Grid Connected PV Systems Market Key Players and Growth Analysis with Forecast | 2024
Global Grid Connected PV Systems Market: Overview
A grid connected photovoltaic power system is a solar PV system connected to utility grid that generates electricity using solar power. A grid connected PV system comprises solar panels, a power conditioning unit, grid connection equipment, and one or many inverters. These systems can range from commercial rooftop systems and small residential units to large utility-scale solar power stations. Unlike standalone solar power equipment, grid connected systems seldom constitute any integrated battery solutions. During favorable conditions, a grid connected PV system supplies superfluous power to the utility, beyond what is required for consumption of the connected load.
The global grid connected PV systems market is expected to exhibit considerable growth between 2014 and 2023. These systems render easy installation, high efficiency, and improved flexibility and reliability. Due to such intrinsic advantages that grid connected PV systems offer, their demand is poised to surge exponentially in the near future. PV systems integrated with various storage technologies, such as direct load control and battery energy, offer cost efficiency and higher reliability in terms of deriving energy from solar power. More than 40 countries worldwide are expected to install over 100 MW of new solar power photovoltaic capacity, signaling the true emergence of solar power into traditional energy generation ambit.
The report studies the growth trajectory likely to be exhibited by the grid connected PV systems market during the forecast period. Factors influencing the demand and supply forces in the market are analyzed in detail. The impact of the prevailing government policies and competitive pressure on the market operations is also studied in detail. The report includes exhaustive information obtained from trusted industrial sources. Insights from industry experts are also referred to for the purpose of the study.
Global Grid Connected PV Systems Market: Key Opportunities and Threats
The utilities scale sector accounted for the largest volume of installation in 2015, and is expected to remain the leading application segment over the forecast period. In the same years, both residential and commercial sectors are likely to exhibit significant increase in installations. The technological advancements introduced to promote power generation from renewable sources are expected to offer numerous economic and environmental benefits.
Grid connected PV systems are mainly installed in inverters to offer holistic power solutions. These systems are ideal to be installed in small solar energy systems deployed in the residential sector or for providing combined solutions to an industrial complex. Grid connected PV systems are user-friendly and ensure high performance at minimum expenditure.
The rising interest for combining energy storage with utility scale solar PV systems to enable integration into a grid is the prime factor driving the global grid connected PV systems market. However, the entry of market players is restricted in areas with high penetration of renewable energy sources and island grids. This, in turn, challenges the grid’s steadiness.
Global Grid Connected PV Systems Market: Region-wise Outlook
Enterprises operating in the U.S. grid connected PV systems market are witnessing significantly rising demand. The U.S. is expected to account for the largest share in the global grid connected PV systems market by 2023. Additionally, the U.K. and Australia are also expected to deploy grid connected PV systems in their residential sectors on a large scale.
Other nations such as Germany and Japan are also expected to encourage large-scale deployment of grid connected PV systems over the next few years.
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Global Grid Connected PV Systems Market: Vendor Landscape
To present a comprehensive view on the prevailing competitive landscape, the report profiles companies such as Sunpower Corporation, KYOCERA Corporation, CODA Energy, Green Charge Networks, and others. Enterprises such as CODA Energy, Stem Inc., and Green Charge Networks offer their systems to consumers at no upfront cost, which is subsequently expected to amplify the demand from the market.