Grid Connected PV Systems Market Information Report by Components (Solar Panels, Power Conditioning Unit, Grid Connection Equipment, Inverters, and Others), by Technology (Thin Film, Crystalline Silicon, and Others), by Grid Type (Grid Connected, Centralized, and Decentralized), by Application (Residential, Commercial, Utility, and Industrial), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) - Forecast till 2030

Grid Connected PV Systems Market Scenario

Grid connected PV systems market size is projected to grow CAGR of ~15% between 2022 and 2030.

Due to the rising demand for grid-connected solar power sources, government policies and incentives to promote solar power system installation, and the growing demand for solar-powered energy storage solutions, the global grid-connected PV systems industry is expected to grow rapidly during the forecast period. Concerns about global warming, the need to reduce reliance on fossil-fuel-based power generation, and the growing opportunities to minimize carbon footprint in the energy generation industry have boosted the use of solar energy to fulfill global energy demand.

PV systems that are grid-connected create power by utilizing a solar energy system that is in sync with the grid network. It's also known as a grid-tied or on-grid solar system since it allows PV panels or arrays to be linked to the main power grid and send electricity back into it. The rising need for grid-linked solar power sources, government regulations and incentives to promote solar power system installation, and the growing demand for solar-powered energy storage solutions are the primary drivers driving the growth of the global grid-connected PV systems market. Furthermore, the rising need for technological improvements in grid-connected solar systems is boosting the market for grid-connected PV systems.

The major factors driving the growth of the global grid connected PV systems market is the rising demand for grid connected solar power sources, government policies and incentives to promote installation of solar power systems, and the growing demand for solar powered energy storage solutions. Moreover, the growing demand for technological advancements in grid connected solar systems is further fueling the growth of grid connected PV systems market. However, complexity in maintaining grid balance is a restraining factor for the growth of the global Grid Connected PV Systems market.

Key Players

Many major players such as Sunpower Corporation (US), Zytech Solar (Spain), KYOCERA Corporation (Japan), Canadian Solar Inc (Canada), JinkoSolar Holding Co., Ltd (China), ReneSola Power Holdings, LLC (US), and Trina Solar (China), among others are actively participating in the development of grid connected PV systems. For instance, in September 2020, ReneSola Power Holdings, LLC (US) along with Zhongnan Industry, a subsidiary of Zhongnan Holding Group (China) formed a joint venture to establish a solar PV manufacturing facility having an annual production capacity of 3 GW in Jiangsu Province, China. In August 2018, B&K Precision Corporation (US) expanded its 600 series of Grid Connected PV Systems with the introduction of new 603B model. In March 2020, SunPower (US) in partnership with the CPower Energy Management, a demand-side energy management company delivered 11 MW solar power systems in New England. SunPower through partnership with CPower focuses to deliver residential solutions to support the grid stability. Such developments in the market are expected to drive the growth of the global grid connected PV systems market during the forecast period.

Industry News

• SunPower (US) delivered 11 MW solar power systems in New England in March 2020, in collaboration with CPower Energy Management, a demand-side energy management company. SunPower, in collaboration with CPower, aims to provide household solutions that help to maintain grid stability. During the projected period, such market trends are expected to propel the global grid-linked PV systems market forward.


• To boost the amount of renewable energy in the country's total power generation, the Italian government established a goal of 50 GW of solar power generation capacity. Similarly, the German government established a goal of achieving 98 GW of solar electricity generation capacity by the end of the forecast period.

Market Segmentation

The global grid connected PV systems market has been segmented based on components, technology, grid type, application, and region. Based on components, the global market is divided into solar panels, power conditioning unit, grid connection equipment, inverters, and others. The solar panels segment is expected to hold the largest share of the market. The into solar panels segment is expected to grow at a faster rate during the forecast period owing to the growing technological developments in the manufacturing of solar panels to increase the efficiency. Based on technology, the global market is divided into thin film, crystalline silicon, and others. The thin film segment is expected to hold the largest share of the market share.  The crystalline silicon m segment is expected to grow at the fastest rate during the forecast period owing to various advantages such as higher efficiency, high stability, and longer lifespan. Based on grid type, the market is segmented into grid connected, centralized, and decentralized. The grid connected segment is expected to lead the market during the forecast period. Based on application, the market is segmented into residential, commercial, utility, and industrial. The utility segment is expected to hold the largest share of the market and it is anticipated to grow at a faster rate during the forecast period.

The global grid connected PV systems market is expected to grow at ~15% CAGR during the forecast period.

The global grid connected PV systems industry is expected to witness high growth during the forecast period owing to the rising demand for grid connected solar power sources, government policies and incentives to promote installation of solar power systems, and the growing demand for solar powered energy storage solutions. The increasing concerns regarding global warming, reducing dependency on fossil fuel-based power generation, and the growing opportunities to reduce carbon footprint in the energy generation industry have increased the adoption of solar energy sources to meet the global energy demand. According to the International Energy Agency (IEA), the global electricity generation capacity from solar energy is expected to reach 3,300 TWh by 2030. Many stakeholders and authorities in various countries such as Italy, India, and Germany are focusing on increasing the use of solar energy sources to meet the country’s energy demand. For instance, in 2019, the Italian government set up a target to achieve 50 GW of solar power generation capacity by the end of 2030 to increase the share of renewable energy in the country’s total power generation. Similarly, in the same year, the German government set up a target to achieve 98 GW of solar electricity generation capacity by 2030. Additionally, in 2019, the Indian government set up a goal to reach 100 GW solar power installation capacity by 2022. Such developments are expected to increase the share of the solar energy capacity in the total power generation mix globally, which eventually led the increased adoption of grid connected solar PV systems in the global market during the forecast period.

Based on region, the global grid connected PV systems market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific holds the largest grid connected PV systems market share due to the growing demand for solar power energy sources and increasing investments in solar power projects in the region. Solar energy is identified as the best replacement to the conventional energy sources so as to decrease carbon emission by meeting the electricity needs in the region. In India, in January 2018, Solar Energy Corporation of India (SECI) has commissioned the country’s second largest grid connected rooftop solar PV power plant at GAIL’s Petrochemical complex in Uttar Pradesh. Additionally, in Japan, In October 2019, Total Solar International, a subsidiary of Total (France) announced the construction of 52 MW Miyagi Osato Solar Park located in Osato, Japan. Furthermore, in 2019, the Government of India has launched the Grid-Connected Rooftop Solar (RTS) Programme with an aim to have a cumulative capacity of 40,000 MW grid connected rooftop solar power by the year 2022. In China, in October 2020, the Huanghe hydropower development project has successfully grid connected the 2.2 GW solar PV park in China. Such developments are expected to grow the demand for grid connected PV systems in the region.

Intended Audience

• Government and research organization


• Consulting companies in the Grid Connected PV Systems market


• Raw material suppliers


• Research consultants


• Investors and shareholders