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Rising Demand For Renewable Energy Drives Surge In On-Grid Solar PV Market: A Key Driver Powering On-Grid Solar PV Market Growth In 2025
On-Grid Solar PV Market Size
What Is the Current On-Grid Solar PV Market Size and Its Estimated Growth Rate?
The size of the on-grid solar pv market has seen substantial growth in the past few years. The expansion is projected to continue, with a size increase from $170.56 billion in 2024 to $180.99 billion in 2025, representing a compound annual growth rate (CAGR) of 6.1%. The surge during the historic period can be credited to factors such as energy security and independence, growing demand for electricity, public cognition and acceptance, environmental cognizance and worries about climate change, and the role of financial institutions and funding.
The market size of on-grid solar pv is anticipated to experience consistent growth over the coming years. It is projected to reach $219.05 billion in 2029, growing at a compound annual growth rate (CAGR) of 4.9%. This growth during the prediction period can be linked to improvements in energy storage technologies, digitalization and the Internet of Things (IoT), energy system decentralization, hybrid renewable energy systems, and electric vehicle (EV) integration. Key trends for this forecast period comprise increasing capacity and scale, innovative materials and designs, flexible and transparent financing models, further developments in energy storage technologies, and smart grid integration.
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How Are Emerging Segments Shaping the On-Grid Solar PV Market Landscape?
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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Which Growth Factors Are Influencing On-Grid Solar PV Market Expansion?
Anticipated advancements in the on-grid solar PV market are being propelled by the escalating demand for renewable energy. Renewable power pertains to power sources that are sustainable, not harmful to the environment, and can be naturally replenished, such as solar, wind, hydro, and geothermal. The escalating public consciousness about environmental concerns and an increasing affinity for sustainable ways of living are fueling the demand for on-grid solar PV systems. These systems are integral in the generation of renewable power as they use solar panels to produce power and directly supply it to the grid, thereby decreasing the grid's susceptibility to centralized interruptions and enhancing the overall grid reliability. For example, a report from the France-based government agency, the International Energy Agency, in January 2024 revealed that renewable electricity capacity additions had surged to an estimated 507 GW in 2023, which represented an almost 50% increase compared to 2022, and solar PV and wind were accountable for a record-breaking 96% of this figure. Therefore, the mounting demand for renewable power is a key factor fueling the expansion of the on-grid solar PV market.
Who Are the Dominant Players Across Different On-Grid Solar PV Market Segments?
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.
What Are the Latest Developing Trends in the On-Grid Solar PV Market?
Leading businesses in the on-grid solar PV market are creating groundbreaking products using sophisticated technology, such as on-grid PV inverters, to augment their market revenue. An on-grid PV inverter is a crucial component of a solar power system that converts the irregular DC output from a solar array into AC electricity, which can be directly supplied to the electrical grid. As an example, in June 2022, V-Guard Industries Ltd., a manufacturer of electricals and home appliances from India, introduced its Solsmart solar rooftop power system. This system includes On-Grid solar power inverters developed for both residential and commercial use. The Solsmart On-Grid Inverter, with an efficiency rate of 98.4%, becomes an economical solution for those looking to decrease their electricity expenditure. It features integrated DC switches that add to the safety factor, facilitating safer installation and operation. This On-Grid solar inverter from Solsmart can function within a temperature range of -25°C to 60°C.
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Which Geographic Regions Are Expected to Dominate the On-Grid Solar PV Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the On-Grid Solar PV Market?
2. What is the CAGR expected in the On-Grid Solar PV Market?
3. What Are the Key Innovations Transforming the On-Grid Solar PV Industry?
4. Which Region Is Leading the On-Grid Solar PV Market?
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