Global On-Grid Solar Pv Market Overview
As per MRFR analysis, the On Grid Solar Pv Market Size was estimated at 86.99 (USD Billion) in 2022.The On Grid Solar Pv Market Industry is expected to grow from 98.45(USD Billion) in 2023 to 300.0 (USD Billion) by 2032. The On Grid Solar Pv Market CAGR (growth rate) is expected to be around 13.18% during the forecast period (2024 - 2032).
Key On Grid Solar Pv Market Trends Highlighted
Key market drivers for the global on-grid solar PV market include the increasing demand for renewable energy, government incentives and regulations, and falling costs of solar panels. Some of the key market opportunities include the development of new technologies, such as solar cells with higher efficiency, and the expansion of the market into new regions, such as developing countries. In recent times, the market has seen a trend towards the adoption of large-scale solar PV systems, as well as the integration of solar PV with other renewable energy sources, such as wind and storage. Another important trend is the development of smart solar PV systems, which can be integrated with the grid and provide advanced features, such as remote monitoring and control.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
On-Grid Solar Pv Market Drivers
Government Incentives and Regulations
Government incentives and regulations play a crucial role in driving the growth of the On Grid Solar Pv Market Industry. Many governments worldwide have implemented policies and incentives to promote the adoption of solar photovoltaic (PV) systems. These incentives include tax breaks, subsidies, and feed-in tariffs that make solar PV systems more affordable and attractive to businesses and homeowners. Additionally, governments are implementing regulations that mandate the use of renewable energy sources, including solar PV, in new buildings and renovations.These policies and regulations provide a favorable environment for the growth of the On Grid Solar Pv Market Industry.
Technological Advancements
Technological advancements are another key driver of the On Grid Solar Pv Market Industry. Ongoing research and development efforts have led to significant improvements in the efficiency and cost-effectiveness of solar PV modules. The development of new technologies, such as bifacial solar panels and perovskite solar cells, has further enhanced the performance and reduced the costs of solar PV systems. These technological advancements make solar PV systems more competitive with traditional energy sources, driving the growth of the On Grid Solar Pv Market Industry.
Growing Environmental Concerns
Growing environmental concerns are also contributing to the growth of the On Grid Solar Pv Market Industry. The increasing awareness of climate change and the need to reduce carbon emissions is driving the adoption of renewable energy sources, including solar PV. Solar PV systems provide a clean and sustainable source of energy that can help reduce greenhouse gas emissions and mitigate the effects of climate change. The growing emphasis on environmental sustainability is expected to continue to drive the growth of the On Grid Solar Pv Market Industry in the coming years.
On-Grid Solar Pv Market Segment Insights:
On-Grid Solar Pv Market System Size Insights
The On Grid Solar Pv Market is segmented by system size into residential (below 10 kW), commercial and industrial (10 kW - 1 MW), and utility-scale (above 1 MW). Among these segments, the residential segment is expected to hold the largest market share in 2023, accounting for nearly half of the global market revenue. This growth is attributed to the increasing adoption of solar PV systems by homeowners seeking to reduce their electricity bills and contribute to a cleaner environment. The commercial and industrial segment is projected to experience significant growth over the forecast period, driven by the rising demand for renewable energy sources in the commercial and industrial sectors.This segment is expected to account for a significant share of the On Grid Solar Pv Market revenue by 2032. The utility-scale segment is anticipated to witness a steady growth rate during the forecast period. This growth is attributed to the increasing adoption of solar PV systems by utility companies to meet the growing demand for electricity and reduce their reliance on fossil fuels. In terms of market data, the On Grid Solar Pv Market is expected to reach a valuation of USD 120.47 billion by 2024, exhibiting a compound annual growth rate (CAGR) of 14.2% from 2024 to 2032.The increasing demand for renewable energy sources, coupled with government initiatives and subsidies, is expected to drive the growth of the market over the forecast period. Overall, the On Grid Solar Pv Market is poised for significant growth in the coming years, driven by the increasing adoption of solar PV systems across various segments, including residential, commercial industrial, and utility-scale applications.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
On-Grid Solar Pv Market Module Type Insights
The Module Type segment of the On Grid Solar Pv Market is segmented into Monocrystalline, Polycrystalline, and Thin Film (CdTe, CIGS). Monocrystalline is a type of solar cell made from a single crystal of silicon. It is the most efficient type of solar cell, with an efficiency of up to 25%. Polycrystalline solar cells are made from multiple crystals of silicon. They are less efficient than monocrystalline solar cells, with an efficiency of up to 20%. Thin Film solar cells are made from a thin layer of semiconductor material deposited on a substrate.They are the least efficient type of solar cell, with an efficiency of up to 15%. The On Grid Solar Pv Market revenue for Monocrystalline is expected to reach USD 50 billion by 2024, growing at a CAGR of 12%. The On Grid Solar Pv Market revenue for Polycrystalline is expected to reach USD 30 billion by 2024, growing at a CAGR of 10%. The On Grid Solar Pv Market revenue for Thin Film is expected to reach USD 20 billion by 2024, growing at a CAGR of 8%.
