Press release
Distributed Solar Power Generation Global Market Analysis, Trends, Growth, Research And Forecast 2033
Distributed Solar Power Generation Global Market
The distributed solar power generation market size is expected to see rapid growth in the next few years. It will grow to $182.73 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to advancements in energy storage, smart grid integration, rising energy demand, global climate agreements. Major trends in the forecast period include technological advancements, innovative financing models, increased focus on energy equity, digitalization and IoT integration, hybrid renewable energy systems.
Market Overview -
Distributed solar power generation refers to generating electricity from solar energy using a network of small-scale solar photovoltaic (PV) systems installed in various locations, such as rooftops, building facades, or nearby land areas where the electricity is consumed. These systems are smaller than centralized power plants, ranging from residential rooftops to larger commercial installations, with up to 10 megawatts (MW) capacities.
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Driving Factors Behind The Growth Of Distributed Solar Power Generation Amid Rising Electricity Demand
The increasing demand for electricity and consumption is driving the growth of the distributed solar power generation market during the forecast period. Urbanization, industrialization, technological advancements, and changes in lifestyle habits are driving the need for electricity and its consumption. Distributed solar power generation reduces overall electricity demand from the grid by generating power on-site, offsetting the need for grid electricity during sunlight and alleviating strain on utility infrastructure. For instance, in June 2023, according to a report published by the Energy Institute (EI), a UK-based professional membership body for the energy sector, total global electricity generation experienced a 2.3% increase during 2022. Further, primary energy consumption in non-OECD (The Organization for Economic Co-operation and Development) countries surged by 20.5 EJ from pre-COVID levels, largely due to China's growth of 14.6 EJ, accounting for 72% of the rise. Therefore, the increasing demand for electricity is expected to propel the growth of the distributed solar power generation market.
Competitive Landscape -
Major companies operating in the distributed solar power generation market are TotalEnergies SE, Huawei Technologies Co. Ltd., Tesla Inc., General Electric Co., Siemens Energy AG, ABB Ltd., NextEra Energy Inc., Sharp Corporation, LONGi Solar Technology Co. Ltd., JinkoSolar Holding Co. Ltd., JA Solar Holdings Co. Ltd., Canadian Solar Inc., Enel Green Power, Risen Energy Co. Ltd., Daqo New Energy Corp., Hanwha Q Cells Co. Ltd., Schneider Electric SE, SolarEdge Technologies Inc., First Solar Inc., Sunrun Inc., Enphase Energy Inc., Kyocera Corporation, SMA Solar Technology AG, SunPower Corporation, Suntech Power Holdings Co. Ltd., Vivint Solar Inc., Yingli Solar, Sharp Energy Solutions Corporation, SolarCity Corporation
Technological Advancements In Photovoltaic Inverters Driving Growth In Distributed Solar Power Generation Market
Major companies operating in the distributed solar power generation market focus on developing technologically advanced products such as photovoltaic inverters to enhance efficiency, reliability, and integration capabilities, driving the growth and adoption of solar energy solutions worldwide. These solutions maximize the efficiency and performance of solar photovoltaic (PV) installations by ensuring that the electricity generated by solar panels can be effectively utilized by electrical appliances and fed into the grid. For instance, in November 2023, SOFARSOLAR Co., Ltd., a China-based manufacturer and provider of solar inverters and related equipment for distributed solar power generation, launched the PowerMega (350KTLX0), a 350 kW utility PV inverter explicitly designed to meet the demands of utility-scale projects in India and worldwide. This innovative inverter is meticulously engineered for optimal performance in utility solar applications. With a maximum efficiency of 99.05% even at high temperatures of up to 50 degrees Celsius, the PowerMega sets a new standard in the industry. It boasts ultra-high current integration, simplified installation, and intelligent protection mechanisms. With 8*60 A multiple Maximum Power Point Trackers (MPPTs), it accommodates high-power modules of 500Wp and above, ensuring lower Levelized Cost of Electricity (LCOE) and maximizing yields for end-users.
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Key Segments -
The distributed solar power generation market covered in this report is segmented -
1) By Technology: Concentrated Solar Power Systems, Photovoltaic Systems
2) By Solar Module: Polycrystalline, Amorphous Silicon Cells, Cadmium Telluride, Monocrystalline, Other Solar Modules
3) By End-User: Industrial, Residential, Commercial, Other End-Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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