The Global Grid Connected PV Systems Market is projected to grow CAGR by ~16.23% between 2020 and 2030.
The global grid-connected PV system industry is expected to grow rapidly during the forecast period, driven by growing demand for grid-connected solar power, government policies and incentives to promote the installation of solar power systems, and increasing demand for solar energy storage solutions. In addition, concerns about global warming, the need to reduce reliance on fossil fuel-based power generation, and increasing opportunities to minimize the carbon footprint in the energy generation industry have increased the use of solar energy to meet global energy demand.
Market Dynamics:
Drivers:
Grid-connected PV systems use solar energy systems synced with the grid network to produce electricity. Because they can link PV panels or arrays to the primary power grid and deliver electricity back, they are often called grid-connected or grid-connected solar systems. The primary factors propelling the growth of the global grid-connected PV systems market include rising demand for grid-connected solar power, government laws and incentives to promote the construction of solar power systems, and increasing demand for solar energy storage solutions. In addition, the expanding need for technological advancements in grid-connected solar systems is also driving the market for grid-connected PV systems.
The key factors driving the growth of the global grid-connected PV systems market are the growing demand for grid-connected solar power, government policies and incentives to promote the installation of solar power systems, and the growing demand for solar energy storage solutions. Additionally, the ever-increasing demand for technological advancements in grid-connected solar systems is further accelerating the growth of the grid-connected PV systems market.
Restraints:
However, the complexity of grid balancing is restraining the growth of the global grid-connected PV systems market.
Key players:
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LG Electronics Inc.
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Luminous Power Technologies Pvt. Ltd.
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Lumos Global BV
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Panasonic Corp.
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Renesola Ltd.
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Shenzhen Kstar Science and Technology Co. Ltd.
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SMA Solar Technology AG
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SolarEdge Technologies Inc.
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Trina Solar Co. Ltd.
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And Others
Market Segmentation:
Grid Connected PV Systems Market, By Components
Grid Connected PV Systems Market, By Technology
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Others
Grid Connected PV Systems Market, By Grid Type
Grid Connected PV Systems Market, By Application
Grid Connected PV Systems Market, By Region:
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North America
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Europe
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Asia-Pacific
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South America
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Middle East & Africa
Regional Analysis:
Asia Pacific held the largest market share accounting for XX% in 2020. Growth in the region is driven by increased spending on solar projects and demand for solar energy sources in the region. The growing number of PV installations in China and India demonstrates the market's enormous potential. With a cumulative installed PV capacity of 330.1 GW, Asia is the region with the highest PV capacity. China has the largest cumulative capacity with 205.7GW, followed by Japan (61.8GW), India (34.8GW), and Korea (10.5GW).
North America is expected to witness robust growth at a CAGR of XX% during the forecast period. Segment growth is attributable to the growth of energy conservation programs and tax exemptions on electricity bills for businesses in the region. The growth of solar power plants and the passage of legislation to implement renewable energy plans have made the United States the region's largest source of revenue. The grid connected pv systems market is expected to benefit from the deployment and regulatory changes of GPV connected systems.
Scope of the Report:
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Details |
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Market Size Available For Years |
2020–2030 |
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Base Year Considered |
2020 |
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Forecast Period |
2021–2030 |
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Forecast Unit |
Value (USD) |
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Segments Covered |
Type, Deployment Model, Provider, Application, Enterprise Size, and Region |
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Regions Covered |
North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) |
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Companies Covered |
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User
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Introduction
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Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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