Commercial and Industrial Solar PV Module Market Size - By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Roof-Top), Growth Prospects, Regional Outlook & Global Forecasts, 2024 – 2032

Commercial & Industrial Solar PV Module Market Size

Commercial & Industrial Solar PV Module Market size was valued at USD 41.1 billion in 2023 and is anticipated to grow at over 6.6 % CAGR from 2024 to 2032. A solar photovoltaic (PV) module refers to a solar panel designed for deployment in commercial and industrial settings. These modules harness sunlight and convert it into electricity through the photovoltaic effect. Commercial solar PV installations are commonly found on rooftops, parking lots, or vacant commercial land whereas industrial solar PV modules are often deployed on expansive areas of land or integrated into the infrastructure of industrial complexes to generate significant amounts of clean energy.
 

Steady decrease in the cost of solar PV technology coupled with growing number of businesses committing to sustainability goals and environmental responsibility will influence the market trends. Additionally, ongoing research and development efforts for energy storage coupled with rising innovations that augment the number of solar installations for businesses looking for cutting-edge, efficient solutions will drive the business dynamics.
 

COVID- 19 Impact

The COVID- 19 outbreaks had impacted the overall growth of the industry on the account of frequent project delays arising from geographical constraints and government mandates. However, the industry regained momentum as government authorities eased lockdown measures, allowing the reopening of industrial facilities, manufacturing plants, and the transportation sector. Additionally, strategic investments in new projects along with infrastructure modernization will further contribute to the business growth.
 

Commercial & Industrial Solar PV Module Market Trends

Financial benefit comprising of reduced dependence on the grid and long-term energy cost savings in line with international agreements and initiatives to transition towards a low-carbon economy will boost the product demand. For instance, in February 2023, the European Commission initiated the Green Deal Industrial Plan which aims to support the scaling up of Europe’s manufacturing capacity for the net zero technologies to meet ambitious climate targets. Therefore, large scale deployment of these systems along with high investments for solar PV installation will complement the business growth.
 

Commercial & Industrial Solar PV Module Market Analysis

Based on connectivity, the on-grid connectivity segment will expand at a rate of over CAGR 5.5% through 2032, owing to ability to integrate with the existing electricity grid and supply excess power back to the grid when production exceeds on-site demand in conjunction with advancements in smart grid technologies.
 

Rigorous compliance requirements mandate for businesses to generate a certain percentage of their electricity from renewable sources coupled with robust targets for reducing carbon emissions and increasing the use of renewable energy will sway the industry landscape. For instance, in May 2022 the European Commission as a part of REPowerEU Plan proposed to increase renewable energy target of European Union for 2030 to 45% which will require 600?GW of solar PV.
 

Based on mounting, the roof top commercial & industrial solar PV module market will observe the growth of USD 31.7 billion by 2032. Capability to reduce transmission and distribution losses associated with transporting electricity over long distances along with growing emphasis and governmental support on net metering policy, which allow businesses to feed excess electricity back into the grid and receive credits for it will encourage the product adoption. For instance, in November 2023, the Maharashtra Electricity Regulatory Commission increased the net metering cap for solar power projects to encourage the adoption of commercial and industrial rooftop installations.
 

Asia Pacific commercial & industrial solar PV module market is set to record at a CAGR of more than 7% between 2024 and 2032. Growing awareness of environmental sustainability and corporate social responsibility in line with supportive regulatory frameworks contributing to a more conducive environment for the development of solar projects will propel to business potential.
 

For instance, in December 2023, Ministry of New Renewable Energy proposed to exempt green hydrogen developers from adhering to its list of manufacturers and allowing them to import solar PV modules and wind turbines from China. Furthermore, enhanced technological features including improved efficiency and modular design aligned with efficient management of electricity flow, real-time monitoring, and enhanced grid control will stimulate the industry growth.
 

Commercial & Industrial Solar PV Module Market Share

Partnerships and agreements enable the companies to diversify their product and service offerings. Joint ventures and partnerships often attract investment from both private and public sectors, facilitating the funding of large-scale commercial and industrial solar projects.  Collaborative approach helps maintain a stable and sustainable growth trajectory across the solar sector.
 

Commercial & Industrial Solar PV Module Market Companies

Eminent players operating in the commercial & industrial solar PV module industry are:

• Trina Solar
• Canadian Solar
• JA SOLAR Technology Co., Ltd
• JinkoSolar
• First Solar
• REC Solar Holdings AS
• Hanwha Group
• LG Electronics
• SunPower Corporation
• LONGi
• CHINT Solar
• Reliance Industries Limited
   

Commercial & Industrial Solar PV Module Industry News

• In August 2023, Reliance Industries Limited (RIL) plans to commission a 20GW solar photovoltaic manufacturing plant in four phases of 5 GW in Jamnagar. The first phase will include 5GW solar PV module which will be commissioned by March 2204. Furthermore, the company signed a supply agreement with Suzhou Maxwell Technologies to buy high efficiency production lines of HJT cells to be integrated with solar panels. Thereby, the company’s strategic business expansion will strengthen its presence across the country.
   
• In March 2022, Canadian Solar started the mass production of its new 54-cell format module for residential, commercial, and industrial rooftop solar systems. The modules include CS6R-MSwith power output of 420 W and 21.5% module efficiency which is especially designed for rooftop applications owing to its modular size, light weighted and aesthetic appearance. Therefore, the company has been successful in showcasing its product portfolio and enhancing its position in the market.
   

The commercial & industrial solar PV module market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW & USD Million’ from 2024 to 2032 for the following segments:

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Market, By Connectivity

• On Grid
• Off-Grid

Market, By Mounting

• Ground Mounted
• Rooftop

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Austria
  • Norway
  • Denmark
  • Finland
  • Germany
  • Italy
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands
  • Poland
  • Belgium
  • Ireland
  • Baltics
  • Portugal
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
  • Thailand
  • Philippines
  • Vietnam
  • Malaysia
  • Singapore
• Middle East
  • Israel
  • Saudi Arabia
  • UAE
  • Jordan
  • Oman
  • Kuwait
  • Turkey
• Africa
  • South Africa
  • Egypt
  • Algeria
  • Nigeria
  • Morocco
• Latin America
  • Brazil
  • Chile
  • Argentina
  • Peru