Latest News- Distributed Solar Power Generation Market: On-grid is expected to lead the Installation Sites segment during 2025-2029

The Distributed Solar Power Generation Market is being driven by Increasing investments in renewable energy

The Distributed Solar Power Generation Market is expected to grow at a CAGR of 5.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 55.2 billion. In the realm of power generation, distributed solar microgrids represent a significant advancement in energy resilience and autonomy. These microgrids, which consist of small-scale generation and storage resources, possess defined boundaries and can function independently or collaboratively with neighboring grids. When connected to the main power grid, they are termed hybrid microgrids. Microgrids offer the flexibility to operate in grid-connected and island modes. Island mode engagement occurs during power grid instability, such as outages, or deliberate disconnection from the main grid. In regions plagued by unstable power grids resulting in frequent outages, microgrids serve a pivotal role in mitigating power disruptions. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Installation Sites
  • On-grid
  • Off-grid
• End-user
  • Commercial
  • Industrial
  • Residential
• Type
  • Mono-SI
  • p-Si
  • A-Si
  • CVP
• Location
  • Ground mounted
  • Roof-top
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
  • North America
    • Canada
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing investments in renewable energy
• Declining cost of solar PV panels
• Rising electricity demand and high cost of grid expansion

However, the market also witnesses some limitations, which are as follows:

• Complexities associated with distributed solar PV system components
• Intermittency and low efficiency of solar power systems
• Competition from alternate distributed power generation technologies

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Market Scope in Distributed Solar Power Generation Market Research Report

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Research Analysis Overview

The Distributed Solar Power Generation Market involves the conversion of sunlight into electricity and heat through solar panels, including residential rooftops and solar farms. Solar energy is a clean, renewable source that reduces greenhouse gas emissions and carbon footprint, utilizing the photovoltaic (PV) effect of silicon PV cells to generate electric current in direct (DC) or alternating (AC) form. Solar thermal panels produce heat, while solar parks, solar fields, and even cloudy days contribute to energy generation. The largest producers aim for decarbonisation, increasing solar power production, and integrating it into the transmission network. Megawatt hours (MWh) of solar energy generated displaces CO2 emissions, contributing to the Solar Futures Study and the goal of a zero-carbon grid. Domestic solar manufacturing is also a significant aspect of this market.

Market Research Overview

The distributed solar power generation market is a significant segment of the larger global renewable electricity market, encompassing businesses involved in the production and distribution of electricity derived from solar energy. This market scope encompasses independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity providers. Furthermore, manufacturers of solar panels, raw materials, and related equipment are included in this market. The expansion of the global renewable electricity market will be fueled by supportive policies and targets for renewable power deployment, which have led to a substantial increase in renewable energy adoption over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/