Ground Mounted Solar PV Market Size - By Connectivity (On-Grid, Off-Grid), By End-Use (Residential, Commercial & Industrial, Utility), & Forecast, 2024 – 2032

Ground Mounted Solar PV Market Size

Ground Mounted Solar PV Market was valued at more than USD 102 billion in 2023 and is anticipated to grow over 5.1% CAGR between 2024 and 2032.
 

Continuous decrease in the cost of solar panels and related components coupled with growing focus on utility-scale solar projects will augment the industry landscape. In addition, growing standard of living coupled with expansion of the smart infrastructure and rising consumer awareness on solar systems will augment the product adoption.
 

COVID- 19 Impact

The COVID- 19 outbreak has caused uncertainty leading to labor shortages, construction delays, and challenges in project financing, thereby affecting the market growth. Slowing down of approval and permitting procedures will further impact the industry. However, growing emphasis on building more robust and environment friendly energy infrastructures coupled with increase in electricity consumption across the residential areas will enhance the business scenario.
 

Ground Mounted Solar PV Market Trends

Improved grid stability, reduced intermittency, and enhanced grid management along with adoption of innovative designs to optimize the land use for solar installations will drive the market trends. Various schemes to support domestic manufacturing in line with increasing integration of energy storage solutions with these systems will drive the market trends.
 

Ground Mounted Solar PV Market Analysis

The on-grid ground mounted solar PV industry will grow at over of 5% CAGR through 2032. Ability to enhance the energy yield and efficiency coupled with increasing use of digital technologies and Internet of Things (IoT) for monitoring, control, and optimization will stimulate the product adoption. Furthermore, rising investments and development of utility scale solar projects will proliferate the industry dynamics.
 

The utility market will surpass USD 83 billion by 2032, on the account of increasing emphasis on environmental sustainability in line with investment in clean energy with the aim in reduction of carbon footprints. Additionally, ongoing development of regulatory frameworks that encourage the decentralized energy generation coupled with utility projects contributing to the grid stability by providing a reliable and consistent power supply will further accelerate the industry landscape.
 

North America ground mounted solar PV market will register gains at nearly 5.5% up to 2032. Continuous technological advancements in solar PV technology, including high efficiency modules, advanced tracking systems, and improved inverters in line with regional commitments to energy transition and decarbonization will influence the business statistics. Moreover, feed-in tariffs, tax credits, and renewable energy targets in conjunction with growing interest from investors and financial institutions in green financing and sustainable investments will increase the product penetration.
 

Ground Mounted Solar PV Market Share

Partnerships and agreements between technology providers and solar developers facilitate the integration of cutting-edge technologies into ground-mounted solar PV projects. Mergers, acquisitions, and partnerships provide companies with an opportunity to expand their market presence globally. Access to new markets and partnerships with local players enhance the reach of ground-mounted solar PV projects.
 

Ground Mounted Solar PV Market Companies

Eminent players operating in the ground mounted solar PV industry are:

• Jinko Solar
• First Solar
• REC Solar Holdings AS
• CsunSolarTech
• Solaria Corporation
• LG Electronics
• Yingli Solar
• Renesola
• SunPower Corporation
• Risen Energy Co., Ltd.
• Vikram Solar Ltd.
• Su-vastika Solar
• Versolsolar Hangzhou Co., Ltd.
• Clenergy
• SOLTEC
• Arctech
• UNIRAC
   

Ground Mounted Solar PV Industry News

• In December 2023, Vikram Solar secured an order to supply solar modules for NTPC’s ground mounted solar project at Nokh Solar park in Jaisalmer, Rajasthan. The company will be responsible for manufacturing and providing 152 highly efficient crystalline bifacial solar PV modules for the project. Henceforth, the company will be contributing to the Indian Solar Revolution and solidify its customer base across the region.
   
• In December 2023, Axpo Group announced the development of large scale solar plants in Italy. The company’s first plant of 3MWp ground mounted solar system enables Novelis to produce electricity and its second solar project with 13 MWp and is expected to produce 24 GWh of electricity. Therefore, the company will be The company will be significantly contributing to the goal of Italy’s carbon emission reduction, thereby, enhancing its presence in the market.
   

This ground mounted solar PV 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 End-Use

• Residential
• Commercial & Industrial
• Utility

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

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • Austria
  • Norway
  • Denmark
  • Finland
  • France
  • Germany
  • Italy
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands
  • Poland
  • 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