Grid Connected PV Systems Market Size, Industry Outlook, Regional Analysis, Application Development, Competitive Landscape & Forecast, 2021 – 2027
Report ID: GMI239
Grid connected PV systems market size is expected to exhibit substantial growth from 2016 to 2023. PV systems combined with several types of storage systems such as battery energy and direct load control would offer achieve cost effective operation of the electric utility systems while boosting reliability with further energy sources. Over 40 countries globally are likely to install more than 100 MW of new solar PV capacity in 2015, signaling the true entry of solar into traditional energy generation.
In 2015, grid connected photovoltaic systems market installation accounted for over 300 MW in utility scale sector and is likely to be the leading application sector over the forecast period. The systems installed in residential sector were around 200 MW and commercial sector for over 240 MW in the same year. The advancement to generate significant power from renewable sources would offer massive environmental and economic benefits over the forecast period. The systems are mainly deployed in inverters to offer power solutions. The systems are ideally deployed in a small solar energy system for a single-family house or combined solution for an industrial complex. The systems are user friendly and offer high performance with the lowest cost expenditure.
Apart from additional energy storage, rising interest in coupling storage with the utility scale solar PV market in order to enable the integration into a grid is estimated to drive grid connected solar photovoltaics market growth. Areas with high levels of renewable penetration and island grids are likely to hamper the output of large PV systems. This in turn is anticipated to pose as challenge to grid’s steadiness. Region such as Hawaii and Puerto Rico are now implementing ramp rate restrictions in order to establish maximum as well as minimum rate.
The global industry is segmented on the basis of application which include residential (more than 6 kW), commercial (5 MW to 6 kW) and utility scale (less than 5 MW). Key regional industries include Latin America, Europe, Asia Pacific and North America and MEA grid connected PV systems market.
The U.S. grid connected PV systems market is anticipated to witness significant demand growth. The region is expected to attain over 48% of the industry share by 2023 and continue its dominance over the forecast period. This can be attributed to pay for performance rates for ESS that offers frequency regulation services and also by neglecting charges in commercial electricity tariffs during peak time. In addition, increasing need for flexible capacity as a result of growing levels of renewable penetration and legislation such as Assembly Bill 2414 ESS Procurement Targets are also expected to drive the industry demand over the coming few years. Furthermore, Australia and UK are also predicted to deploy in residential energy storage in more noteworthy volumes over the forecast period.
Other regions such as Japan and Germany are likely to observe momentous deployment of grid connected energy storage systems over the next few years. In 2014, the regions collectively account for more than 70% of the installations and dominate the residential PVESS industry. The implementation of energy storage in the regions is encouraged by rising peak demand, financial attractiveness and renewable penetration. The above mentioned factors are responsible for grid connected solar systems market growth over the forecast period. However, the grid connected energy storage system is likely to be a complex process in upgrading electricity grids in order to balance increasingly supply and demand necessities. In addition, escalating levels of renewable penetration is also expected to challenge the demand growth over the forecast period.
The major players for the global grid connected PV systems market share include Sunpower Corporation, RelyOn Solar Private Limited, Zytech Solar, Green Charge Networks, Ravano Green Powers, Stem, Inc., Coda Energy, Suncore Photovoltaic Technology Co. Ltd., KYOCERA Corporation, Solar Junction and Magpower, Isofoton S.A. among others. Key players such as Green Charge Networks, Coda Energy and Stem Inc. are offering their systems to consumers with no upfront cost which in turn facilitates to amplify the industry demand over the forecast period. These companies also offer an exceptionally compelling proposition.
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