PUBLISHER: The Business Research Company | PRODUCT CODE: 1694658
PUBLISHER: The Business Research Company | PRODUCT CODE: 1694658
On-grid solar photovoltaic (PV) systems refer to grid-tied solar power setups that directly connect to the electrical grid. These systems generate electricity from sunlight through solar panels and feed the power into the grid for broader distribution. It contributes to the reduction of greenhouse gas emissions and reliance on fossil fuels.
The main types of on-grid solar PV technologies are monocrystalline silicon, thin film, polycrystalline silicon, and others. Monocrystalline silicon technology refers to solar panels made from single-crystal silicon, offering high efficiency and a sleek, black appearance. The various types of installations include ground-mounted, rooftop, and others, which are used for several applications, such as residential, non-residential, and utilities.
The main types of on-grid solar PV technologies are monocrystalline silicon, thin film, polycrystalline silicon, and others. Monocrystalline silicon technology refers to solar panels made from single-crystal silicon, offering high efficiency and a sleek, black appearance. The various types of installations include ground-mounted, rooftop, and others, which are used for several applications, such as residential, non-residential, and utilities.
The on-grid solar pv market size has grown strongly in recent years. It will grow from $170.56 billion in 2024 to $180.99 billion in 2025 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to energy security and independence, electricity demand growth, public awareness and acceptance, environmental awareness and climate change concerns, financial institutions and funding.
The on-grid solar pv market size is expected to see steady growth in the next few years. It will grow to $219.05 billion in 2029 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to advancements in energy storage technologies, digitalization and IoT, decentralization of energy systems, hybrid renewable energy systems, electric vehicle (EV) integration. Major trends in the forecast period include increased capacity and scale, innovative materials and design, flexible and transparent financing models, advancements in energy storage technologies, smart grid integration.
The rising demand for renewable energy is expected to propel the growth of the on-grid solar PV market going forward. Renewable energy refers to sustainable and environmentally friendly sources of power, such as solar, wind, hydro, and geothermal, that are naturally replenished. The increasing public awareness towards environmental issues and a growing desire for sustainable living contribute to the demand for on-grid solar PV systems. It plays a significant role in the production of renewable energy by producing power using solar panels and supplying it straight to the grid. This helps in reducing the vulnerability of the grid to centralized disruptions, improving overall grid reliability. For instance, in January 2024, according to the International Energy Agency, a France-based government agency, renewable electricity capacity additions reached an estimated 507 GW in 2023, almost 50% higher than in 2022, with solar PV and wind accounting for a record 96% of it. Therefore, the rising demand for renewable energy is driving the growth of the on-grid solar PV market.
Major companies operating in the on-grid solar PV market are developing innovative products with advanced technologies, such as on-grid PV (photovoltaic) inverters, to drive their revenues in the market. An on-grid PV inverter is an essential part of a solar energy system that transforms a photovoltaic solar array's variable direct current (DC) output into alternating current (AC) electricity that may be supplied straight into the electrical grid. For instance, in June 2022, V-Guard Industries Ltd., an India-based electricals and home appliances manufacturer, launched Solsmart solar rooftop power system, which consists of On-Grid solar power inverters designed for residential and commercial applications. The Solsmart On-Grid Inverter has an efficiency of 98.4%, making it a cost-effective alternative for users aiming to reduce electricity bills. It has integrated DC switches that offer additional safety benefits, ensuring safer installation and operation. The Solsmart On-Grid solar inverter can perform within an ambient temperature range of -25°C and 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 $1,235 million. JSW Energy's aim behind the acquisition was to increase its current operational capacity by over 36% to 6,564 MW and advance towards its capacity target of 10 GW by FY 2025. Through this acquisition, JSW Energy is expected to expand its green energy portfolio and become a full-service electricity company. Mytrah Energy is an India-based provider of on-grid solar PV solutions as part of its renewable energy portfolio.
Major companies operating in the on-grid solar PV market 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 2024. 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.
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.
On-Grid Solar PV Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on on-grid solar pv market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for on-grid solar pv ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The on-grid solar pv market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.