Authored By: Sarah
11 Jul 2024

 Grid Connected Pv Systems Market Size to grow by USD 151.1 billion between 2024-2028

According to a research report “ Grid Connected Pv Systems Market” by End-user (Non-residential, Residential) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 151.1 billion, at a CAGR of  12.13% during the forecast period. In the residential sector, grid-connected photovoltaic (PV) systems are the preferred choice for powering homes due to their cost-effectiveness and ease of installation. These systems enable the direct transfer of excess solar energy generated to the grid, eliminating the need for batteries and standalone equipment, thereby reducing installation and maintenance costs. Grid-connected PV systems offer significant cost savings for homeowners, as they are typically smaller in capacity compared to commercial and utility-scale systems. This makes them an economically viable and efficient solution for meeting residential energy needs.

Browse market data tables, figures, and in-depth TOC on “Grid Connected Pv Systems Market” by End-user (Non-residential, Residential) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By End-user, the Non-residential segment is projected to dominate the market size in 2024

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By Geography, APAC  segment is expected to hold the largest market size for the year 2024

In the dynamic business landscape, the Grid Connected PV Systems Market continues to gain traction due to the increasing demand for renewable energy sources. These systems enable businesses to generate and sell excess power back to the grid, offering cost savings and sustainability benefits. Key players in this market include Siemens, First Solar, and SunPower, who are investing heavily in research and development to enhance system efficiency and reduce costs. The market is expected to grow at a CAGR of 15% from 2021 to 2026, driven by government incentives, technological advancements, and the global shift towards clean energy.

APAC is forecasted to hold the largest market size by region in 2024

In the dynamic business landscape, the Grid Connected PV Systems Market represents a significant growth opportunity. These systems enable businesses to generate and sell excess solar power back to the grid, reducing energy costs and enhancing sustainability. With increasing global focus on renewable energy and net metering policies, market expansion is imminent. Key players are investing in research and development to improve system efficiency and reduce costs, ensuring long-term profitability.

The Grid Connected Pv Systems Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • ABB
  • Canadian Solar Inc.
  • Delta Electronics Inc.
  • Emeren Group Ltd.
  • First Solar Inc.
  • Flin Technologies Pvt. Ltd.
  • Hanwha Corp.
  • Huawei Technologies Co. Ltd.
  • JA Solar Technology Co. Ltd.
  • JinkoSolar Holding Co. Ltd.
  • KACO new energy
  • Kyocera Corp.
  • LG Electronics Inc.
  • Luminous Power Technologies Pvt. Ltd.
  • Lumos Global BV
  • Panasonic Holdings Corp.
  • Shenzhen Kstar Science and Technology Co. Ltd.
  • SMA Solar Technology AG
  • SolarEdge Technologies Inc.
  • Trina Solar Co. Ltd.
.

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Research Analysis Overview

Grid-connected Photovoltaic (PV) systems have gained significant attention in recent years as the world shifts towards environmentally friendly and cost-effective energy solutions. These systems, which connect solar PV arrays to the public grid, are an integral part of microgrids and new grid structures. Utilities in the utility-scale industry are integrating renewable energy sources, such as solar and wind, into their power plants to reduce reliance on fossil fuels. Microgrids, which include island networks, offer integrated power solutions for small residential units and commercial rooftop systems. Technological improvements in inverters, power conditioning units, and electricity storage devices have made grid-connected PV systems more efficient and reliable. Renewable energy sources, including solar photovoltaic systems, are setting new energy benchmarks and outperforming traditional power plants. The use of grid-connected PV systems is not only environmentally friendly but also cost-effective in the long run. These systems allow excess energy generated to be fed back into the public grid, reducing overall electricity consumption and bills. As the world continues to prioritize renewable energy sources, grid-connected PV systems are poised to play a crucial role in the future of the energy sector.

Market Research Overview

Grid-connected PV systems have gained significant traction in the global energy market, with companies like Recurrent Energy leading the charge. These systems, which use solar PV modules to convert sunlight into electricity, can be decentralized or connected to the main grid. Recurrent Energy, through its subsidiaries, specializes in utility-scale solar PV projects, but also caters to commercial and residential sectors. Crystalline silicon and thin-film solar PV modules are the primary technologies used in these systems. Grid connection equipment, including inverters, plays a crucial role in converting DC power from solar PV modules into AC power for grid connection. The global market for grid-connected PV systems is projected to reach 10,000 renewable microgrids and numerous microgrid projects by 2030, driven by governments' push towards renewable energy sources and the need for environmentally friendly, cost-effective electricity. Grid parity, the point where renewable energy sources become as cost-effective as traditional power plants using fossil fuels, is a significant milestone for the PV industry. Integrated photovoltaic systems, which combine solar panels with energy storage devices, offer a solution to peak call challenges and power outages, making them increasingly popular. The utility scale industry is witnessing technological improvements, while small residential units and commercial rooftop systems are also gaining momentum. Energy storage, charge storage technologies, and integrated power solutions are key components of these systems. Island networks and renewable energy sources are shaping the future of power grids, offering a sustainable alternative to traditional power structures. The PVESS residential industry, DERs, and Levelized Energy (LCOE) are crucial energy benchmarks in the grid-connected PV systems market. System dynamics models help optimize these systems for maximum efficiency and cost savings. The future of grid-connected PV systems is bright, with a focus on integrated power solutions, renewable energy sources, and grid structures that are more resilient to natural disasters and power outages.

Contacts

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/

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