Industry Background:
A grid-connected PV system is one in which the photovoltaic panels or array are linked to the utility grid via a power inverter unit, allowing them to operate in parallel with the power grid. Grid Connected PV Systems have solar panels that provide some, if not all, of their power needs during the day while remaining connected to the local electrical grid network at night. Solar PV systems can sometimes produce more electricity than is required or consumed, particularly during the long, hot summer months. Extra or surplus electricity is either stored in batteries or, in the case of most grid-connected PV systems, is fed directly back into the electrical grid network. In other words, homes and buildings that use a grid-connected PV system can use solar energy to meet some or all of their energy needs while also using power from the normal electrical mains grid at night or on cloudy, dull, and rainy days, giving them the best of both worlds. The electricity then flows back and forth to and from the mains grid in grid-connected PV systems based on sunlight conditions and the actual electrical demand at the time.This growth is primarily driven by The Growing Demand for Solar Powered Energy Storage Solutions has Been Driving the Market Growth..
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Volume Unit | N |
Value Unit | USD (Million) |
Key Companies in Study | Sunpower Corporation (United States), 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) and Suntech Power Holding Co. Ltd. (China) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Power Producers & Energy Traders sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Sunpower Corporation (United States), 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) and Suntech Power Holding Co. Ltd. (China) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In February 2022, TotalEnergies announced it has signed a definitive agreement with SunPower Corp.'s to purchase its Commercial & Industrial Solutions (CIS) business for USD 250 million, including USD 60 million of earn-out, subject to regulatory evolution. TotalEnergies is the majority shareholder of SunPower, a leading solar technology and energy services provider.
In November 2021, SunPower Corp., a leading solar technology and energy services provider, announced the launch of its Virtual Power Plant (VPP) solution, enabling SunVault energy storage customers to be paid for allowing the utility to use stored energy during peak demand and contribute to a more stable power grid in their community.Market players are focusing on providing Grid-connected Photovoltaic Power Generation with higher quality along with complying with all regulatory standards to fascinate more end users. They are also focusing on the introduction of numerous advanced & attractive features to further offer qualified Grid-connected Photovoltaic Power Generation systems. Besides, the numerous industry profitability has led to the entry of new players, in turn, increasing the level of rivalry in the already competitive market.
Regulatory Insights:
As stated by the Department of Energy Organization Act of 1977, FERC has jurisdiction over interstate energy and electricity commerce. Regulatory decisions (Orders) issued by FERC are proposed, deliberated, and decided by commissioners who are appointed by the president of the United States and serve staggered five-year terms (Quinn 2015). FERC’s authority to regulate interstate electricity commerce is rooted in the “Interstate Commerce Clause” from Article I, Section 8 of the U.S. Constitution, which states that the United States Congress has regulatory authority over commerce that crosses state boundaries. The Federal Power Act of 1935 granted FERC’s predecessor, the Federal Power Commission, authority to “provide effective federal regulation of the expanding business of transmitting and selling electric power in interstate commerce.” This law effectively extended federal regulatory jurisdiction to all interstate transmission infrastructure and generators engaged in wholesale electricity commerce.
Market Drivers
- The Growing Demand for Solar Powered Energy Storage Solutions has Been Driving the Market Growth.
Market Trend
- The Rising Demand for Grid Connected Solar Power Sources as Due to the Presence of Advanced Technology has Been Contributing towards Market Growth.
Restraints
- The Stability of Networks is Still Questionable Due to the Restraints in Entry of Players in Areas with High Renewable Energy Penetration.
Opportunities
Government Policies and Incentives to Promote Installation of Solar Power Systems will Bring Market Growth.
Challenges
The initial Cost of Investment is high.
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Grid-connected Photovoltaic Power Generation Study Sheds Light on
The Grid-connected Photovoltaic Power Generation Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Grid-connected Photovoltaic Power Generation industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Grid-connected Photovoltaic Power Generation industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.