Grid Connected PV Systems Market to Rear Excessive Growth During 2024
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.
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Report Overview @
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.
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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.
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