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The global distributed solar power generation market is projected to showcase a strong growth during the forecast period (2021–2030), on account of increasing installation of solar panels. Further, the rising shift toward power generation from renewable sources is expected to garner a rapid pace in coming years, which, in turn, is paving way for the market.
The distributed solar power generation market is categorized into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, and others, on the basis of solar module. Among these, the monocrystalline category is expected to account for a significant market share in coming years. Monocrystalline cells for distributed solar power generation have a higher efficiency than other materials, which ranges between 15%–20% more than other solar modules. Owing to this, the demand for monocrystalline cells is expected to increase in future.
The distributed solar power generation market is classified, on the basis of end use, into residential, commercial, and industrial. Distributed solar power generation for commercial end use is expected to account for a significant market share by 2030. This can be ascribed to the rising installation of solar panels in shopping complexes, commercial buildings, schools, and institutions, among several others.
Geographically, the Asia-Pacific (APAC) distributed solar power generation market is expected to hold the largest share in coming years. The region holds a strong potential of growth, primarily on account of poor grid connectivity and shortage of power supplies in developing nations of the region, including China, India, Indonesia, and Thailand. Additionally, increasing government initiatives to provide incentives, in order to boost the solar energy sector, are expected to benefit the market in the region during the forecast period.
The distributed solar power generation market is primarily driven by rapid surge in number of solar panel installations, majorly in developing economies. Governments across the globe are implementing a strong focus on generating power through renewable sources and have set targets. Hence, in order to attain such targets, incentives are being provided, which, in turn, lead utilities to generate power through solar energy. Additionally, increasing environmental concerns are likely to propel a shift toward off-grid power generation. Therefore, such factors are expected to drive the market during the forecast period.
Although power generation through solar energy can help in high amount of cost savings, its initial setup cost is high, which restrains its adoption by the middle-class-income group. This particularly hampers the demand from the residential sector to a certain extent. Additionally, climatic conditions, such as heavy rainfall and snowfall, play a vital role in its low adoption in countries, including Canada, Russia, and several parts of Europe. Therefore, such factors are expected to restrain the distributed solar power generation market during the forecast period.
Some of the companies operating in the global distributed solar power generation market are JinkoSolar Holding Co. Ltd., SunPower Corp., KACO new energy GmbH, Canadian Solar Inc., Shenzhen Yingli New Energy Resources Co. Ltd., and First Solar Inc.
The study provides the historical as well as the forecast size of the distributed solar power generation market.
The distributed solar power generation market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Solar Module
Based on End Use
Based on Type