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Distributed Solar Power Generation Market Trends That Will Shape the Next Decade: Insights from Technological Advancements In Photovoltaic Inverters Driving Growth In Distributed Solar Power Generation Market
Distributed Solar Power Generation Market
How Large Will the Distributed Solar Power Generation Market Size By 2025?
The market size for distributed solar power generation has seen a robust expansion in the recent past. From $140.05 billion in 2024, it is projected to rise to $150.24 billion by 2025, highlighting a compound annual growth rate (CAGR) of 7.3%. Factors such as government incentives and policies, heightened environmental consciousness, improved grid resilience and decentralization, decreased installation expenses, and energy self-reliance have largely contributed to this growth during the historic period.
How Big Is the Distributed Solar Power Generation Market Size Expected to Grow by 2029?
The market size for distributed solar power generation is projected to witness robust expansion in the upcoming years, growing to a significant figure of $191.07 billion by 2029, with a compound annual growth rate (CAGR) of 6.2%. The projected increase during this period can be linked to the progression in energy storage technology, the incorporation of a smart grid, climbing energy needs, and worldwide environmental agreements. The forecast period will also see major trends such as technological innovations, groundbreaking financial structures, heightened attention on energy fairness, digitalization, and Internet of Things (IoT) assimilation, as well as mixed renewable energy systems.
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Which Key Market Drivers Powering Distributed Solar Power Generation Market Expansion and Growth?
The growth of the distributed solar power generation market during the predicted period is fueled by the escalating need for electricity, which is linked to rising urbanization, industrialization, technological advancements, and shifts in lifestyle habits. Distributed solar power generation, which produces power on-site, decreases the overall demand for grid electricity during daylight hours, thus easing pressure on utility infrastructure. The Energy Institute (EI), a UK-based professional body for the energy sector, revealed in a report published in June 2023 that global electricity generation rose by 2.3% during 2022. Furthermore, non-OECD (The Organization for Economic Co-operation and Development) countries witnessed an increase in primary energy consumption by 20.5 EJ from pre-COVID times, with China's growth of 14.6 EJ contributing to 72% of this surge. Consequently, the distributed solar power generation market is likely to expand, driven by the burgeoning demand for electricity.
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What Long-Term Trends Will Define the Future of the Distributed Solar Power Generation Market?
Top players in the distributed solar power generation market place heavy emphasis on devising and proliferating technology-driven products such as photovoltaic inverters. This enhances their functional efficiency, dependability, as well as integration capabilities, catalysing the expansion and universal acceptance of solar power solutions. These solutions amplify the efficiency and functionality of solar photovoltaic (PV) installations. They ensure the power produced by solar panels can be utilized effectively by electrical appliances and injected into the power grid. For example, in November 2023, SOFARSOLAR Co., Ltd., a company based in China that manufactures solar inverters for distributed solar power generation, launched the PowerMega (350KTLX0) - a 350 kW utility PV inverter, meticulously built for the specific needs of utility-scale projects in India and globally. This unique inverter is designed with precision for utmost performance in utility solar applications, having a peak efficiency rate of 99.05%, even under high temperature conditions of up to 50 degrees Celsius. The PowerMega is ground-breaking in its industry, featuring extraordinary current integration, simplified set-up, and smart protection capabilities. Using 8*60 A multiple Maximum Power Point Trackers (MPPTs), it supports high-power modules of 500Wp and above, reducing the Levelized Cost of Electricity (LCOE) and enhancing yields for end-users.
What Are the Emerging Segments in the Distributed Solar Power Generation Market?
The distributed solar power generation market covered in this report is segmented -
1) By Technology: Concentrated Solar Power Systems, Photovoltaic Systems
2) By Solar Module: Polycrystalline, Amorphous Silicon Cells, Cadmium Telluride, Monocrystalline, Other Solar Modules
3) By End-User: Industrial, Residential, Commercial, Other End-Users
Subsegments:
1) By Concentrated Solar Power (CSP) Systems: Parabolic Trough Systems, Solar Power Towers, Dish Stirling Systems, Linear Fresnel Systems
2) By Photovoltaic (PV) Systems: Monocrystalline Silicon PV, Polycrystalline Silicon PV, Thin-Film PV, Organic Photovoltaic (OPV) Systems, Perovskite Solar Cells
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Who Are the Global Leaders in the Distributed Solar Power Generation Market?
Major companies operating in the distributed solar power generation market are TotalEnergies SE, Huawei Technologies Co. Ltd., Tesla Inc., General Electric Co., Siemens Energy AG, ABB Ltd., NextEra Energy Inc., Sharp Corporation, LONGi Solar Technology Co. Ltd., JinkoSolar Holding Co. Ltd., JA Solar Holdings Co. Ltd., Canadian Solar Inc., Enel Green Power, Risen Energy Co. Ltd., Daqo New Energy Corp., Hanwha Q Cells Co. Ltd., Schneider Electric SE, SolarEdge Technologies Inc., First Solar Inc., Sunrun Inc., Enphase Energy Inc., Kyocera Corporation, SMA Solar Technology AG, SunPower Corporation, Suntech Power Holdings Co. Ltd., Vivint Solar Inc., Yingli Solar, Sharp Energy Solutions Corporation, SolarCity Corporation
Which are the Top Profitable Regional Markets for the Distributed Solar Power Generation Industry?
Asia-Pacific was the largest region in the distributed solar power generation market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the distributed solar power generation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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