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Commercial and Industrial Solar PV Module Market Size

Report ID: GMI7859
Published Date: Jan 2024
Report Format: PDF

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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.

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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.

Commercial & Industrial Solar PV Module Market Report Attributes
Report Attribute	Details
Base Year:	2023
Commercial & Industrial Solar PV Module Market Size in 2023:	USD 41.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.6%
2032 Value Projection:	USD 72 Billion
Historical Data for:	2019 - 2023
No. of Pages:	200
Tables, Charts & Figures:	860
Segments covered:	Connectivity, Mounting and Region
Growth Drivers:	Ambitious targets for Solar PV expansion Increasing need for sustainable energy Supportive government programs and incentives
Pitfalls & Challenges:	Accessibility of alternatives for clean energy

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Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of commercial & industrial solar PV module reached USD 41.1 billion in 2023 and is set to surpass USD 72 billion by 2032, owing to the steady decrease in the cost of solar PV technology coupled with growing number of businesses committing to sustainability goals and environmental responsibility.

Roof top commercial & industrial solar PV module industry will cross USD 31.7 billion by 2032, due to its 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.

Asia Pacific market size will record more than 7% CAGR from 2024 to 2032, attributed to the growing awareness of environmental sustainability and corporate social responsibility in line with supportive regulatory frameworks.

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, and Reliance Industries Limited.