Grid Connected Photovoltaic (PV) Systems Market Size | 2031

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Grid Connected Photovoltaic (PV) Systems Market Size | 2031

Grid Connected Photovoltaic (PV) Systems Market Size | 2031

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Segments - Grid Connected Photovoltaic (PV) Systems Market by Technology (Crystalline Silicon, Thin Film, and Others), Component (Solar Panels, Inverters, Grid Connection Equipment, and Power Conditioning Unit), Grid Type (Grid Connected and Off-grid), End-user (Residential, Commercial, Industrial, and Utility-scale), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Raksha Sharma

Fact-checked by : V. Chandola

Editor : Swapnil Hedau

Report Description

Market Dynamics
Scope of Market Report
Market Segment Insights

Segments
Table Of Content
Methodology
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Report Description

The global grid connected photovoltaic (PV) systems market size was USD XX Bn in 2022 and is estimated to reach USD XX Bn by 2031, expanding at a CAGR of XX% during 2023-2031. Rising concerns regarding global warming is expected to accelerate the market.

A grid-connected photovoltaic (PV) system is an electricity-generating system that is connected to the utility grid. It generates electricity through solar panels and with the embedded solar panels, power-controlling units, grid connection devices, AC-DC converters, and inverters. These systems offer excellent efficiency, increased flexibility, and reliability.

Grid Connected Photovoltaic (PV) Systems Market Outlook

The grid-connected PV system has great potential to produce energy with minimal impact on the environment. Its arrangement can range from industrial and commercial rooftop systems, and small residential units to large utility-scale solar power plants. It reduces electricity bills and has low operating and maintenance costs.

The market report finds that the COVID-19 pandemic moderately impacted on the market. A sharp decline in the electricity demand from industrial and commercial sectors, owing to the prolonged shutdown of large-scale industries and the halting of various power-related projects disrupted the overall supply chain of the market. However, the installation of solar PV systems in residential buildings has increased, owing to the rising demand for reliable power, which boosted the market to a certain limit.

Grid Connected Photovoltaic (PV) Systems Market Dynamics

Key Trends

Rising acceptance of microgrids is a key trend contributing to the growth of the market. microgrids can generate power from renewable sources and cannot be affected by power outages in the main grid. It has a strong capability of endurance during natural calamities. Thus, it considers more reliable.

Major Drivers

Growing awareness regarding clean and renewable energy and the rising deployment of solar panels in residential buildings are major factors boosting the market during the forecast period. A renewable energy source is a positive way to minimize carbon emissions, as it reduces the consumption of fossil fuels in the power station.

Increasing demand from off-grid locations is likely to propel the market in the coming years. Off-grid locations include small villages where access to electricity is impossible through the grid connection, as laying down grid connections in such locations requires high investment. Furthermore, several government policies have encouraged consumers to invest in the generation of clean and renewable energy from rooftop solar PV panels.

Existing Restraints

High installation and maintenance cost of solar panels is likely to hinder the market during the projected period. PV installation for residential applications requires additional capital investments, which restraints the market to a certain level.

Emerging Opportunities

Electrification in rural areas creates immense growth opportunities in the market. 100% electrification through solar photovoltaic (PV) is an excellent solution. Moreover, growing requirement to reduce carbon footprint and reliance on fossil-fuel-based electricity generation are expected to fuel the market.

Grid Connected Photovoltaic (PV) Systems Market Dynamics

Scope of Grid Connected Photovoltaic (PV) Systems Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Grid Connected Photovoltaic (PV) Systems Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Technology (Crystalline Silicon, Thin Film, and Others), Component (Solar Panels, Inverters, Grid Connection Equipment, and Power Conditioning Unit), Grid Type (Grid Connected and Off-grid), and End-user (Residential, Commercial, Industrial, and Utility-scale)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
Key Players Covered in the Report	First Solar; Wuxi Suntech Power Co., Ltd.; SunPower Corporation; Huawei Technologies Co., Ltd.; 3GSolar; Bloo Solar Inc.; BP Solar International; Canadian Solar; Jinko Solar; Kaneka Corporation; Kayocera Corporation; Ravano Green Powers; Renesola Co.,Ltd; Schott Solar Ag.; Sharp Corporation; Sharp Corporation; Solar world Ag; TRIENERGY Schweiz AG; Trina solar limited; Yingli Green Energy Holding Co. Ltd.; and Zytech Solar

Grid Connected Photovoltaic (PV) Systems Market Segment Insights

On the basis of technology, the grid connected photovoltaic (PV) systems market is categorized as crystalline silicon, thin film, and others. The growth of the crystalline silicon segment is attributed to the ability to produce high power. Crystalline silicon converts light into electricity. Solar cells made from crystalline silicon provides high efficiency, stability, and longer lifespan.

