wire Trade Fair 2024 Update: Grid-Connected Photovoltaic System Market Expected to Grow by $151.1 Billion
Data from Technavio indicates that from 2024 to 2028, the global market for grid-connected photovoltaic (PV) systems is expected to increase by $151.1 billion. wire Trade Fair 2024 learned that over the forecast period, the market is anticipated to grow at a compound annual growth rate of 12.13%.
The drop in prices for solar technology and the resultant significant growth in the solar PV market for grid-connected systems have been observed. However, the time limitations of solar power remain a substantial challenge in practical applications.
Solar PV systems can effectively generate electricity for only about 12 hours per day. Factors such as panel efficiency, shading, and solar radiation affect power output. During off-peak production times, secondary power systems (such as batteries, wind generation, hybrid generators, or grid power) are required to provide electricity.
Solar PV systems do not operate at night and are also impacted by cloudy and rainy weather. Regions above the Arctic Circle receive insufficient sunlight, rendering solar PV generation ineffective. The average efficiency of solar PV technology is about 15%, which cannot yet match the consistency of fossil fuels. This intermittent energy supply hinders the global market for grid-connected PV systems.
However, wire Trade Fair 2024 has learned that businesses and governments are seeking cost-effective, environmentally friendly electricity solutions. Hence, solar PV systems, including thin-film and crystalline silicon modules, are becoming increasingly popular in power plants and microgrid projects.
Despite outages, natural disasters, and the need for grid-integrated equipment compatible with various centralized and decentralized systems in the utilities sector, efforts must adapt to solar panels and batteries among other storage devices. Consequently, numerous industry leaders are pushing for technological enhancements in renewable microgrids, focusing on commercial rooftop systems, small residential units, and utility-scale projects.
Currently, governments around the world are also setting energy benchmarks for solar PV systems, driving innovation in both public grids and island networks.
wire Trade Fair 2024 reposted this article with the purpose of sharing industry information, which does not mean that our company supports the views stated in the article, nor are we responsible for the truthfulness of the entire article. If any infringement occurs, please contact us promptly to delete it.
