Grid Connected PV Systems Market size to Grow by USD 158.08 billion| Advantages Associated with Grid-connected PV Systems to Drive Growth | Technavio

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NEW YORK, April 13, 2022 /PRNewswire/ — The grid-connected PV systems market share is expected to increase by USD 158.08 billion from 2021 to 2026. The growth momentum of the market will accelerate at a CAGR of 12.58% during the forecast period.

Attractive Opportunities in Grid Connected PV Systems Market by End-user and Geography - Forecast and Analysis 2022-2026

 

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Driver and Challenge

The advantages associated with grid-connected PV systems are supporting the grid-connected PV systems market growth. Solar PV systems are a good source of energy for the residential and commercial sectors. Utility-scale power plants have incorporated renewable sources such as solar PV to generate electricity. This helps in reducing the consumption of fossil fuels in power plants and lowering costs. Solar PV is generated during the day and stored in energy storage devices. It can be used during the night or during emergency situations such as blackouts. This lowers the load on power plants. It is a cost-effective and clean method of increasing the capacity of electricity generation to meet the rising demand. Such advantages increase the preference for grid-connected solar PV systems and will increase their demand during the forecast period.

Intermittency in solar power generation is challenging the grid-connected PV systems market growth. The maintenance cost of solar panels needs additional expenditure for small-scale users. This restricts the use of solar PV installation for residential applications. For instance, solar panels need to be inspected within a span of a year. This will result in a significant burden on household users, which will restrict 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.

Major Grid Connected PV Systems Companies:

  • 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.
  • Trina Solar Co. Ltd.

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Grid Connected PV Systems Market End-user Outlook (Revenue, USD bn, 2021-2026)

  • Non-residential – size and forecast 2021-2026
  • Residential – size and forecast 2021-2026

Grid Connected PV Systems Market Geography Outlook (Revenue, USD bn, 2021-2026)

  • APAC – size and forecast 2021-2026
  • North America – size and forecast 2021-2026
  • Europe – size and forecast 2021-2026
  • South America – size and forecast 2021-2026
  • Middle East and Africa – size and forecast 2021-2026

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Regional Analysis

APAC will account for 71% of the market’s growth during the forecast period. 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. China, Japan, and India are the key countries 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.

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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

USD 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.

Table of Contents

1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
  • 3.4 Market outlook: Forecast for 2021-2026
    • Exhibit 13: Chart on Global – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 14: Data Table on Global – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
    • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 17: Five forces analysis – Comparison between2021 and 2026
  • 4.2 Bargaining power of buyers
    • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
  • 4.3 Bargaining power of suppliers
    • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
  • 4.4 Threat of new entrants
    • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
  • 4.5 Threat of substitutes
    • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
  • 4.6 Threat of rivalry
    • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
  • 4.7 Market condition
    • Exhibit 23: Chart on Market condition – Five forces 2021 and 2026

5 Market Segmentation by End-user

  • 5.1 Market segments
    • Exhibit 24: Chart on End-user – Market share 2021-2026 (%)
    • Exhibit 25: Data Table on End-user – Market share 2021-2026 (%)
  • 5.2 Comparison by End-user
    • Exhibit 26: Chart on Comparison by End-user
    • Exhibit 27: Data Table on Comparison by End-user
  • 5.3 Non-residential – Market size and forecast 2021-2026
    • Exhibit 28: Chart on Non-residential – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 29: Data Table on Non-residential – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 30: Chart on Non-residential – Year-over-year growth 2021-2026 (%)
    • Exhibit 31: Data Table on Non-residential – Year-over-year growth 2021-2026 (%)
  • 5.4 Residential – Market size and forecast 2021-2026
    • Exhibit 32: Chart on Residential – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 33: Data Table on Residential – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 34: Chart on Residential – Year-over-year growth 2021-2026 (%)
    • Exhibit 35: Data Table on Residential – Year-over-year growth 2021-2026 (%)
  • 5.5 Market opportunity by End-user
    • Exhibit 36: Market opportunity by End-user ($ billion)

6 Customer Landscape

  • 6.1 Customer landscape overview
    • Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

