on-Grid Solar PV Global Market Report 2024

The on-grid solar PV market size has grown strongly in recent years. It will grow from $160.26 billion in 2023 to $170.56 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth observed in the historical period can be attributed to several factors, including a focus on energy security and independence, a rise in electricity demand, increased public awareness and acceptance of solar energy, growing environmental consciousness, and concerns related to climate change. Additionally, the support from financial institutions and funding mechanisms has played a significant role in the expansion of on-grid solar photovoltaic (PV) systems during the historic period.

The on-grid solar PV market size is expected to see strong growth in the next few years. It will grow to $208.96 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The anticipated growth in the forecast period can be attributed to various factors, including advancements in energy storage technologies, the integration of digitalization and the Internet of Things (IoT), the decentralization of energy systems, the development of hybrid renewable energy systems, and the integration of electric vehicles (EVs). Key trends expected in the forecast period include an increase in capacity and scale of on-grid solar photovoltaic (PV) systems, the adoption of innovative materials and designs, the implementation of flexible and transparent financing models, continuous advancements in energy storage technologies, and the integration of smart grid technologies.

The growth of the on-grid solar PV market is expected to be propelled by the increasing demand for renewable energy. Renewable energy encompasses sustainable and environmentally friendly power sources such as solar, wind, hydro, and geothermal, which are naturally replenished. The growing public awareness of environmental issues and a rising desire for sustainable living contribute to the demand for on-grid solar PV systems. These systems play a crucial role in renewable energy production by harnessing power through solar panels and supplying it directly to the grid. This approach helps reduce the vulnerability of the grid to centralized disruptions, ultimately improving overall grid reliability. According to the International Energy Agency (IEA) in January 2024, renewable electricity capacity additions reached an estimated 507 GW in 2023, marking a nearly 50% increase from 2022, with solar PV and wind accounting for a record 96% of these additions. The rising demand for renewable energy is a key driver for the growth of the on-grid solar PV market.

Major companies in the on-grid solar PV market are focusing on developing innovative products with advanced technologies, such as on-grid PV inverters, to enhance their market presence and revenue. On-grid PV inverters are essential components of solar energy systems, converting the variable direct current (DC) output from a photovoltaic solar array into alternating current (AC) electricity that can be directly supplied to the electrical grid. For example, V-Guard Industries Ltd., an India-based electricals and home appliances manufacturer, introduced the Solsmart solar rooftop power system in June 2022. This system includes On-Grid solar power inverters designed for residential and commercial applications. The Solsmart On-Grid Inverter boasts an efficiency of 98.4%, making it a cost-effective option for users looking to reduce electricity bills. It features integrated DC switches for enhanced safety during installation and operation, and it can operate within an ambient temperature range of -25°C to 60°C.

In March 2023, JSW Energy Limited, an India-based power generation, transmission, and trading power company, acquired 1,331 MW of wind capacity and 422 MW of solar from Mytrah Energy for $1.23 billion. The acquisition was aimed at increasing JSW Energy's operational capacity by over 36% to reach 6,564 MW, aligning with its capacity target of 10 GW by FY 2025. This strategic move enables JSW Energy to expand its green energy portfolio and position itself as a comprehensive electricity company. Mytrah Energy is an India-based provider of on-grid solar PV solutions within its renewable energy portfolio.

Major companies operating in the on-grid solar pv market report are Huawei Technologies Co. Ltd., L&T Electrical & Automation Ltd., Siemens AG, Schneider Electric SE, ABB Ltd., JA SOLAR Technology Co. Ltd., LONGi Green Energy Technology Co. Ltd., Delta Electronics Inc., Trina Solar Limited, JinkoSolar Holding Co. Ltd., Canadian Solar Inc., Omron Corporation, Chint Group Corp., Sungrow Power Supply Co. Ltd., Risen Energy Co. Ltd., SolarEdge Technologies Inc., First Solar Inc., Havells India Ltd., SunPower Corp., SMA Solar Technology AG, GoodWe (Jiangsu) Power Supply Technology Co. Ltd., Enphase Energy Inc., Ginlong (Solis) Technologies, Motech Industries Inc., Indosolar Ltd., Loom Solar Pvt. Ltd., FIMER S.p.A., GCL System Integration Technology Co. Ltd.

Asia-Pacific was the largest region in the on-grid solar PV market in 2023. The regions covered in the on-grid solar pv market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the on-grid solar pv market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

On-grid solar photovoltaic (PV) systems are solar power installations that are directly connected to the electrical grid. These systems harness energy from sunlight through solar panels and feed the generated electricity into the grid for wider distribution. By doing so, on-grid solar PV systems play a role in reducing greenhouse gas emissions and decreasing dependence on traditional fossil fuels.

The primary types of on-grid solar photovoltaic (PV) technologies include monocrystalline silicon, thin film, polycrystalline silicon, and others. Monocrystalline silicon technology involves the use of solar panels made from single-crystal silicon, known for high efficiency and a sleek, black appearance. These technologies can be deployed in various types of installations, including ground-mounted and rooftop setups, among others. On-grid solar PV systems find applications in residential, non-residential, and utility-scale projects.

The on-grid solar PV market research report is one of a series of new reports that provides on-grid solar PV market statistics, including on-grid solar PV industry global market size, regional shares, competitors with a on-grid solar PV market share, detailed on-grid solar PV market segments, market trends and opportunities, and any further data you may need to thrive in the on-grid solar PV industry. This on-grid solar PV market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The on-grid solar PV market consists of revenues earned by entities by providing solar PV installation, system design, grid connection, and system monitoring and maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. The on-grid solar PV market also includes sales of solar panels, inverters, and energy storage systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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