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Rising Demand For Renewable Energy Drives Surge In On-Grid Solar PV Market: Major Factor in the Transformation of the On-Grid Solar PV Market in 2025
On Grid Solar PV Market Insights
The on-grid solar PV market has grown steadily in recent years. It is expected to rise from $170.56 billion in 2024 to $180.99 billion in 2025, with a CAGR of 6.1%. Growth factors include energy security and independence, rising electricity demand, increased public awareness and acceptance, environmental concerns, and financial support from institutions.
The on-grid solar PV market is expected to grow steadily, reaching $219.05 billion by 2029 with a CAGR of 4.9%. Growth drivers include advancements in energy storage technologies, digitalization and IoT, decentralized energy systems, hybrid renewable energy systems, and electric vehicle (EV) integration. Key trends include increased capacity and scale, innovations in materials and design, flexible financing models, energy storage advancements, and smart grid integration.
What Key Elements Are Boosting Growth in the On-Grid Solar PV Market?
The rising demand for renewable energy is set to propel the growth of the on-grid solar PV market. Renewable energy includes sustainable power sources such as solar, wind, hydro, and geothermal, which are naturally replenished. Growing environmental awareness and a shift toward sustainable living have increased demand for on-grid solar PV systems. These systems generate electricity using solar panels and supply it directly to the grid, enhancing grid stability and reducing susceptibility to centralized disruptions. For example, in January 2024, the International Energy Agency, a France-based government agency, reported that renewable electricity capacity additions reached an estimated 507 GW in 2023, nearly 50% higher than in 2022, with solar PV and wind accounting for a record 96% of these additions. Consequently, rising demand for renewable energy is driving the growth of the on-grid solar PV market.
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Who Are the Major Industry Players Fueling On-Grid Solar PV Market Expansion?
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.
Which Key Developments Are Influencing the On-Grid Solar PV Market?
Leading firms in the on-grid solar PV market are advancing their product lines with cutting-edge technology, such as on-grid photovoltaic (PV) inverters, to boost revenue. These inverters play a crucial role in solar energy systems by converting variable direct current (DC) from solar panels into alternating current (AC) suitable for grid supply. For instance, in June 2022, V-Guard Industries Ltd., an India-based manufacturer of electrical and home appliances, launched Solsmart, a solar rooftop power system featuring on-grid solar inverters for residential and commercial use. With an efficiency of 98.4%, Solsmart offers a cost-effective solution for users aiming to reduce electricity costs. Additionally, the inverter includes integrated DC switches for enhanced safety and operates efficiently within a temperature range of -25°C to 60°C.
How Is the Segmentation of the On-Grid Solar PV Market Defined?
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
Subsegments:
1) By Monocrystalline Silicon: PERC (Passivated Emitter Rear Cell) Technology, Bifacial Monocrystalline Panels
2) By Thin Film: Cadmium Telluride (CdTe), Amorphous Silicon (a-Si), Copper Indium Gallium Selenide (CIGS)
3) By Polycrystalline Silicon: Standard Polycrystalline Panels, Bifacial Polycrystalline Panels
4) By Other Technologies: Heterojunction Technology (HJT), Organic Photovoltaics (OPV), Perovskite Solar Cells
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What Is the Leading Region in the On-Grid Solar PV Market?
Asia-Pacific was the largest region in the on-grid solar PV market in 2024. 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.
What Is Covered In The On-Grid Solar PV Global Market Report?
- Market Size Analysis: Analyze the On-Grid Solar PV Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the On-Grid Solar PV Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall On-Grid Solar PV Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the On-Grid Solar PV Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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