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Commercial & Industrial Solar PV Market Size

Report ID: GMI9777
Published Date: Jun 2024
Report Format: PDF

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Commercial & Industrial Solar PV Market Size

Commercial & Industrial Solar PV Market was valued at USD 57.1 billion in 2023 and is anticipated to grow at a CAGR of 6.4% from 2024 to 2032. It refers to the deployment of solar panels on buildings and facilities used for business operations, manufacturing, warehousing, and other industrial activities. These installations help businesses generate their own electricity from solar energy, reducing reliance on grid power and lowering energy costs.

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Net metering policies allow the solar PV system owners to feed excess electricity back into the grid in exchange for credits, which can be used to offset future electricity consumption. This will improve the economic viability of solar PV installations which will augment the product demand. Various funding and national programs provide grants and subsidies for renewable energy projects necessary to reduce the initial capital costs which is set to propel the market statistics.

Commercial & Industrial Solar PV Market Report Attributes
Report Attribute	Details
Base Year:	2023
Commercial & Industrial Solar PV Market Size in 2023:	USD 57.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.4%
2032 Value Projection:	USD 97.1 Billion
Historical Data for:	2021 - 2023
No. of Pages:	100
Tables, Charts & Figures:	20
Segments covered:	Connectivity, Mounting and Region
Growth Drivers:	Growing focus on green and net zero initiatives Enhanced deployment for rooftop and large-scale solar PV systems Increasing requirement of clean electricity
Pitfalls & Challenges:	Longer Payback Period

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Reduced financial burden, enhanced economic returns, and long-term stability for solar investments will drive the product demand. Growing focus toward renewable energy, introduction of policies will continue to evolve and stimulate the solar PV adoption. Rising carbon pricing mechanisms, including carbon taxes and emissions trading systems, improve the competitiveness of renewable energy sources like solar PV? which will augment the market landscape.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of commercial & industrial solar PV was reached USD 57.1 billion in 2023 and is anticipated to grow at 6.4% CAGR through 2032, owing to the increasing requirement of clean electricity.

The on grid segment in the commercial & industrial solar PV market will exceed USD 95 billion by 2032, due to the innovations in battery storage and smart energy management systems.

Europe commercial & industrial solar PV market will record USD 28.5 billion by 2032, attributed to strong policy support, comprising policies for solar installations on multifamily buildings.

Canadian Solar, CsunSolarTech, EMMVEE SOLAR, JA SOLAR Technology Co., Ltd., GCL-SI, Jinko Solar, Motech Industries Inc., LONGi, Q CELLS, Renesola, REC Solar Holdings AS, and Risen Energy Co., Ltd.