What Has Been The Evolution of the On Grid Solar PV Market in Recent Years?
The on grid solar pv market has seen considerable growth due to a variety of factors.
• The market size of the on-grid solar pv has seen robust growth in the past few years. Its projection is to escalate from a value of $170.56 billion in 2024 to $180.99 billion in 2025 with a compound annual growth rate (CAGR) of 6.1%.
Factors leading to this growth during the historical period include energy security and autonomy, growth in electricity demand, increased public consciousness and acceptance, environmental cognizance and concerns about climate change, as well as financial institutions and funding.
How Will the On Grid Solar PV Market?
The on grid solar pv market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions suggest consistent expansion in the on-grid solar pv market in the coming years. The size of the market is estimated to reach $219.05 billion in 2029, growing at a Compound Annual Growth Rate (CAGR) of 4.9%.
Factors contributing to this expected growth during the forecast period include improvements in energy storage technologies, digitization and IoT, energy system decentralization, hybrid renewable energy systems, and EV incorporation. The forecast period also expects trends like enhanced capacity and scale, cutting-edge materials and designs, adaptable and transparent financial models, advancements in energy storage technologies, and smart grid integration.
Which Factors Are Boosting Growth In The On Grid Solar PV Market?
The growth of the on-grid solar PV market is expected to skyrocket due to the rising demand for renewable energy. Renewable energy, encompassing eco-friendly and sustainable sources like solar, hydro, wind, and geothermal, is continually renewed through natural processes. The increasing public consciousness about environmental issues and a heightened interest in sustainable living are contributing to the rising demand for on-grid solar PV systems. These systems are crucial in generating renewable energy, employing solar panels to produce electricity that is directly supplied to the grid, thus enhancing the grid's resistance to centralized interruptions and augmenting overall grid reliability. As per the France-based International Energy Agency, in January 2024, the renewable electricity capacity additions witnessed a nearly 50% surge compared to 2022, touching an estimated 507 GW in 2023, with solar PV and wind power constituting a record-breaking 96% of it. Thus, the escalating demand for renewable energy is fueling the growth of the on-grid solar PV market.
What Key Areas Define The Segmentation Of The Global On Grid Solar PV Market?
The on-grid solar pv market covered in this report is segmented –
1) By Technology: Monocrystalline Silicon, Thin Film, Polycrystalline Silicon, Other Technologies
2) By Installation: Ground Mounted, Rooftop, Other Installations
3) By Application: Residential, Non-Residential, Utilities
Subsegments:
1) By Monocrystalline Silicon: PERC (Passivated Emitter Rear Cell) Technology, Bifacial Monocrystalline Panels
2) By Thin Film: Cadmium Telluride (CdTe), Amorphous Silicon (a-Si), Copper Indium Gallium Selenide (CIGS)
3) By Polycrystalline Silicon: Standard Polycrystalline Panels, Bifacial Polycrystalline Panels
4) By Other Technologies: Heterojunction Technology (HJT), Organic Photovoltaics (OPV), Perovskite Solar Cells
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What New Trends Are Influencing The On Grid Solar PV Market?
Leading firms in the on-grid solar PV market are employing innovative tactics and advanced technologies such as on-grid PV inverters to increase their market share and profits. The on-grid PV inverter, a critical component of any solar power system, transforms the variable direct current (DC) produced by a photovoltaic solar array into alternating current (AC), which can be fed directly into the power grid. For example, in June 2022, V-Guard Industries Ltd., a company that manufactures electricals and home appliances in India, unveiled their Solsmart solar rooftop power system. This system encompasses on-grid solar power inverters crafted for both residential and commercial use. The Solsmart on-grid Inverter boasts an efficiency rate of 98.4%, making it an affordable choice to those looking to cut down on electricity costs. It also comes with in-built DC switches that heighten safety during installation and operation. The Solsmart on-grid solar inverter operates optimally within a temperature range of -25°C to 60°C.
Who Are the Key Players In The On Grid Solar PV Market?
Major companies operating in the on-grid solar PV market are:
• Huawei Technologies Co. Ltd.
• L&T Electrical & Automation Ltd.
• Siemens AG
• Schneider Electric SE
• ABB Ltd.
• JA SOLAR Technology Co. Ltd.
• LONGi Green Energy Technology Co. Ltd.
• Delta Electronics Inc.
• Trina Solar Limited
• JinkoSolar Holding Co. Ltd.
• Canadian Solar Inc.
• Omron Corporation
• Chint Group Corp.
• Sungrow Power Supply Co. Ltd.
• Risen Energy Co. Ltd.
• SolarEdge Technologies Inc.
• First Solar Inc.
• Havells India Ltd.
• SunPower Corp.
• SMA Solar Technology AG
• GoodWe (Jiangsu) Power Supply Technology Co. Ltd.
• Enphase Energy Inc.
• Ginlong (Solis) Technologies
• Motech Industries Inc.
• Indosolar Ltd.
• Loom Solar Pvt. Ltd.
• FIMER S.p.A.
• GCL System Integration Technology Co. Ltd.
What Is The Most Dominant Region In The On Grid Solar PV Market?
Asia-Pacific was the largest region in the on-grid solar PV market in 2024. The regions covered in the on-grid solar pv market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
