On Grid Solar PV Market Analysis

Based on end use, the commercial & industrial segment is set to cross USD 132 billion by 2034, on account of growing need to reduce carbon emissions driving advancements in solar panel technology. Products that offer stability, compatibility, and high-power generation will continue to support business trends. Introduction of net metering policies allow businesses with on-grid solar systems to send excess power back to the grid, earning credits that can offset future electricity usage, augmenting the business landscape. In addition, set ambitious renewable energy targets, drive both public and private investments in on-grid solar power, stimulating market growth.

Rising residential energy costs and increasing environmental concerns, will influence a growing number of homeowners to on-grid solar PV systems. Reduced electricity bills, energy independence, and the opportunity to earn by selling surplus energy back to the grid either through net metering or power purchase agreements will drive the market growth. Various financing options, such as solar leases, power purchase agreements and solar loans, has made on-grid solar more accessible to homeowners thereby driving the product demand.

The U.S. on grid solar PV market is likely to exceed USD 47 billion by 2034. National and local governments worldwide have introduced policies and financial incentives to encourage the adoption of on-grid solar PV. These include tax credits, rebates, and grants for residential and commercial solar systems. For instance, the Investment Tax Credit (ITC) in the U.S. provides significant tax incentives for solar installations. On-grid solar systems are increasingly being integrated with smart grid technology allowing for better monitoring, management, and distribution of electricity, ensuring that solar energy is utilized efficiently, stimulating the product penetration.

Moreover, hybrid system integrated with battery storage systems supports improve energy reliability and reduces reliance on the grid during peak demand times, strengthening the market growth.