Global Distributed Solar Power Generation Market Size to Grow by US$ 51.07-bn during 2020-2024

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The global distributed solar power generation market size is poised to grow by US$ 51.07 billion during 2020-2024, according to a new report by Technavio. Rising electricity demand, high cost of grid expansion, and the increasing adoption of microgrids will further boost the growth of the distributed solar power generation market.

The demand for electricity has been growing across the world due to population growth and rapid urbanization. Factors such as the electrification of the transportation and heating sectors, rise in the number of electronically-connected devices, and digitalization in many countries are also contributing to the demand for electricity. Moreover, the use of electric motor systems in industries is also responsible for the growth in electricity demand from the industrial sector. 

Hence, governments of several developing countries have started deploying off-grid systems, which use energy sources with high economic advantages such as solar PV to power rural households and communities. Therefore, rise in the demand for electricity and the high cost of grid extension are spurring the installation of distributed solar PV systems, which will drive the global distributed solar power generation market during the forecast period.

According to the report, the top five distributed solar power generation companies globally are:

Canadian Solar Inc.

Canadian Solar Inc. has business operations under various segments, which include module and system solutions, and energy. The company offers distributed solar systems with different system capacities such as 700 watts, 3 kW, 5 kW, 10 kW, 20 kW, 50 kW, and 100 kW. The system includes components such as solar modules, mounting systems, inverters, and monitoring systems.

Huawei Investment & Holding Co. Ltd.

Huawei Investment & Holding Co. Ltd. operates its business through three segments, such as carrier, enterprise, and consumer. The company’s key offerings in the market include FusionHome Smart Energy Solution and FusionSolar Smart PV Solution.

JA Solar Co. Ltd.

JA Solar Co. Ltd. offers ground-mounted and rooftop solar PV modules for commercial, industrial, and residential customers. The solar PV module offerings include the bifacial mono-passivated emitter and rear cell (PERC) double glass module, half-cell module, standard module, and MBB half-cell module.

JinkoSolar Holding Co. Ltd.

JinkoSolar Holding Co. Ltd. manufactures vertically integrated solar power products such as silicon ingots, wafers, cells, and solar modules. The company offers solar PV modules such as the Cheetah HC 60M, Cheetah 60M, Cheetah HC 72M, Cheetah 72M, Swan Bifacial HC 60M, and Swan Bifacial HC 72M for distributed solar projects. The company’s distributed solar projects include both ground-mounted and rooftop projects.

KACO New Energy GmbH

KACO new energy GmbH offers string and hybrid inverters such as blueplanet 15.0 TL3 + 20.0 TL3, blueplanet 3.0 TL3 – 10.0 TL3, blueplanet 29.0 TL3 LV, and blueplanet hybrid 10.0 TL3 for residential and commercial end-users. Their offerings include inverters for both ground-mounted and rooftop installations.

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