  • 7.1 Geographic segmentation
    • Exhibit 38: Chart on Market share by geography 2021-2026 (%)
    • Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
  • 7.2 Geographic comparison
    • Exhibit 40: Chart on Geographic comparison
    • Exhibit 41: Data Table on Geographic comparison
  • 7.3 APAC – Market size and forecast 2021-2026
    • Exhibit 42: Chart on APAC – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 43: Data Table on APAC – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 44: Chart on APAC – Year-over-year growth 2021-2026 (%)
    • Exhibit 45: Data Table on APAC – Year-over-year growth 2021-2026 (%)
  • 7.4 North America – Market size and forecast 2021-2026
    • Exhibit 46: Chart on North America – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 47: Data Table on North America – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 48: Chart on North America – Year-over-year growth 2021-2026 (%)
    • Exhibit 49: Data Table on North America – Year-over-year growth 2021-2026 (%)
  • 7.5 Europe – Market size and forecast 2021-2026
    • Exhibit 50: Chart on Europe – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 51: Data Table on Europe – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 52: Chart on Europe – Year-over-year growth 2021-2026 (%)
    • Exhibit 53: Data Table on Europe – Year-over-year growth 2021-2026 (%)
  • 7.6 South America – Market size and forecast 2021-2026
    • Exhibit 54: Chart on South America – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 55: Data Table on South America – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 56: Chart on South America – Year-over-year growth 2021-2026 (%)
    • Exhibit 57: Data Table on South America – Year-over-year growth 2021-2026 (%)
  • 7.7 Middle East and Africa – Market size and forecast 2021-2026
    • Exhibit 58: Chart on Middle East and Africa – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 59: Data Table on Middle East and Africa – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 60: Chart on Middle East and Africa – Year-over-year growth 2021-2026 (%)
    • Exhibit 61: Data Table on Middle East and Africa – Year-over-year growth 2021-2026 (%)
  • 7.8 China – Market size and forecast 2021-2026
    • Exhibit 62: Chart on China – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 63: Data Table on China – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 64: Chart on China – Year-over-year growth 2021-2026 (%)
    • Exhibit 65: Data Table on China – Year-over-year growth 2021-2026 (%)
  • 7.9 Japan – Market size and forecast 2021-2026
    • Exhibit 66: Chart on Japan – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 67: Data Table on Japan – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 68: Chart on Japan – Year-over-year growth 2021-2026 (%)
    • Exhibit 69: Data Table on Japan – Year-over-year growth 2021-2026 (%)
  • 7.10 India – Market size and forecast 2021-2026
    • Exhibit 70: Chart on India – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 71: Data Table on India – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 72: Chart on India – Year-over-year growth 2021-2026 (%)
    • Exhibit 73: Data Table on India – Year-over-year growth 2021-2026 (%)
  • 7.11 US – Market size and forecast 2021-2026
    • Exhibit 74: Chart on US – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 75: Data Table on US – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 76: Chart on US – Year-over-year growth 2021-2026 (%)
    • Exhibit 77: Data Table on US – Year-over-year growth 2021-2026 (%)
  • 7.12 Germany – Market size and forecast 2021-2026
    • Exhibit 78: Chart on Germany – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 79: Data Table on Germany – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 80: Chart on Germany – Year-over-year growth 2021-2026 (%)
    • Exhibit 81: Data Table on Germany – Year-over-year growth 2021-2026 (%)
  • 7.13 UK – Market size and forecast 2021-2026
    • Exhibit 82: Chart on UK – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 83: Data Table on UK – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 84: Chart on UK – Year-over-year growth 2021-2026 (%)
    • Exhibit 85: Data Table on UK – Year-over-year growth 2021-2026 (%)
  • 7.14 Market opportunity by geography
    • Exhibit 86: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers
  • 8.2 Market challenges
  • 8.3 Impact of drivers and challenges
    • Exhibit 87: Impact of drivers and challenges in 2021 and 2026
  • 8.4 Market trends

9 Vendor Landscape

  • 9.1 Overview
  • 9.2 Vendor landscape
    • Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
  • 9.3 Landscape disruption
    • Exhibit 89: Overview on factors of disruption
  • 9.4 Industry risks
    • Exhibit 90: Impact of key risks on business

