Ground Mounted Solar PV Market Analysis

Ground Mounted Solar PV Market Analysis

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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.