Grid connected PV systems market size is expected to exhibit substantial growth from 2016 to 2023.
Grid connected PV systems market size is expected to exhibit substantial growth from 2016 to 2023. PV systems combined with several types of storage systems such as battery energy and direct load control would offer achieve cost effective operation of the electric utility systems while boosting reliability with further energy sources. Over 40 countries globally are likely to install more than 100 MW of new solar PV capacity in 2015, signaling the true entry of solar into traditional energy generation.
In 2015, grid connected photovoltaic systems market installation accounted for over 300 MW in utility scale sector and is likely to be the leading application sector over the forecast period. The systems installed in residential sector were around 200 MW and commercial sector for over 240 MW in the same year. The advancement to generate significant power from renewable sources would offer massive environmental and economic benefits over the forecast period. The systems are mainly deployed in inverters to offer power solutions. The systems are ideally deployed in a small solar energy system for a single-family house or combined solution for an industrial complex. The systems are user friendly and offer high performance with the lowest cost expenditure.
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Apart from additional energy storage, rising interest in coupling storage with the utility scale solar PV market in order to enable the integration into a grid is estimated to drive grid connected solar photovoltaics market growth. Areas with high levels of renewable penetration and island grids are likely to hamper the output of large PV systems. This in turn is anticipated to pose as challenge to grid’s steadiness. Region such as Hawaii and Puerto Rico are now implementing ramp rate restrictions in order to establish maximum as well as minimum rate.
The global industry is segmented on the basis of application which include residential (more than 6 kW), commercial (5 MW to 6 kW) and utility scale (less than 5 MW). Key regional industries include Latin America, Europe, Asia Pacific and North America and MEA grid connected PV systems market.