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Driving On-Grid Solar PV Market Growth in 2025: The Role of Rising Demand For Renewable Energy Drives Surge In On-Grid Solar PV Market
On Grid Solar PV Market Size
On-Grid Solar PV Market Size Growth Forecast: What to Expect by 2025?
The market size of the on-grid solar pv has significantly increased in the recent past. It is expected to escalate from $170.56 billion in 2024 to $180.99 billion in 2025, marking a compound annual growth rate (CAGR) of 6.1%. Factors such as the importance of energy security and independence, rising electricity demand, heightened public comprehension and acceptance, environmental consciousness and worries about climate change, along with financial institutions and funding have contributed to this growth in the historical period.
How Will the On-Grid Solar PV Market Size Evolve and Grow by 2029?
Predictions indicate that the on-grid solar pv market will show consistent expansion in the coming years, with its worth projected to hit $219.05 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 4.9%. This growth during the forecast period can be linked to improvements in energy storage technologies, the incorporation of digitalization and IoT, the decentralization of energy systems, the emergence of hybrid renewable energy systems, and the integration of electric vehicles (EV). The major future trends will incorporate factors like scaling up capacity, creative materials and design, transparent and adaptable financing schemes, advances in energy storage technologies, and the integration of smart grids.
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What Drivers Are Propelling the Growth of On-Grid Solar PV Market Forward?
The growth of the on-grid solar PV market is anticipated to be driven by the increasing demand for renewable energy. This type of energy originates from sustainable and eco-friendly sources like solar, wind, hydro, and geothermal, that are constantly replenished. The heightened public consciousness of environmental problems, coupled with a growing interest in sustainable lifestyles, is boosting the need for on-grid solar PV systems. These systems play a crucial role in renewable energy production, generating power from solar panels and providing it directly to the grid. This offers the benefit of decreasing the grid's susceptibility to centralized disturbances, thereby improving its overall dependability. As an illustration, in January 2024, the France-based International Energy Agency reported an impressive growth of about 507 GW in renewable electricity capacity additions in 2023, nearly a 50% increase from the previous year. Notably, solar PV and wind contributed to a record-breaking 96% of this growth. Consequently, the escalating demand for renewable energy is the driving force behind the expansion of the on-grid solar PV market.
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Which Emerging Trends Are Transforming the On-Grid Solar PV Market in 2025?
Leading businesses in the on-grid solar PV market are introducing novel products equipped with cutting-edge technology such as on-grid photovoltaic (PV) inverters to boost their market profits. An on-grid PV inverter, a crucial component of a solar energy system, converts the variable direct current (DC) output of a photovoltaic solar array into alternating current (AC) that can be directly fed into the power grid. For example, in June 2022, V-Guard Industries Ltd., an electrical equipment and home appliance company based in India, introduced the Solsmart solar rooftop power system. This system includes On-Grid solar power inverters developed specifically for residential and business use. The Solsmart On-Grid Inverter, with its 98.4% efficiency, provides a cost-effective solution for those looking to lower their electricity costs. Integrated DC switches providing augmented safety features ensure a safer installation and operating process. The Solsmart On-Grid solar inverter functions efficiently within an ambient temperature range between -25°C and 60°C.
What Are the Key Segments in the On-Grid Solar PV Market?
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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Who Are the Key Players Shaping the On-Grid Solar PV Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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.
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