The on-grid solar pv global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
On-Grid Solar PV Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The
on-grid solar PV market size has grown strongly in recent years. It will
grow from $160.26 billion in 2023 to $170.56 billion in 2024 at a
compound annual growth rate (CAGR) of 6.4%. The growth in the historic
period can be attributed to energy security and independence,
electricity demand growth, public awareness and acceptance,
environmental awareness and climate change concerns, financial
institutions and funding.
The on-grid solar PV market size is expected to see strong growth in the next few years. It will grow to $208.96 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to advancements in energy storage technologies, digitalization and IoT, decentralization of energy systems, hybrid renewable energy systems, electric vehicle (EV) integration. Major trends in the forecast period include increased capacity and scale, innovative materials and design, flexible and transparent financing models, advancements in energy storage technologies, smart grid integration.
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Scope Of On-Grid Solar PV Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
On-Grid Solar PV Market Overview
Market Drivers -
The
rising demand for renewable energy is expected to propel the growth of
the on-grid solar PV market going forward. Renewable energy refers to
sustainable and environmentally friendly sources of power, such as
solar, wind, hydro, and geothermal, that are naturally replenished. The
increasing public awareness towards environmental issues and a growing
desire for sustainable living contribute to the demand for on-grid solar
PV systems. It plays a significant role in the production of renewable
energy by producing power using solar panels and supplying it straight
to the grid. This helps in reducing the vulnerability of the grid to
centralized disruptions, improving overall grid reliability. For
instance, in January 2024, according to the International Energy Agency,
a France-based government agency, renewable electricity capacity
additions reached an estimated 507 GW in 2023, almost 50% higher than in
2022, with solar PV and wind accounting for a record 96% of it.
Therefore, the rising demand for renewable energy is driving the growth
of the on-grid solar PV market.
Market Trends -
Major companies
operating in the on-grid solar PV market are developing innovative
products with advanced technologies, such as on-grid PV (photovoltaic)
inverters, to drive their revenues in the market. An on-grid PV inverter
is an essential part of a solar energy system that transforms a
photovoltaic solar array's variable direct current (DC) output into
alternating current (AC) electricity that may be supplied straight into
the electrical grid. For instance, in June 2022, V-Guard Industries
Ltd., an India-based electricals and home appliances manufacturer,
launched Solsmart solar rooftop power system, which consists of On-Grid
solar power inverters designed for residential and commercial
applications. The Solsmart On-Grid Inverter has an efficiency of 98.4%,
making it a cost-effective alternative for users aiming to reduce
electricity bills. It has integrated DC switches that offer additional
safety benefits, ensuring safer installation and operation. The Solsmart
On-Grid solar inverter can perform within an ambient temperature range
of -25°C and 60°C.
The on-grid solar PV market covered in this report is segmented –
1) By Technology: Monocrystalline Silicon, Thin Film, Polycrystalline Silicon, Other Technologies
2) By Installation: Ground Mounted, Rooftop, Other Installations
3) By Application: Residential, Non-Residential, Utilities
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Regional Insights -
Asia-Pacific
was the largest region in the on-grid solar PV market in 2023. The
regions covered in the on-grid solar pv market report are Asia-Pacific,
Western Europe, Eastern Europe, North America, South America, Middle
East, Africa.
Key Companies -
Major companies operating in the
on-grid solar PV market are Huawei Technologies Co. Ltd., L&T
Electrical & Automation Ltd., Siemens AG, Schneider Electric SE, ABB
Ltd., JA SOLAR Technology Co. Ltd., LONGi Green Energy Technology Co.
Ltd., Delta Electronics Inc., Trina Solar Limited, JinkoSolar Holding
Co. Ltd., Canadian Solar Inc., Omron Corporation, Chint Group Corp.,
Sungrow Power Supply Co. Ltd., Risen Energy Co. Ltd., SolarEdge
Technologies Inc., First Solar Inc., Havells India Ltd., SunPower Corp.,
SMA Solar Technology AG, GoodWe (Jiangsu) Power Supply Technology Co.
Ltd., Enphase Energy Inc., Ginlong (Solis) Technologies, Motech
Industries Inc., Indosolar Ltd., Loom Solar Pvt. Ltd., FIMER S.p.A., GCL
System Integration Technology Co. Ltd.
Table of Contents
1. Executive Summary
2. On-Grid Solar PV Market Report Structure
3. On-Grid Solar PV Market Trends And Strategies
4. On-Grid Solar PV Market – Macro Economic Scenario
5. On-Grid Solar PV Market Size And Growth
…..
27. On-Grid Solar PV Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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