Grid Connected Photovoltaic (PV) Systems Market Technology

Based on component, the market is divided into solar panels, inverters, grid connection equipment, and power conditioning unit. The solar panels segment is expected to hold a major share of the market during the projection period, due to the increasing need to reduce reliance on fuel-based power station.

Solar panels generate power from sunlight and stored in energy storage device, which can be utilize during emergency. It generates power between 250 to 400 Watts per hour and reduces electricity bills. The segment growth is further attributed to the rising deployment of solar systems in residential buildings and the supportive government subsidies for deploying solar system.

On the basis of grid type, the market is bifurcated into grid connected and off-grid. The grid connected segment is projected to register a robust growth rate during the assessment period, owing to the ability to generates more energy than the load. It does not require battery to store power and can immediately switch to the backup mode. Growing demand for extra power from residential and commercial buildings is likely to boost the segment.

The off-grid segment is estimated to grow at a rapid pace in the coming years, due to the growing requirement to electrify rural areas. The segment growth is further attributed to the rising government initiatives to provide electricity to those areas where access to electricity is not available.

Based on end-user, the market is segregated into residential, commercial, industrial, and utility-scale. The industrial segment is anticipated to generate major revenue share of the during the projection period, due to the growing industrialization at a rapid pace in the developing countries. Industrial machineries require reliable and efficient power for better performance. Thus, the industries from remote areas demand for the deployment of advanced energy systems, which is likely to boost the market.

Grid Connected Photovoltaic (PV) Systems Market End User

In terms of region, the global grid connected solar photovoltaic (PV) systems market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period, due to the rising green and clean energy technologies in the region. 100% electrification in rural areas of developing countries and the rising government funding in solar power plants is further fueling the market growth.

The market in North America is projected to expand quickly during the assessment period, owing to the availability of advanced technological infrastructure and the rapid expansion of commercial buildings in the region. The regional market growth is further attributed to the rapid expansion of smart city projects in the region.

Grid Connected Photovoltaic (PV) Systems Market Regions

Segments

The global grid connected solar photovoltaic (PV) systems market has been segmented on the basis of

Technology

Crystalline Silicon
Thin Film
Others

Component

Solar Panels
Inverters
Grid Connection Equipment
Power Conditioning Unit

Grid Type

Grid Connected
Off-grid

End-user

Residential
Commercial
Industrial
Utility-scale

Region

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

First Solar
Wuxi Suntech Power Co., Ltd.
SunPower Corporation
Huawei Technologies Co., Ltd.
3GSolar
Bloo Solar Inc.
BP Solar International
Canadian Solar
Jinko Solar
Kaneka Corporation
Kayocera Corporation
Ravano Green Powers
Renesola Co.,Ltd
Schott Solar Ag.
Sharp Corporation
Sharp Corporation
Solar world Ag
TRIENERGY Schweiz AG
Trina solar limited
Yingli Green Energy Holding Co. Ltd.
Zytech Solar

Competitive Landscape

Key players competing in the global grid connected solar photovoltaic (PV) systems market are First Solar; Wuxi Suntech Power Co., Ltd.; SunPower Corporation; Huawei Technologies Co., Ltd.; 3GSolar; Bloo Solar Inc.; BP Solar International; Canadian Solar; Jinko Solar; Kaneka Corporation; Kayocera Corporation; Ravano Green Powers; Renesola Co.,Ltd; Schott Solar Ag.; Sharp Corporation; Sharp Corporation; Solar world Ag; TRIENERGY Schweiz AG; Trina solar limited; Yingli Green Energy Holding Co. Ltd.; and Zytech Solar.

