According to Technavio market research analysts, the global grid-connected PV systems market will grow at a CAGR of over 12% during the forecast period of 2018 - 2022.
The advantages associated with grid-connected PV systems are a major factor driving the market’s growth.
The report also mentions that technological advances in residential solar PV panels is a key emerging trend in the global grid-connected PV systems market.
The emphasis on clean energy options is having a positive impact on the market as well.
Most of the residential consumers prefer grid connections over off-grid connections to power their homes. Solar PV systems that are installed at homes are connected to the home appliances, meters, and the grid.
Grid-connected PV systems offer significant costs savings as they eliminate the need to install batteries to store energy and other standalone equipment.
The installation of such equipment and the maintenance of the system increases the cost. Therefore, a grid-connected PV system is cheaper and easier to install when compared with alternatives.
Solar PV systems that are installed in residences are smaller in capacity when compared with the solar PV systems that are installed in commercial establishments and utilities.
They can also generate more electricity than the consumption requirement.
The non-residential segment held the largest market share in 2017, accounting for nearly 73% of the market. This segment is expected to witness steady growth and dominate the market throughout the forecast period.
APAC dominated the global grid-connected PV systems market in 2017 by contributing to a market share of more than 69%. This segment is expected to post significant growth during the forecast period.
The Global grid-connected PV systems market segmentation report contain multiple sections such as the market size and forecast, drivers, challenges, trends, and more.
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