10 Vendor Analysis

  • 10.1 Vendors covered
    • Exhibit 91: Vendors covered
  • 10.2 Market positioning of vendors
    • Exhibit 92: Matrix on vendor position and classification
  • 10.3 ABB Ltd.
    • Exhibit 93: ABB Ltd. – Overview
    • Exhibit 94: ABB Ltd. – Business segments
    • Exhibit 95: ABB Ltd. – Key news
    • Exhibit 96: ABB Ltd. – Key offerings
    • Exhibit 97: ABB Ltd. – Segment focus
  • 10.4 Canadian Solar Inc.
    • Exhibit 98: Canadian Solar Inc. – Overview
    • Exhibit 99: Canadian Solar Inc. – Business segments
    • Exhibit 100: Canadian Solar Inc. – Key news
    • Exhibit 101: Canadian Solar Inc. – Key offerings
    • Exhibit 102: Canadian Solar Inc. – Segment focus
  • 10.5 Delta Electronics Inc.
    • Exhibit 103: Delta Electronics Inc. – Overview
    • Exhibit 104: Delta Electronics Inc. – Business segments
    • Exhibit 105: Delta Electronics Inc. – Key offerings
    • Exhibit 106: Delta Electronics Inc. – Segment focus
  • 10.6 First Solar Inc.
    • Exhibit 107: First Solar Inc. – Overview
    • Exhibit 108: First Solar Inc. – Business segments
    • Exhibit 109: First Solar Inc. – Key news
    • Exhibit 110: First Solar Inc. – Key offerings
    • Exhibit 111: First Solar Inc. – Segment focus
  • 10.7 Flin Technologies Pvt. Ltd.
    • Exhibit 112: Flin Technologies Pvt. Ltd. – Overview
    • Exhibit 113: Flin Technologies Pvt. Ltd. – Product / Service
    • Exhibit 114: Flin Technologies Pvt. Ltd. – Key offerings
  • 10.8 Hanwha Corp.
    • Exhibit 115: Hanwha Corp. – Overview
    • Exhibit 116: Hanwha Corp. – Product / Service
    • Exhibit 117: Hanwha Corp. – Key news
    • Exhibit 118: Hanwha Corp. – Key offerings
  • 10.9 Huawei Investment and Holding Co. Ltd.
    • Exhibit 119: Huawei Investment and Holding Co. Ltd. – Overview
    • Exhibit 120: Huawei Investment and Holding Co. Ltd. – Business segments
    • Exhibit 121: Huawei Investment and Holding Co. Ltd. – Key offerings
    • Exhibit 122: Huawei Investment and Holding Co. Ltd. – Segment focus
  • 10.10 JA Solar Technology Co. Ltd.
    • Exhibit 123: JA Solar Technology Co. Ltd. – Overview
    • Exhibit 124: JA Solar Technology Co. Ltd. – Business segments
    • Exhibit 125: JA Solar Technology Co. Ltd. – Key offerings
    • Exhibit 126: JA Solar Technology Co. Ltd. – Segment focus
  • 10.11 JinkoSolar Holding Co. Ltd.
    • Exhibit 127: JinkoSolar Holding Co. Ltd. – Overview
    • Exhibit 128: JinkoSolar Holding Co. Ltd. – Product / Service
    • Exhibit 129: JinkoSolar Holding Co. Ltd. – Key news
    • Exhibit 130: JinkoSolar Holding Co. Ltd. – Key offerings
  • 10.12 Trina Solar Co. Ltd.
    • Exhibit 131: Trina Solar Co. Ltd. – Overview
    • Exhibit 132: Trina Solar Co. Ltd. – Business segments
    • Exhibit 133: Trina Solar Co. Ltd. – Key offerings
    • Exhibit 134: Trina Solar Co. Ltd. – Segment focus

11 Appendix

  • 11.1 Scope of the report
  • 11.2 Inclusions and exclusions checklist
    • Exhibit 135: Inclusions checklist
    • Exhibit 136: Exclusions checklist
  • 11.3 Currency conversion rates for US$
    • Exhibit 137: Currency conversion rates for US$
  • 11.4 Research methodology
    • Exhibit 138: Research methodology
    • Exhibit 139: Validation techniques employed for market sizing
    • Exhibit 140: Information sources
  • 11.5 List of abbreviations
    • Exhibit 141: List of abbreviations

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