These companies adopted development strategies including acquisition, mergers, collaborations, partnerships, production expansion, and product launches to boost their global presence. For instance,

On September 19, 2022, First Solar and Azure Power Global Limited entered into an agreement. The First Solar announced that it will provides 600 megawatts DC of its advanced and high-performance thin film PV solar modules to Azure Power Global Limited.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Grid Connected Photovoltaic (PV) Systems Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Grid Connected Photovoltaic (PV) Systems Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Grid Connected Photovoltaic (PV) Systems Market - Supply Chain
  4.5. Global Grid Connected Photovoltaic (PV) Systems Market Forecast
     4.5.1. Grid Connected Photovoltaic (PV) Systems Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Grid Connected Photovoltaic (PV) Systems Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Grid Connected Photovoltaic (PV) Systems Market Absolute $ Opportunity
5. Global Grid Connected Photovoltaic (PV) Systems Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Grid Connected Photovoltaic (PV) Systems Market Size and Volume Forecast by End Users
     5.3.1. Residential
     5.3.2. Commercial
     5.3.3. Industrial
     5.3.4. Utility-scale
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Grid Connected Photovoltaic (PV) Systems Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Grid Connected Photovoltaic (PV) Systems Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Grid Connected Photovoltaic (PV) Systems Demand Share Forecast, 2019-2026
7. North America Grid Connected Photovoltaic (PV) Systems Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Grid Connected Photovoltaic (PV) Systems Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Grid Connected Photovoltaic (PV) Systems Market Size and Volume Forecast by End Users
     7.4.1. Residential
     7.4.2. Commercial
     7.4.3. Industrial
     7.4.4. Utility-scale
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Grid Connected Photovoltaic (PV) Systems Demand Share Forecast, 2019-2026
8. Latin America Grid Connected Photovoltaic (PV) Systems Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Grid Connected Photovoltaic (PV) Systems Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Grid Connected Photovoltaic (PV) Systems Market Size and Volume Forecast by End Users
     8.4.1. Residential
     8.4.2. Commercial
     8.4.3. Industrial
     8.4.4. Utility-scale
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Grid Connected Photovoltaic (PV) Systems Demand Share Forecast, 2019-2026
9. Europe Grid Connected Photovoltaic (PV) Systems Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Grid Connected Photovoltaic (PV) Systems Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Grid Connected Photovoltaic (PV) Systems Market Size and Volume Forecast by End Users
     9.4.1. Residential
     9.4.2. Commercial
     9.4.3. Industrial
     9.4.4. Utility-scale
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Grid Connected Photovoltaic (PV) Systems Demand Share Forecast, 2019-2026
10. Asia Pacific Grid Connected Photovoltaic (PV) Systems Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Grid Connected Photovoltaic (PV) Systems Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Grid Connected Photovoltaic (PV) Systems Market Size and Volume Forecast by End Users
     10.4.1. Residential
     10.4.2. Commercial
     10.4.3. Industrial
     10.4.4. Utility-scale
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Grid Connected Photovoltaic (PV) Systems Demand Share Forecast, 2019-2026
11. Middle East & Africa Grid Connected Photovoltaic (PV) Systems Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Grid Connected Photovoltaic (PV) Systems Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Grid Connected Photovoltaic (PV) Systems Market Size and Volume Forecast by End Users
     11.4.1. Residential
     11.4.2. Commercial
     11.4.3. Industrial
     11.4.4. Utility-scale
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Grid Connected Photovoltaic (PV) Systems Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Grid Connected Photovoltaic (PV) Systems Market: Market Share Analysis
  12.2. Grid Connected Photovoltaic (PV) Systems Distributors and Customers
  12.3. Grid Connected Photovoltaic (PV) Systems Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. First Solar
     12.4.2. Wuxi Suntech Power Co., Ltd.
     12.4.3. SunPower Corporation
     12.4.4. Huawei Technologies Co., Ltd.
     12.4.5. 3GSolar
     12.4.6. Bloo Solar Inc.
     12.4.7. BP Solar International
     12.4.8. Canadian Solar
     12.4.9. Jinko Solar
     12.4.10. Kaneka Corporation
     12.4.11. Kayocera Corporation
     12.4.12. Ravano Green Powers
     12.4.13. Renesola Co.,Ltd
     12.4.14. Schott Solar Ag.
     12.4.15. Sharp Corporation
     12.4.16. Sharp Corporation
     12.4.17. Solar world Ag
     12.4.18. TRIENERGY Schweiz AG
     12.4.19. Trina solar limited
     12.4.20. Yingli Green Energy Holding Co. Ltd.
     12.4.21. Zytech Solar