Grid Connected PV Systems Market: Global Industry Analysis and...

Grid Connected PV Systems Market: Global Industry Analysis and Forecast (2023-2032)

Posted 2024-03-27 10:46:59

Grid Connected PV Systems Market Overview:

Grid Connected PV Systems Market size is projected to grow CAGR of 15.00% between 2023 and 2032.

The global grid connected PV systems market has been segmented into five regions, namely, Asia-Pacific, the Middle East & Africa, Europe, North America, and South America. Asia-Pacific is expected to hold the largest share of the market during the forecast period. The growing demand for on-grid solar energy sources and the government policies and schemes drive the growth of the grid connected PV systems market in the region. Solar energy is identified as the best replacement to the conventional energy sources so as to decrease carbon footprint by meeting the electricity needs in the region.

As the authorities in the region are focusing on the developments of on-grid solar energy, the demand for grid connected PV systems is expected to grow significantly during the forecast period. In japan, in September 2020, First Solar Japan, a subsidiary of First Solar (US) and Toshiba Energy Systems & Solutions Corporation signed a contract to construct two mega solar projects, namely, Yatsubo Solar Power Plant and Ikeda Solar Power Plant to supply electricity to the country’s electricity grid in Tochigi Prefecture, Japan. In India, the Government of India has set up a target ha having 100 GW of grid connected solar power installation capacity by 2022. Such factors are expected to drive the growth of the grid connected PV systems market in the Asia-Pacific region during the forecast period.

The global grid connected PV systems market has been segmented based on components, technology, grid type, and application. Based on components, the global market is divided into solar panels, power conditioning unit, grid connection equipment, inverters, and others. The solar panels segment is expected to hold the larger share of the market and grow at the fastest rate during the forecast period. Based on technology, the global market is divided into thin film, crystalline silicon, and others. The crystalline silicon m segment is expected to grow at the fastest rate during the forecast period. Based on grid type, the market is segmented into grid connected, centralized, and decentralized. The grid connected segment is expected to lead the market during the forecast period. Based on application, the market is segmented into residential, commercial, utility, and industrial. The utility segment is expected to hold the largest share of the market and it is anticipated to grow at a faster rate during the forecast period.

Key Players

The players operating in the global grid connected PV systems market are Sunpower Corporation (US), Canadian Solar Inc (Canada), Suntech Power Holding Co. Ltd. (China), First Solar Inc. (US), KYOCERA Corporation (Japan), Trina Solar (China), ReneSola Power Holdings, LLC (US), Panasonic Corporation (Japan), Sharp Corporation (Japan), JinkoSolar Holding Co., Ltd (China), Kaneka Corporation (Japan), Huawei Technologies (China), Ravano Green Powers (Italy), TRIENERGY Schweiz AG (Switzerland), and Zytech Solar (Spain).

Scope of the Report

This report provides an in-depth analysis of the global grid connected PV systems market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size and share for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global grid connected PV systems market by components, technology, grid type, application, and region.

By Components