Commercial and Industrial Solar PV Module Market Analysis

Commercial & Industrial Solar PV Module Market Analysis

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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.