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On-Grid Solar PV Global Market Exhibit a Remarkable CAGR of 5.2% and is expected to reach $208.96 Billion By 2028 | Siemens AG, ABB Ltd., Canadian Solar Inc., Omron Corporation, Chint Group Corp.
On-Grid Solar PV Global Market
As per the report, 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 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%.
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Rising Demand For Renewable Energy Drives Surge In On-Grid Solar PV Market
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.
Introducing Advanced On-Grid PV Inverters For Enhanced Efficiency In Solar Energy Systems
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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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.
Contents of the report:
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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