On-Grid Solar PV Market Analysis

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.