Grid Connected PV Systems Market Research Report - Global Forecast till 2027

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 2027

ID: MRFR/E&P/8977-HCR | March 2021 | Region: Global | 111 pages

Grid Connected PV Systems Market Scenario


Grid connected PV systems market size is projected to grow CAGR of ~15% between 2020 and 2027.


Grid connected PV systems refers to the solar system that generates electricity by utilizing the solar energy system in sync with the grid network. It is also known as grid-tied solar system or on-grid solar system, allowing the PV panels or array that are connected or tied to the main electricity grid, which feeds electricity back into the grid.


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


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.


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.
Grid Connected PV Systems Market


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



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: Significant Value
  CAGR   15% (2020-2027)
  Base Year   2019
  Forecast Period   2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Components, Technology, Grid Type, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Sunpower Corporation (US), Zytech Solar (Spain), Ravano Green Powers (Italy), KYOCERA Corporation (Japan), Canadian Solar Inc (Canada), Huawei Technologies (China), JinkoSolar Holding Co., Ltd (China), Trina Solar (China), Panasonic Corporation (Japan), Suntech Power Holding Co. Ltd. (China), First Solar Inc. (US), Sharp Corporation (Japan), Kaneka Corporation (Japan), ReneSola Power Holdings, LLC (US), and TRIENERGY Schweiz AG (Switzerland).
  Key Market Opportunities   The Growing Demand for solar powered energy storage solutions
  Key Market Drivers   The Rising Demand for grid connected solar power sources, government policies and incentives to promote installation of solar power systems


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Frequently Asked Questions (FAQ) :


Grid Connected Pv Systems market is predicted to grow at ~15% through forecast period of 2020-2027.

The forecast period for Grid Connected Pv Systems market research report is 2020-2027.

Global Grid Connected Pv Systems market is dominated by APAC region.