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On-Grid Solar PV Market Trends

Report ID: GMI5975
Published Date: Jun 2023
Report Format: PDF

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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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of on-grid solar PV was reached USD 157.5 billion in 2022 and is projected to surpass USD 255.6 billion by 2032, driven by the growing adoption of clean and renewable energy.

The commercial & industrial end-use segment is anticipated to witness over 6.5% CAGR through 2032, owing to rising advancements in solar panel technology, such as increased efficiency and durability.

Asia Pacific market is poised to exceed USD 100.1 billion by 2032, attributed to the supportive policies and standards to provide regulatory stability coupled with government incentives for investments in solar energy systems.

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, and Rays Power Infra are some of the prominent on-grid solar PV companies.