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Key Influencer in the On-Grid Solar PV Market Share 2025: Rising Demand For Renewable Energy Drives Surge In On-Grid Solar PV Market Share Driver
On Grid Solar PV Market Share
The growth of the on-grid solar PV Market Share is anticipated to be fuelled by the surging demand for renewable energy. This term denotes power generated from resources that are eco-friendly, sustainable, and naturally limitless, including sources such as solar, wind, hydro, and geothermal energy. The escalation in public consciousness about environmental issues, combined with an increasing inclination towards sustainable living, is encouraging the uptake of on-grid solar PV systems. These systems have a substantial impact on renewable energy production as they generate power utilising solar panels and channel it directly to the grid, aiding in diminishing the grid's susceptibility to central disruptions and enhancing its overall reliability. For example, the International Energy Agency, a government organisation based in France, reported in January 2024 that the additions to renewable electricity capacity had hit an estimated 507 GW in 2023, marking an almost 50% increase compared to 2022, and solar PV and wind were responsible for a whopping 96% of this. Hence, the accelerating demand for renewable energy fuels the expansion of the on-grid solar PV Market Share.
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What is the projected compound annual growth rate (CAGR) of the on-grid solar pv Market Share from 2025 to 2034, and what factors influence it?
In the past few years, the size of the on-grid solar PV Market Share has experienced notable growth. Its estimated worth is predicted to rise from $170.56 billion in 2024 to $180.99 billion in 2025, signifying a compound annual growth rate (CAGR) of 6.1%. Factors influencing this robust growth in the historical period include the pursuit for energy security and independence, an increase in electricity demand, heightened public consciousness and approval, environmental considerations and worries about climate change, as well as the role of financial bodies and funding provisions.
The Market Share size for on-grid solar pv is projected to steadily increase in the upcoming years, reaching a value of $219.05 billion in 2029 with a compound annual growth rate (CAGR) of 4.9%. This anticipated growth during the forecast period can be attributed to developments in energy storage technologies, the digitalization and Internet of Things (IoT), the decentralization of energy systems, hybrid renewable energy systems, and the integration of electric vehicles (EV). Key trends shaping this period include expanding capacity and scale, the use of innovative materials and designs, the adoption of flexible and transparent financing models, advances in energy storage technologies, and the integration of smart grids.
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How are the latest trends influencing the growth of the on-grid solar pv Market Share?
Key players in the on-grid solar PV Market Share are enhancing their product range with technologically advanced items like on-grid photovoltaic inverters to boost revenues. The on-grid PV inverter plays a critical role in a solar power system, converting the variable direct current (DC) output of a solar photovoltaic array into alternating current (AC) electricity that can be fed directly into the electrical grid. For example, V-Guard Industries Ltd., an electricals and home appliances producer based in India, introduced the Solsmart solar rooftop power system in June 2022. This system features On-Grid solar power inverters suitable for residential and business use. With an efficiency rate of 98.4%, the Solsmart On-Grid Inverter provides a cost-efficient choice for customers looking to cut down their energy expenses. The device has integrated DC switches for added safety, facilitating safer installation and operation. This solar inverter can operate efficiently between -25°C and 60°C ambient temperatures.
What are the major segments of the on-grid solar pv Market Share and their role in driving growth?
The on-grid solar pv Market Share 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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Which regions are key players in the growth of the on-grid solar pv Market Share?
Asia-Pacific was the largest region in the on-grid solar PV Market Share in 2024. The regions covered in the on-grid solar pv Market Share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the on-grid solar pv Market Share?
Major companies operating in the on-grid solar PV Market Share 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.
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What Is Covered In The On-Grid Solar PV Global Market Share Report?
•Market Share Size Forecast: Examine the on-grid solar pv Market Share size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the on-grid solar pv Market Share for a structured understanding.
•Key Players Overview: Analyze major players in the on-grid solar pv Market Share, including their Market Share value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the on-grid solar pv Market Share.
•Segment Contributions: Evaluate how different segments drive overall growth in the on-grid solar pv Market Share.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the on-grid solar pv Market Share.
•Industry Challenges: Identify potential risks and obstacles affecting the on-grid solar pv Market Share.
•Competitive Landscape: Review strategic developments in the on-grid solar pv Market Share, including expansions, agreements, and new product launches.
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