LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global grid-connected PV systems market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global grid-connected PV systems market will grow at a CAGR of over 12% during the forecast period. The advantages associated with grid-connected PV systems are a major factor driving the market’s growth.
Most of the residential consumers prefer grid connections over off-grid connections to power their homes. Solar PV systems that are installed at homes are connected to the home appliances, meters, and the grid. Grid-connected PV systems offer significant costs savings as they eliminate the need to install batteries to store energy and other standalone equipment. The installation of such equipment and the maintenance of the system increases the cost. Therefore, a grid-connected PV system is cheaper and easier to install when compared with alternatives. Solar PV systems that are installed in residences are smaller in capacity when compared with the solar PV systems that are installed in commercial establishments and utilities. They can also generate more electricity than the consumption requirement.
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In this report, Technavio highlights the technological advances in residential solar PV panels as one of the key emerging trends in the global grid-connected PV systems market:
Technological advances in residential solar PV panels
Solar energy has gained popularity because of the need for clean and renewable energy. There have been numerous technological advances in solar PV systems, which have made the market more attractive. For instance, frameless solar PV modules are gaining popularity as customers prefer their appearance and performance. Frameless PV modules do not have to be grounded. Furthermore, with no metal frame, they are less likely to cause hazardous shock to workers and they usually do not corrode the frames.
“Double-sided solar panels or bifacial solar panels are an attractive product for residential customers. Double-sided solar panels can harness solar energy from both surfaces of the panel. The sunlight naturally reflects from the ground and is captured by the other side of the solar panel that is not facing the sun. This increases the efficiency of the module,” says a senior analyst at Technavio for research on smart grid.
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Global grid-connected PV systems market segmentation
This market research report segments the global grid-connected PV systems market into the following end-users (non-residential and residential) and key regions (the Americas, APAC, and EMEA).
The non-residential segment held the largest market share in 2017, accounting for nearly 73% of the market. This segment is expected to witness steady growth and dominate the market throughout the forecast period.
APAC dominated the global grid-connected PV systems market in 2017 by contributing to a market share of more than 69%. This segment is expected to post significant growth during the forecast period.
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