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The grid-connected PV systems market share is expected to increase by USD 158.08 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.58%. This grid-connected PV systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The grid-connected PV systems market report also offers information on several market vendors, including ABB Ltd., Canadian Solar Inc., Delta Electronics Inc., First Solar Inc., Flin Technologies PVt. Ltd., Hanwha Corp., Huawei Investment and Holding Co. Ltd., JA Solar Technology Co. Ltd., JinkoSolar Holding Co. Ltd., KACO new energy, Kyocera Corp., LG Electronics Inc., Luminous Power Technologies PVt. Ltd., Lumos Global BV, Panasonic Corp., Renesola Ltd., Shenzhen Kstar Science and Technology Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., and Trina Solar Co. Ltd. among others. Furthermore, this report extensively covers grid-connected PV systems market segmentation by end-user (non-residential and residential) and geography (APAC, North America, Europe, South America, and Middle East and Africa)
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The advantages associated with grid-connected PV systems is notably driving the grid-connected PV systems market growth, although factors such as intermittency in solar power generation may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the grid-connected PV systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Grid-Connected PV Systems Market Driver
The advantages associated with grid-connected PV systems is one of the key drivers supporting the grid-connected PV systems market growth. Solar PV systems are a good source of energy, mostly for the residential and commercial sectors. Utility-scale power plants have also incorporated renewable sources such as solar PV to generate electricity. This helps reduce the consumption of fossil fuels in power plants and reduce costs. Solar PV that is generated during the day and stored in energy storage devices can be used during the night or during emergency situations such as blackouts. This reduces the load on power plants. Moreover, it is a cost-effective and clean method of increasing the capacity of electricity generation to meet the rising demand. Such advantages make grid-connected solar PV systems preferable and will increase their demand during the forecast period.
Key Grid-Connected PV Systems Market Trend
The increasing adoption of microgrids is one of the key grid-connected PV systems market trends that is contributing to the market growth. Microgrids are more reliable as they are unaffected by power outages in the main grid. Also, they reduce the cost of extending the grid to remote locations. They can generate power from renewable sources such as solar PV and wind power. Many natural disasters have proved the fragility of centralized grid structures. Governments across the world are supporting the adoption of microgrids due to their strong endurance capability during natural calamities. For instance, in November 2019, Tata Power announced its plan to set up 10,000 renewable microgrids by 2026, which is nearly double the microgrid project existing around the globe. These microgrid projects will increase the use of solar PV that offers clean, reliable, and affordable electricity in the forecast period.
Key Grid-Connected PV Systems Market Challenge
Intermittency in solar power generation is one of the factors hindering the grid-connected PV systems market growth. The maintenance cost of solar panels requires additional expenditure for small-scale users, which restricts the use of solar PV installation for residential applications. For instance, solar panels need to be inspected within a span of one year, with a household inspection costing around $0.023-$0.03 $/Watt/year. This will result in a huge burden on household users, thus restricting the use of solar panels and solar cover glass for residential purposes. Therefore, the high initial investment and maintenance costs will hinder the growth of the global grid-connected PV systems market during the forecast period.
This grid-connected PV systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global grid-connected PV systems market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the grid-connected PV systems market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the grid-connected PV systems market encompasses successful business strategies deployed by the key vendors. The grid-connected PV systems market is fragmented and the vendors are deploying growth strategies such as quality, price, service, brand image, distribution, and marketing to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The grid-connected PV systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the grid connected PV systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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71% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the grid-connected PV systems market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The targets set by governments for the construction of solar power plants will facilitate the grid-connected PV systems market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 outbreak in the APAC has hit various verticals of industries, mainly the renewable energy industry. However, the resumption of manufacturing hubs after nationwide lockdowns and a decrease in coal-fired plant power generation may proliferate the growth of the solar industry and the grid-connected PV systems market during the forecast period.
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The grid-connected PV systems market share growth by the non-residential segment will be significant during the forecast period. The non-residential segment comprises utility-scale and commercial and industrial (C&I) solar PV system installations. A utility solar power producer has a long-term power purchase agreement (PPA) with power distributors that provide electricity to consumers. Utility-scale solar PV installations are the most common grid-connected installations. Moreover, the growth of this segment will be driven by the expansion of utility-scale solar power installations, especially in China, India, and European countries. Thus, this will drive the growth of the market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the grid-connected PV systems market size and actionable market insights on post COVID-19 impact on each segment.
Grid-Connected PV Systems Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.58% |
Market growth 2022-2026 |
$ 158.08 billion |
Market structure |
Fragmented |
YoY growth (%) |
12.31 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 71% |
Key consumer countries |
US, China, Japan, India, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ABB Ltd., Canadian Solar Inc., Delta Electronics Inc., First Solar Inc., Flin Technologies PVt. Ltd., Hanwha Corp., Huawei Investment and Holding Co. Ltd., JA Solar Technology Co. Ltd., JinkoSolar Holding Co. Ltd., KACO new energy, Kyocera Corp., LG Electronics Inc., Luminous Power Technologies PVt. Ltd., Lumos Global BV, Panasonic Corp., Renesola Ltd., Shenzhen Kstar Science and Technology Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., and Trina Solar Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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