Global Grid Connected PV Systems Market: Overview
A grid connected photovoltaic power system is a solar PV system connected to utility grid that generates electricity using solar power. A grid connected PV system comprises solar panels, a power conditioning unit, grid connection equipment, and one or many inverters. These systems can range from commercial rooftop systems and small residential units to large utility-scale solar power stations. Unlike standalone solar power equipment, grid connected systems seldom constitute any integrated battery solutions. During favorable conditions, a grid connected PV system supplies superfluous power to the utility, beyond what is required for consumption of the connected load.
The global grid connected PV systems market is expected to exhibit considerable growth between 2014 and 2023. These systems render easy installation, high efficiency, and improved flexibility and reliability. Due to such intrinsic advantages that grid connected PV systems offer, their demand is poised to surge exponentially in the near future. PV systems integrated with various storage technologies, such as direct load control and battery energy, offer cost efficiency and higher reliability in terms of deriving energy from solar power. More than 40 countries worldwide are expected to install over 100 MW of new solar power photovoltaic capacity, signaling the true emergence of solar power into traditional energy generation ambit.
The report studies the growth trajectory likely to be exhibited by the grid connected PV systems market during the forecast period. Factors influencing the demand and supply forces in the market are analyzed in detail. The impact of the prevailing government policies and competitive pressure on the market operations is also studied in detail. The report includes exhaustive information obtained from trusted industrial sources. Insights from industry experts are also referred to for the purpose of the study.
Global Grid Connected PV Systems Market: Key Opportunities and Threats
The utilities scale sector accounted for the largest volume of installation in 2015, and is expected to remain the leading application segment over the forecast period. In the same years, both residential and commercial sectors are likely to exhibit significant increase in installations. The technological advancements introduced to promote power generation from renewable sources are expected to offer numerous economic and environmental benefits.
Grid connected PV systems are mainly installed in inverters to offer holistic power solutions. These systems are ideal to be installed in small solar energy systems deployed in the residential sector or for providing combined solutions to an industrial complex. Grid connected PV systems are user-friendly and ensure high performance at minimum expenditure.
The rising interest for combining energy storage with utility scale solar PV systems to enable integration into a grid is the prime factor driving the global grid connected PV systems market. However, the entry of market players is restricted in areas with high penetration of renewable energy sources and island grids. This, in turn, challenges the grid’s steadiness.
Global Grid Connected PV Systems Market: Region-wise Outlook
Enterprises operating in the U.S. grid connected PV systems market are witnessing significantly rising demand. The U.S. is expected to account for the largest share in the global grid connected PV systems market by 2023. Additionally, the U.K. and Australia are also expected to deploy grid connected PV systems in their residential sectors on a large scale.
Other nations such as Germany and Japan are also expected to encourage large-scale deployment of grid connected PV systems over the next few years.
Global Grid Connected PV Systems Market: Vendor Landscape
To present a comprehensive view on the prevailing competitive landscape, the report profiles companies such as Sunpower Corporation, KYOCERA Corporation, CODA Energy, Green Charge Networks, and others. Enterprises such as CODA Energy, Stem Inc., and Green Charge Networks offer their systems to consumers at no upfront cost, which is subsequently expected to amplify the demand from the market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.