Grid-connected PV systems are based on solar photovoltaic technology, which converts sunlight into electricity using solar cells. The basic components of a grid-connected PV system include solar panels, inverters, monitoring equipment, and the electric grid.

Solar panels are made up of photovoltaic cells that convert sunlight into DC (direct current) electricity. Inverters are used to convert the DC electricity generated by solar panels into AC (alternating current) electricity that can be used by homes and businesses or fed into the grid. Monitoring equipment is used to keep track of the system's performance and ensure that it is operating at maximum efficiency.

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Grid-connected PV systems rely on the electric grid to provide electricity when the solar panels are not generating enough power. When the solar panels generate more power than is needed, excess electricity is sent back to the grid and the system owner receives credit for the excess power generated. This is known as net metering.

Recent technological advancements in grid-connected PV systems include improvements in solar panel efficiency, the development of more advanced inverters and monitoring equipment, and the integration of energy storage systems to provide backup power during periods of low sunlight or grid outages.

Grid Connected PV Systems Market size is projected to grow CAGR of ~15% between 2022 and 2030.