Pune, April 20, 2021 (GLOBE NEWSWIRE) -- Global Grid Connected PV Systems Market Overview
The global grid connected PV systems market size is bound to display a stupendous CAGR of 15% over the forecast period (2020-2027), according to the latest report by Market Research Future (MRFR). Grid connected photovoltaic (PV) systems contain solar panels that power the appliances of households during the day. Solar PV systems can produce surplus of electricity during summer months and are stored in grid connected systems to be fed back to the electrical network. Use of hybrid systems for leveraging on solar energy as well as sustainable approaches of generating power can drive the market.
The grid connected PV systems market is bound to reap huge dividends owing to low operating costs, low electricity bills, and simple design. Elimination of expensive back-up batteries from latest and novel grid designs can lower electricity bills. Rising demand for solar powered energy storage solutions, installation of solar panels, and new government schemes for encouraging renewable energy production can bode well for the market. Development of solar photovoltaic power projects by governments by introducing incentives and subsidies is likely to favor the market. According to the Government of India, the New Solar Mission has opened up auctions for bidding on solar panel projects and aims to create self-sufficient business models that can support energy distribution companies of state governments.
But complexities of maintaining grid balance can hamper market growth.
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COVID-19 Impact:
The COVID-19 pandemic has negatively affected the global grid connected PV systems market. The prioritization of healthcare and goals of curbing the disease from spreading in countries has slashed the budgets of renewable energy schemes. Reliance on solar modules and panels imported from China has affected the industry at large. The effect of the pandemic on auction bids and installations can derail future renewable energy investments. Policy changes that usher in flexibility in current models of electricity systems and calculate for losses during cloud cover and wind gusts can push the industry towards new horizons.
Industry Trends:
Grid connected PV systems are likely to be integrated into electrical grids and act as a source of electrical supply. They can act as a storage device and supply power to grids during peak hours. This is evident with various plans and schemes rolled out by governments and linked with incentives. Cost-savings and operational efficiency are major advantages of these systems that can lead to rapid adoption in the coming years.
Segmentation:
By component, the global grid connected PV systems market has been segmented into inverters, solar panels, power conditioning unit, grid connection equipment, and others. The solar panels segment is bound to exhibit a stellar growth rate over the forecast period owing to technological breakthroughs in capacity and energy density.
By technology, the market has been segmented into crystalline silicon, thin film, and others. The thin film technology can exhibit a stellar growth rate over the forecast period.
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By grid type, it is trifurcated into centralized, decentralized, and grid connected. The grid connected segment is expected to capture a huge market share over the forecast period. This is attributed to benefits of low energy bills and considerable cost savings by enterprises and residential households. Generation of renewable energy through schemes such as feed-in-tariff in the U.K. that rewards customers with subsidies can generate considerable demand for the segment.
Major applications of the global grid connected PV systems market are industrial, commercial, residential, and utility. The utility application is estimated to gain speed by 2027 owing to demand for power during peak hours. Opportunities for solar energy solution providers as well as renewable energy schemes by governments can drive its application in utility companies. Initiatives by governments of Germany, India, and Italy are focusing their efforts on accumulating solar energy to meet their energy demands.
Regional Segmentation:
The grid connected PV systems market covers regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC holds the largest market share owing to increasing investments in solar projects and demand for solar energy sources. Efforts to reduce the reliance on fossil fuels can bode well for the grid connected PV systems market. Rising number of photovoltaic installations in China and India are evident of the huge potential of the market. But lack of land resources can hamper the market growth in the region. Ease in installation process and access to services can attract domestic consumers. Online portals and mobile appliances to address customer grievances can bode well for the market.
North America may be lucrative for the grid connected PV systems market owing to energy saving schemes and eliminating charges in commercial electricity tariffs. The U.S. is likely to be the biggest revenue generator of the region with installation of solar farms and passing of law for introduction of renewable energy schemes. Deployment of GPV connected systems and regulatory changes can favor the market. Investment tax credits for solar is driving the number of installations in the utility sector. Energy storage mandates and incentive schemes can facilitate the market’s penetration in the region.
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Competitive Analysis:
The grid connected PV systems market is very competitive and marked with alliances and joint ventures. New product developments are expected annually owing to government initiatives and schemes.
Key players involved in the market are Panasonic Corporation, Canadian Solar Inc, JinkoSolar Holding Co., Ltd, Sharp Corporation, Sunpower Corporation, KYOCERA Corporation, Trina Solar, ReneSola Power Holdings, LLC, Ravano Green Powers, Zytech Solar, Huawei Technologies, First Solar Inc., Kaneka Corporation, TRIENERGY Schweiz AG, and Suntech Power Holding Co. Ltd.
Industry News
Exide Industries and Leclanche have collaborated on a joint venture, Nexcharge, with Tata Power and created the first grid-connected energy storage system in New Delhi, India. Battery-based storage systems can store solar resources and integrate it into the electric grid. This move is likely to cater to increasing demand of energy during peak hours for residents of the country.
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