Press release
Leading Companies Reinforce Their Presence in the On-Grid Solar PV Market
On-Grid Solar PV Market
Projected Expansion and Market Size of the On-Grid Solar PV Market
The market for on-grid solar photovoltaic systems is anticipated to reach a value of $221.95 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.5%. Several factors contribute to this steady rise, including heightened renewable energy targets worldwide, greater use of energy storage combined with on-grid solar setups, and the increasing popularity of corporate power purchase agreements (PPAs). Additionally, upgrades to grid infrastructure to support distributed generation and rising electricity needs from electric vehicle charging stations further accelerate this market's expansion. Key trends expected to influence the sector include wider adoption of smart monitoring technologies within on-grid solar systems, growth in rooftop grid-connected installations, increased use of utility-scale solar projects to stabilize grids, expanded financing options for residential solar, and advancements in hybrid solar-plus-storage technologies.
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Emerging Key Players in the On-Grid Solar PV Industry
The on-grid solar PV market is shaped by a group of influential companies actively driving innovation and market penetration. Leading players include 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., and GCL System Integration Technology Co. Ltd. These companies continue to expand their portfolios and improve technology to meet growing market demands.
Significant Acquisition Highlighting Industry Developments
In March 2023, JSW Energy Limited, an Indian company focused on power generation, transmission, and trading, acquired 1,331 MW of wind power capacity and 422 MW of solar capacity from Mytrah Energy for $1,235 million. This strategic move aims to increase JSW Energy's current operational capacity by over 36%, bringing it to 6,564 MW, and bringing the company closer to its aspiration of reaching a 10 GW capacity by fiscal year 2025. This acquisition also positions JSW Energy to broaden its green energy offerings and transition into a full-service electricity provider. Mytrah Energy is known for delivering on-grid solar PV solutions as part of its renewable energy assets in India.
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Innovation Trends Driving the On-Grid Solar PV Market
Companies in the on-grid solar PV sector are focusing on developing cutting-edge products like advanced on-grid photovoltaic inverters to enhance system efficiency and reliability. These inverters are crucial components that convert direct current (DC) electricity generated by solar panels into alternating current (AC) electricity suitable for feeding into the electrical grid. For example, in June 2023, Solinteg, a renewable energy solutions provider based in China, introduced its Integ O Series three-phase on-grid inverter ranging from 4 to 25 kW. This model offers a top conversion efficiency of 98.6%, supports up to three Maximum Power Point Trackers (MPPTs) to optimize solar array output, and operates with a low startup voltage of 180 V, allowing for extended operation in less-than-ideal lighting conditions.
Market Segmentation Details in the On-Grid Solar PV Industry
The report breaks down the on-grid solar PV market into key segments for better analysis:
1) Technology Types: Monocrystalline Silicon, Thin Film, Polycrystalline Silicon, and Other Innovative Technologies
2) Installation Types: Ground Mounted, Rooftop, and Other Installation Configurations
3) Application Areas: Residential, Non-Residential, and Utility-Scale Projects
Further subcategories include:
- Monocrystalline Silicon panels featuring PERC (Passivated Emitter Rear Cell) technology and bifacial modules
- Thin Film technologies such as Cadmium Telluride (CdTe), Amorphous Silicon (a-Si), and Copper Indium Gallium Selenide (CIGS)
- Polycrystalline Silicon panels including standard and bifacial types
- Other emerging technologies like Heterojunction Technology (HJT), Organic Photovoltaics (OPV), and Perovskite Solar Cells
This segmentation provides a comprehensive view of the market's structure and highlights the diversity of technology and applications shaping the future of on-grid solar PV systems.
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