW, and involved both residential and commercial segments.

 

Solar Tile Companies

Solar Tile Market Companies

  • Autarq
  • CertainTeed
  • Dyaqua
  • Ennogie
  • GAF Energy
  • GB-Sol
  • Luma Solar
  • Meyer Burger
  • Midsummer
  • Shinto
  • Solarmass Energy
  • SolteQ
  • SunStyle
  • SunTegra
  • Tesla

Recent Development

  • In October 2024, Paxos Solar introduced a new type of photovoltaic roofing tile designed to generate energy efficiently while connecting directly to heat pumps. This innovative glass-glass tile can produce up to 190 watts of power from just 10 square feet, helping to power heating systems year-round. 
  • In July 2024, Tesla announced updates to its solar shingle technology, which has been redesigned for better efficiency and durability. These advanced solar tiles now integrate more seamlessly with roofing materials while providing improved energy generation capabilities. Tesla aims to make solar energy more accessible and aesthetically pleasing for homeowners, and these shingles are expected to reduce overall energy costs. 
  • In March 2024, GAF Energy launched an upgraded version of its solar roof technology, featuring enhanced energy efficiency and a sleek design. The new solar shingles are engineered to integrate better with traditional roofing styles while maximizing solar energy capture. This innovation is part of GAF’s commitment to making solar energy more mainstream and appealing for residential use, particularly in regions with high energy costs.

Segments Covered in the Report

By Type

  • Standard Solar Tile
  • Dimpled Solar Tile
  • Eave-Mount Solar Tile

By Application

  • Residential Building
  • Commercial Building
  • Industrial Building

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

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Frequently Asked Questions

The major players operating in the solar tile market are Autarq, CertainTeed, Dyaqua, Ennogie, GAF Energy, GB-Sol, Luma Solar, Meyer Burger, Midsummer, Shinto, Solarmass Energy, SolteQ, SunStyle, SunTegra, Tesla, and Others.

The driving factors of the solar tile market is the increasing demand for sustainable energy solutions and rising consumer awareness about climate change.

Asia Pacific region will lead the global solar tile market during the forecast period 2024 to 2034.

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