On-Grid Solar Pv Market Application Insights
Application Segment Insights and Overview The On Grid Solar Pv Market segmentation by application spans Rooftop Installations, Ground-Mounted Systems, and Floating Solar Systems. Among these, Rooftop Installations captured the largest revenue share in 2023, owing to the increasing adoption of solar panels for residential and commercial buildings. Ground-mounted systems are expected to witness significant growth over the forecast period, driven by large-scale solar power plants and utility projects. Floating Solar Systems, though a niche segment, are gaining traction due to their advantages in land utilization and water evaporation reduction.The On Grid Solar Pv Market data indicates a steady rise in the demand for solar energy across various applications, contributing to the overall market growth.
On-Grid Solar Pv Market Power Rating Insights
The On Grid Solar Pv Market market segmentation by power rating includes Below 300 W, 301-500 W, 501-1000 W, and Above 1000 W. Among these, the 301-500 W segment held the largest market share in 2023, accounting for around 35% of the On Grid Solar Pv Market revenue. The growth of this segment can be attributed to the increasing adoption of solar PV systems in residential and commercial applications. The Below 300 W segment is expected to witness significant growth during the forecast period, owing to the rising demand for portable and off-grid solar solutions.The 501-1000 W segment is also projected to grow steadily, driven by the increasing adoption of solar PV systems in industrial applications. The Above 1000 W segment is expected to have a relatively smaller market share, but it is likely to grow at a healthy pace, supported by the growing demand for large-scale solar PV projects.
On-Grid Solar Pv Market Market Value Insights
The On Grid Solar Pv Market is expected to grow from $267.39 billion in 2023 to $1,112.06 billion by 2032, exhibiting a CAGR of 17.8% during the forecast period. Rising energy demand, increasing environmental concerns, and government incentives are driving the growth of the market. Moreover, technological advancements and decreasing costs of solar PV systems are further propelling the market growth. The growth is expected to be primarily driven by the Asia-Pacific region, followed by North America and Europe.
On-Grid Solar Pv Market Regional Insights
The On Grid Solar Pv Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in the coming years. The region is home to some of the world's fastest-growing economies, such as China and India. These countries are experiencing a rapidly increasing demand for electricity, and solar PV is seen as a clean and affordable way to meet this demand. In 2023, the On Grid Solar Pv Market in APAC was valued at USD 35.64 billion. This figure is expected to reach USD 123.45 billion by 2032, exhibiting a CAGR of 14.8% during the forecast period.North America and Europe are also expected to witness significant growth in the On Grid Solar Pv Market. These regions have been early adopters of solar PV technology, and they continue to invest heavily in this sector. In 2023, the On Grid Solar Pv Market in North America was valued at USD 28.97 billion. This figure is expected to reach USD 97.32 billion by 2032, exhibiting a CAGR of 13.9% during the forecast period. The On Grid Solar Pv Market in Europe was valued at USD 22.76 billion in 2023. This figure is expected to reach USD 79.21 billion by 2032, exhibiting a CAGR of 14.2% during the forecast period.South America and MEA are expected to experience moderate growth in the On Grid Solar Pv Market. These regions have a relatively low penetration of solar PV technology, but they are expected to catch up in the coming years. In 2023, the On Grid Solar Pv Market in South America was valued at USD 7.36 billion. This figure is expected to reach USD 25.14 billion by 2032, exhibiting a CAGR of 14.3% during the forecast period. The On Grid Solar Pv Market in MEA was valued at USD 3.72 billion in 2023. This figure is expected to reach USD 12.88 billion by 2032, exhibiting a CAGR of 14.9% during the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
On-Grid Solar Pv Market Key Players And Competitive Insights:
Major players in the On Grid Solar PV Market industry are constantly innovating and developing new technologies to gain a competitive edge. Leading On Grid Solar Pv Market players are focusing on expanding their global presence and increasing their market share. The On Grid Solar PV Market is expected to witness significant growth in the coming years, driven by increasing demand for renewable energy sources.SunPower Corporation is a leading global provider of high-performance solar technology solutions. The company offers a range of products, including solar panels, inverters, and energy storage systems. SunPower has a strong presence in the United States, Europe, and Asia. The company is committed to innovation and has developed a number of proprietary technologies, including its Maxeon solar cell technology.First Solar, Inc. is another major player in the On Grid Solar Pv Market. The company is a leading manufacturer of thin-film solar modules. First Solar has a strong presence in the United States, Europe, and Asia. The company is committed to sustainability and has a number of environmental initiatives in place.
