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On Grid Solar PV Market Size

Report ID: GMI5975
Published Date: Dec 2024
Report Format: PDF

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On Grid Solar PV Market Size

The global on grid solar PV market was valued at USD 301 billion in 2024 and is estimated to grow at a CAGR of 8.1% from 2025 to 2034. An on-grid solar PV system is a solar power system that is connected to the local electricity grid. These systems allow excess solar energy to be sent back to the grid, providing energy credits or financial compensation through programs like net metering.

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The on-grid solar PV system directly channels generated electricity into the grid, ensuring smooth integration with the current power infrastructure. Features like synchronizing solar power with grid frequency and voltage, along with the ability to earn credits through net metering, are set to boost product adoption. Potential savings from avoiding extra investments in storage batteries and their maintenance, alongside ongoing research and development efforts will influence the market statistics.

On Grid Solar PV Market Report Attributes
Report Attribute	Details
Base Year:	2024
On Grid Solar PV Market Size in 2024:	USD 301 Billion
Forecast Period:	2025 - 2034
Forecast Period 2025 - 2034 CAGR:	8.1%
2034 Value Projection:	USD 644.2 Billion
Historical Data for:	2021 - 2024
No. of Pages:	50
Tables, Charts & Figures:	15
Segments covered:	End Use, and Region
Growth Drivers:	Enhanced deployment for large-scale solar PV systems Favorable government initiatives Growing focus on clean electricity through various solar PV targets
Pitfalls & Challenges:	Longer payback period

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Supportive policies and standards are being introduced to ensure regulatory stability, and government incentives to boost investments in solar energy systems will drive the business scenario. Improved manufacturing processes and economies of scale has made on-grid solar systems more affordable for residential, commercial, and industrial customers. Additionally, rising electricity demand and consumer preferences for systems that reduce electricity bills are set to bolster industry statistics.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The global market for on-grid solar PV was reached USD 301 billion in 2024 and is estimated to grow at a CAGR of 8.1% from 2025 to 2034, driven by increased deployment of large-scale solar PV systems.

The commercial & industrial segment is set to exceed USD 132 billion by 2034, due to the growing need to reduce carbon emissions, driving advancements in solar panel technology.

The U.S. on-grid solar PV market is likely to exceed USD 47 billion by 2034, supported by national and local government policies and financial incentives.

Key players in the on-grid solar PV market include Canadian Solar, CsunSolarTech, EMMVEE SOLAR, First Solar, JA SOLAR Technology Co., Ltd., Jinko Solar, LG Electronics, Q CELLS, REC Solar Holdings AS, Renesola, Shunfeng International Clean Energy, Solaria Corporation, Solar Frontier KK, Trina Solar, and Yingli Solar.