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On-Grid Solar PV Market Size
On-Grid Solar PV Market size valued at USD 157.5 billion in 2022 and is projected to grow at over 5.2% CAGR from 2023 to 2032. On-Grid Solar PV refers to a solar photovoltaic system that is connected to the electrical grid. It generates electricity from sunlight using solar panels and feeds the power directly into the grid. This type of solar system is commonly used in urban and suburban areas where there is access to an existing electrical grid infrastructure.
Growing adoption of clean and renewable energy along with requirement to reduce dependence on fossil fuels will drive the industry growth. Moreover, rising concern about climate change and need to transition to sustainable energy sources have increased the demand for solar power which will complement the business scenario.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 157.5 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 5.2 % |
| 2032 Value Projection: | USD 255.6 Billion |
| Historical Data for: | 2019 to 2021 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 531 |
| Segments covered: | End-Use, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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COVID- 19 Impact
The economic uncertainty caused by the pandemic led to tighter lending conditions and reduced investment in renewable energy projects. This made it more challenging for on-grid solar PV manufacturers and project developers to secure financing for their projects. However, The pandemic has heightened awareness of the importance of sustainable and resilient energy systems. As countries aim to recover and reduce their carbon footprint, there is an increased focus on renewable energy, including solar power which will provide various growth opportunities.
On-Grid Solar PV Market Trends
On-grid solar PV system is designed to feed the generated electricity directly into the grid, allowing for a seamless integration with the existing power infrastructure. Additionally, its feature such as ensuring the synchronization of the solar power with the grid frequency/voltage and allowing to earn credits through net metering mechanism will stimulate the product adoption. However, cutting down of additional investment for storage batteries and its associated maintenance cost coupled with several research and development efforts will sway the on-grid solar PV market landscape.
On-Grid Solar PV Market Analysis
The commercial & industrial on-grid solar PV market is anticipated to expand at 6.5% CAGR through 2032, on account of growing requirement to cut down carbon emissions in line with advancements in solar panel technology. For instance, Trina Solar equipped its 100 MW agrivoltaics grid connected project with 210 vertex modules in China. The project utilizes 550 W vertex series integrated with cutting edge technology and also estimates to generate 110 million kWh of power annually while reducing carbon emissions by 104,500 tons per year. Thereby, products featuring stability, compatibility and high-power generation will continue to complement the business trends.
Asia Pacific on-grid solar PV market is set to exceed USD 100.1 billion by 2032. Introduction of supportive policies and standards which will provide regulatory stability coupled with government launched incentives for investments in solar energy systems will contribute to the nosiness scenario. For instance, in February 2023, Ministry of New and Renewable Energy proposed quality control manual for installation of grid connected rooftop solar systems which includes guidelines for project management, site preparation, equipment and material procurement, installation, commissioning, testing, inspection, and documentation. Furthermore, increasing electricity demand along with consumer preferences for utilizing systems which lower electricity bills will foster industry statistics.
On-Grid Solar PVMarket Share
Several efforts for business development including agreements & partnerships in line with ongoing innovations in technology will contribute to on-grid solar PV market growth. Prominent companies operating in the industry include :
- Trina Solar
- Canadian Solar
- JA SOLAR Technology Co., Ltd
- JinkoSolar
- First Solar
- Havells India Ltd
- GCL-SI
- Motech Industries Inc.
- RISEN ENERGY Co., LTD
- Indosolar
- LONGi
- LOOM SOLAR PVT. LTD.
- Amplus Solar
- Sunova Solar
- Rays Power Infra
On-Grid Solar PV Industry News
- In April 2023, Sunova Solar has delivered 16,000 HI-Milo 550W modules for two PV powerplants in Romania which is planned to be grid connected. These PV modules features high efficiency integrated with PERC technology at affordable price. These projects aim to produce 11.5 TWh power sufficient to power up to 3000 residences and decarbonize 11,000 tons of carbon emissions. Therefore, the company enhanced its portfolio across large scale projects and strengthened its position in the grid connected solar PV industry.
- In November 2022, Jinko Solar delivered 766 MW of bifacial solar PV modules to grid connected Sol do Cerrado solar project in Brazil. The project will utilize 182 highly efficient bifacial double-glass modules ensuring consistent power generation. Additionally, the plant also includes development of a 15km and 230 kV transmission network that will link the sub-solar parks in Sol do Cerrado & Jaíba and will supply the power to the national grid. Hence, the delivery has supported to maintain the company’s base across the country and accelerate its market growth.
The on-grid solar PV market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW & USD Million’ from 2023 to 2032 for the following segments:
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Market, By End-use
- Residential
- Commercial & Industrial
- Utility
The above information has been provided for the following regions and countries:
- North America
- U.S
- Canada
- Mexico
- Europe
- Austria
- Norway
- Denmark
- Finland
- France
- Germany
- Italy
- Switzerland
- Spain
- Sweden
- UK
- Netherlands
- Poland
- Belgium
- Ireland
- Baltics
- Portugal
- Asia Pacific
- China
- Australia
- India
- Japan
- South Korea
- Thailand
- Philippines
- Vietnam
- Malaysia
- Singapore
- Middle East
- Israel
- Saudi Arabia
- UAE
- Jordan
- Oman
- Kuwait
- Turkey
- Africa
- South Africa
- Egypt
- Algeria
- Nigeria
- Morocco
- Latin America
- Brazil
- Chile
- Argentina
- Peru
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