Key Companies in the On Grid Solar Pv Market Include:
- JA Solar
- SMA Solar Technology
- SunPower
- Wuxi Suntech Power
- Risen Energy
- SolarEdge Technologies
- Trina Solar
- Longi Solar
- REC Group
- Fronius International
- First Solar
- Hanwha Q Cells
- Jinko Solar
- Canadian Solar
- Huawei
On-Grid Solar Pv Market Industry Developments
The global on-grid solar PV market is projected to grow from USD 123.19 billion in 2023 to USD 300.0 billion by 2032, exhibiting a CAGR of 13.18% during the forecast period. Rising energy demand, coupled with increasing environmental concerns and supportive government policies, are driving market growth. Additionally, technological advancements, such as the development of high-efficiency solar panels and cost reductions, are further propelling market expansion.Recent news developments include: In January 2023, the International Energy Agency (IEA) reported that global solar PV installations reached a record high of 268 GW in 2022, with China accounting for nearly half of the total installations. In February 2023, the European Union announced plans to invest €210 billion in renewable energy projects, with a significant portion allocated to solar PV. In March 2023, the United States Department of Energy launched a new initiative to accelerate the deployment of solar energy, aiming to achieve 40% solar electricity generation by 2035.These developments underscore the growing importance of on-grid solar PV as a clean and sustainable energy source.
On-Grid Solar Pv Market Segmentation Insights
- On-Grid Solar Pv Market System Size Outlook
- Residential (Below 10 kW)
- Commercial and Industrial (10 kW - 1 MW)
- Utility-Scale (Above 1 MW)
- On-Grid Solar Pv Market Module Type Outlook
- Monocrystalline
- Polycrystalline
- Thin Film (CdTe, CIGS)
- On-Grid Solar Pv Market Application Outlook
- Rooftop Installations
- Ground-Mounted Systems
- Floating Solar Systems
- On-Grid Solar Pv Market Power Rating Outlook
- Below 300 W
- 301-500 W
- 501-1000 W
- Above 1000 W
- On-Grid Solar Pv Market Market Value Outlook
- $267.39 billion (2023)
- Projected $1,112.06 billion (2032)
| Report Attribute/Metric |
Details |
| Market Size 2022 |
86.99(USD Billion) |
| Market Size 2023 |
98.45(USD Billion) |
| Market Size 2032 |
300.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
13.18% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
JA Solar, SMA Solar Technology, SunPower, Wuxi Suntech Power, Risen Energy, SolarEdge Technologies, Trina Solar, Longi Solar, REC Group, Fronius International, First Solar, Hanwha Q Cells, Jinko Solar, Canadian Solar, Huawei |
| Segments Covered |
System Size, Module Type, Application, Power Rating, Market Value, Regional |
| Key Market Opportunities |
1.    Growing demand for renewable energy 2.    Government incentives 3.    Technological advancements 4.    Increasing environmental awareness 5.    Rapid urbanization and industrialization |
| Key Market Dynamics |
Increasing government incentives, declining solar module prices, rising energy demand, growing environmental concerns, technological advancements |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The On Grid Solar Pv Market is expected to reach USD 300.0 Billion by 2032, exhibiting a CAGR of 13.18% during the forecast period 2024-2032.
North America is anticipated to dominate the On Grid Solar PV Market with a market share of % by 2032, owing to the increasing demand for renewable energy sources and favorable government policies.
Grid Solar PV systems find applications in residential, commercial, and industrial sectors, with the residential sector accounting for the largest share.
Leading players in the On Grid Solar Pv Market include Jinko Solar, LONGi Solar, Trina Solar, Canadian Solar, and First Solar, among others.
Advancements in solar cell technology, increasing investments in renewable energy, and government incentives are key trends driving the growth of the On Grid Solar PV Market.
The On Grid Solar Pv Market is expected to witness significant growth over the forecast period, driven by increasing energy demand, rising environmental concerns, and technological advancements.
Challenges include high upfront costs, intermittency of solar power, and the need for large land areas for installation.
Opportunities lie in technological innovations, increasing energy efficiency, and government initiatives promoting renewable energy adoption.
Government policies and incentives play a crucial role in driving market growth by providing financial support and promoting the adoption of solar energy.
Factors include rising energy costs, increasing awareness about environmental sustainability, and technological advancements that enhance system efficiency.
