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Comprehensive On-Grid Solar PV Market Forecast 2025-2034: Growth Trends and Strategic Shifts
On-Grid Solar PV Market
On-Grid Solar PV Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the on-grid solar pv market has been experiencing consistent growth in the past few years. Its size is projected to increase from $170.56 billion in 2024 to $178.12 billion in 2025, marking a compound annual growth rate (CAGR) of 4.4%. Factors such as energy security and self-reliance, expanding electricity demand, public knowledge and acceptance, environmental consciousness, concerns about climate change, and the role of financial institutions and funding have contributed to the growth during the historic period.
On-Grid Solar PV Market Size Forecast: What's the Projected Valuation by 2029?
Expectations suggest a stable increase in the size of the on-grid solar pv market in the upcoming years, with a projection of hitting $211.98 billion by 2029. This growth, at a compound annual growth rate (CAGR) of 4.4%, is traceable to modernization in energy storage technologies, digitalization and IoT, decentralized energy systems, hybrid renewable energy systems, and electric vehicle (EV) integration. The forecast period is set to experience significant changes in capacity and scale, innovative materials and designs, flexible and transparent financing models, enhanced energy storage technologies, and smart grid integration.
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What Are the Drivers Transforming the On-Grid Solar PV Market?
Growth in the on-grid solar PV market is anticipated to be fueled by the escalating demand for renewable energy. Renewable energy, encompassing sources like solar, wind, hydro, and geothermal, is sustainable and eco-friendly with constant rejuvenation. The surge in public cognizance about environmental concerns, coupled with an escalating preference for sustainable living, boosts the need for on-grid solar PV systems. These systems are pivotal in renewable energy generation as they produce power through solar panels and directly supply it to the grid. This aids in reducing the grid's susceptibility to centralized disruptions thereby enhancing the overall reliability of the grid. For example, as per the International Energy Agency situated in France, in January 2024, there has been a surge in renewable electricity capacity additions, reaching an estimated 507 GW in 2023, almost 50% higher than what was achieved in 2022. Solar PV and wind contributed to a whopping 96% of this record increase. Hence, the ascending demand for renewable energy is propelling the on-grid solar PV market's growth.
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What Are the Key Trends Driving On-Grid Solar PV Market Growth?
Leading on-grid solar PV market enterprises are focusing on creating innovative solutions equipped with advanced technology, such as on-grid PV inverters, to boost their market income. Essential to a solar energy system, an on-grid PV inverter converts the variable direct current (DC) produced by a photovoltaic solar array into alternating current (AC) that can be directly fed into the power grid. An example of this is V-Guard Industries Ltd., an Indian electricals and home appliances company, which in June 2022, introduced the Solsmart solar rooftop power system. This system includes On-Grid solar power inverters, designed for both residential and commercial use. The Solsmart On-Grid Inverter, with its efficiency of 98.4%, offers a budget-friendly option for consumers aiming to cut their electricity costs. This product comes with integrated DC switches for additional safety, promoting safe installation and use. Furthermore, the Solsmart On-Grid solar inverter can operate effectively within an ambient temperature range of -25°C and 60°C.
Which Segments in the On-Grid Solar PV Market Offer the Most Profit Potential?
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 Firms Dominate the On-Grid Solar PV Market by Market Share and Revenue in 2025?
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 Regions Offer the Highest Growth Potential 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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