The size of the global grid connected PV systems market was worth USD 59.28 Billion in 2023. The global market is anticipated to grow at a CAGR of 14% from 2024 to 2029 and be worth USD 130.12 billion by 2029 from USD 67.58 billion in 2024.
Grid-connected photovoltaic systems are convenient and guarantee high production with minimal expenses. The growing interest in integrating energy benchmarks with large-scale solar photovoltaic systems to enable their integration into a grid is the main driver of the market for grid-connected photovoltaic systems. However, the entry of competitors into the market is limited in areas with high entry of sustainable energy sources. This, in turn, tests the durability of the network. A grid-connected photovoltaic power system is a solar photovoltaic system connected to the public grid that produces electricity using solar energy. A grid-connected photovoltaic system includes solar panels, a power conditioning unit, grid connection equipment, and one or more inverters. These systems can range from commercial rooftop systems and small residential units to large-scale solar power plants. Unlike stand-alone solar power equipment, grid-connected systems rarely constitute integrated battery solutions. Under favorable conditions, a grid-connected photovoltaic system provides superfluous energy to the utility company, beyond what is required for the consumption of the connected load. A grid-connected photovoltaic power system is a solar photovoltaic system connected to a utility grid that generates electricity using solar energy. A grid-connected photovoltaic system contains solar panels, a power control unit, grid interconnection devices, and one or more inverters. These arrangements can range from private company roof systems and small residential units to huge large-scale solar power plants.
Market Trends
The utility section is considered for the highest deployment capacity in various regions and is predicted to remain the main segment over the next year. Commercial and residential areas can show remarkable expansion in deployments. Technological improvements implemented to encourage the production of energy from sustainable sources are believed to provide various economic and environmental benefits. Grid-connected photovoltaic systems are typically implemented in inverters to provide integrated power solutions. These systems are ideal to be implemented in small solar energy systems located in populated regions or to provide integrated solutions to an industrial network.
Market Drivers
One of the main trends driving the expansion of the grid-connected photovoltaic systems market is the rapid technological advancements in residential solar photovoltaic panels. The growing need for clean and renewable energy is driving the popularity of solar energy. Additionally, numerous technological advancements such as frameless photovoltaic solar modules and double-sided solar panels are attracting residential consumers due to their efficient performance and appearance. The utility-scale industry accounted for the largest installation volume in 2021 and is predicted to remain the primary application segment during the foreseen period. During the same years, the residential and commercial sectors are predicted to show a significant increase in installations. Technological advances introduced to promote the production of electricity from renewable sources are predicted to provide numerous economic and environmental benefits. The growing interest in combining energy storage with utility-scale photovoltaic systems to enable integration into a grid is the main driver of the worldwide market for grid-connected photovoltaic systems.
Market Restraints
The entry of market players is limited in areas with high penetration of renewable energy sources and island networks. This, in turn, questions the stability of the network.
Market Opportunities
The worldwide market for grid-connected photovoltaic systems is predicted to show considerable expansion between 2021 and 2026. These systems make installation easy, efficient, and greater flexibility, and reliable. Due to these intrinsic advantages of grid-connected photovoltaic systems, their call will increase exponentially in the near future. Integrated photovoltaic systems with various storage technologies, such as direct control of battery power and charge, offer cost-effectiveness and increased reliability in terms of energy derivation from solar energy. More than 40 countries around the world are predicted to install more than 100 MW of new solar photovoltaic capacity, signalling the true emergence of solar energy in the field of traditional power generation.
Market Challenges
Rising levels of renewable energy penetration are also predicted to challenge call expansion during the foreseen period.
With more effective participation of technology and political factors throughout the Chinese industrial chain, 2020 is a key period for the photovoltaic (PV) industry to reach grid parity. In this context, COVID-19 can cause a certain delay in the installation of new photovoltaic projects, generating an uncertain influence on the entire photovoltaic industry. To predict the degree of influence and the cycle of influence of COVID-19 in the photovoltaic industry, this document first clarifies the main characteristics of the epidemic situation as well as the basic rule of transmission of these pandemics throughout the industrial chain. This article then builds a system dynamics model aimed at cost accounting of photovoltaic energy production under the influence of COVID-19 and thus predicts the variation rules, overlap effects, and cycle of influence of costs. Levelized Energy (LCOE) Generation and operations of photovoltaic energy. cost of each subsystem. Empirical results show that the photovoltaic industry has a delayed response to COVID-19 for 1 quarter and a periodic response for 4 quarters, which is mainly reflected in the increase in production costs in the short term. At the same time, the influence of COVID-19 on upstream companies in the PV industry is stronger than on downstream companies. With the gradual recovery of the entire industrial chain, the LCOE for PV power production will quickly return to the previously planned grid parity level by the end of 2020.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
14.7% |
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Segments Covered |
By Technology. Grid Type, End Use, and Region |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Sunpower Corporation, KYOCERA Corporation, CODA Energy, Green Charge Networks, and others. Enterprises such as CODA Energy, Stem Inc., and Others. |
Market Segmentation:
Grid-connected PV systems are planned by utilities and customers to work in conjunction with other DERs and the large scale is based on certain interests. Grid-connected photovoltaic systems include the bi-directional inverter, photovoltaic panels and battery function, direct current, and alternating current. The bidirectional connection or the attributes presented in the structure allow the power generated by the photovoltaic panels to distribute the load directly connected to the AC bus function and register the excess power in the network. As long as the output power of the photovoltaic system is higher than the power required by customers. The opposite occurs whenever the call for energy exceeds the output of the photovoltaic system. Some safety features are featured in grid-connected photovoltaic systems to avoid the function of releasing the grid when the public grid is weak due to some faults or is being preserved.
In addition to additional energy storage, the growing interest in coupling storage with the large-scale solar PV market to enable integration into a grid is predicted to drive the expansion of the grid-connected solar PV market.
Market Regional Analysis:
The Grid Connected PV Systems Market Report includes the segmentation of Regions:
North America is predicted to be the dominant region in the market for grid-connected photovoltaic systems. The US Grid Tie PV market is predicted to see a remarkable rate of call development. It is predicted that the region will reach 48% of business participation in 2026 and will continue its influence in the next year. This can be attributed to the payment of the generation rates of the ESS that provide rules and frequency services and also to the fall in the charges in the electricity costs of the companies during the high period. In addition, the growing call for functional capabilities due to the escalating amount of sustainable awareness and legislation such as the acquisition targets of Assembly Act 2414 ESS is also predicted to meet industry call in subsequent years to come.
Additionally, the UK and Australia are also predicted to increase their residential energy storage capacity in the coming years. Other regions, such as Japan and Germany, are likely to see a massive rollout of grid-connected energy storage systems in the coming years. In 2023, the regions collectively represent more than 74% of the facilities and dominate the PVESS residential industry. The implementation of energy storage in the regions is favoured by the increase in peak call, financial attractiveness, and the penetration of renewable energies. The factors mentioned above are responsible for the expansion of the grid-connected solar systems market during the foreseen period. However, the grid-connected energy storage system is likely to be a complex process of upgrading power grids to escalatingly balance supply and call needs.
Market Key Players:
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