The distributed solar power generation global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Distributed Solar Power Generation Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The distributed solar power generation market size has grown strongly in recent years. It will grow from $109.92 billion in 2023 to $119.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to government incentives and policies, environmental awareness, grid resilience and decentralization, reduced installation costs, energy independence.
The distributed solar power generation market size is expected to see rapid growth in the next few years. It will grow to $182.73 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to advancements in energy storage, smart grid integration, rising energy demand, global climate agreements. Major trends in the forecast period include technological advancements, innovative financing models, increased focus on energy equity, digitalization and IoT integration, hybrid renewable energy systems.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increasing demand for electricity and consumption is driving the growth of the distributed solar power generation market during the forecast period. Urbanization, industrialization, technological advancements, and changes in lifestyle habits are driving the need for electricity and its consumption. Distributed solar power generation reduces overall electricity demand from the grid by generating power on-site, offsetting the need for grid electricity during sunlight and alleviating strain on utility infrastructure. For instance, in June 2023, according to a report published by the Energy Institute (EI), a UK-based professional membership body for the energy sector, total global electricity generation experienced a 2.3% increase during 2022. Further, primary energy consumption in non-OECD (The Organization for Economic Co-operation and Development) countries surged by 20.5 EJ from pre-COVID levels, largely due to China’s growth of 14.6 EJ, accounting for 72% of the rise. Therefore, the increasing demand for electricity is expected to propel the growth of the distributed solar power generation market.
Market Trends –
Major companies operating in the distributed solar power generation market focus on developing technologically advanced products such as photovoltaic inverters to enhance efficiency, reliability, and integration capabilities, driving the growth and adoption of solar energy solutions worldwide. These solutions maximize the efficiency and performance of solar photovoltaic (PV) installations by ensuring that the electricity generated by solar panels can be effectively utilized by electrical appliances and fed into the grid. For instance, in November 2023, SOFARSOLAR Co., Ltd., a China-based manufacturer and provider of solar inverters and related equipment for distributed solar power generation, launched the PowerMega (350KTLX0), a 350 kW utility PV inverter explicitly designed to meet the demands of utility-scale projects in India and worldwide. This innovative inverter is meticulously engineered for optimal performance in utility solar applications. With a maximum efficiency of 99.05% even at high temperatures of up to 50 degrees Celsius, the PowerMega sets a new standard in the industry. It boasts ultra-high current integration, simplified installation, and intelligent protection mechanisms. With 8*60 A multiple Maximum Power Point Trackers (MPPTs), it accommodates high-power modules of 500Wp and above, ensuring lower Levelized Cost of Electricity (LCOE) and maximizing yields for end-users.
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
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Regional Insights –
Asia-Pacific was the largest region in the distributed solar power generation market in 2023. 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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Distributed Solar Power Generation Market Report Structure
3. Distributed Solar Power Generation Market Trends And Strategies
4. Distributed Solar Power Generation Market – Macro Economic Scenario
5. Distributed Solar Power Generation Market Size And Growth
…..
27. Distributed Solar Power Generation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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