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

Ground Mounted Solar PV Module Market Size

Ground Mounted Solar PV Module Market was valued USD 109.9 billion in 2023 and is anticipated to grow at a CAGR of 5% from 2024 to 2032. A ground-mounted solar PV (photovoltaic) module system refers to a solar power installation where the solar panels are mounted on the ground rather than on rooftops or other elevated structures. This type of installation is commonly used in solar farms, large-scale solar power plants, and sometimes in residential or commercial properties where adequate ground space is available.
 

Policies supporting renewable energy targets and carbon reduction goals along with incentives such as tax credits, subsidies, and favorable tariffs to promote large-scale solar projects will drive the business scenario. Significant rise in the number of large-scale solar projects, driven by increased efficiency of solar panels and reducing costs will augment the industry landscape.

Advancements in solar panel technology, including bifacial panels and high-efficiency PV cells, enhance the performance of ground-mounted systems. Larger installations benefit from economies of scale, reducing the cost per watt of solar energy along with Continuous declines in the prices of solar panels, inverters, and mounting systems make ground-mounted solar more economically attractive. Furthermore, Rapid adoption in countries with high solar potential and growing energy needs of solar plants will positively influence the product adoption.
 

Ground Mounted Solar PV Module Market Trends

Ground-mounted solar systems are increasingly used for rural electrification projects, providing reliable and sustainable energy to off-grid communities. Combining solar PV with battery storage systems to ensure a stable and reliable energy supply coupled with repurposing unusable or contaminated land for solar installations to avoid conflicts with agricultural or residential land use will propel the business statistics. In addition, solar companies enter into strategic partnerships with suppliers and manufacturers to ensure a stable supply chain thereby reducing costs through economies of scale.
 

Ground Mounted Solar PV Module Market Analysis

Based on connectivity, the on grid segment is anticipated to grow over USD 162 billion by 2032 driven by connection to the utility grid, providing flexibility, reliability, and economic benefits. Improved installation techniques and increased competition among installers have driven down the overall costs of setting up on-grid solar systems, thereby driving the product costs. long-term contracts to solar energy producers, providing payments for the electricity generated and fed into the grid along with Policies that allow consumers to offset their electricity bills by exporting excess solar energy to the grid will boost the market growth.
 

Based on application, the utility segment is set to grow at a CAGR of over 4% through 2032, owing to increasing popularity of community solar projects and growing utility scale solar farms. Municipalities and local governments are supporting community solar projects to increase access to renewable energy and achieve local sustainability goals. Investments in smart grid technologies improve the integration of distributed energy resources like solar PV, enhancing grid reliability and flexibility will drive the market scenario. Moreover, larger projects benefit from economies of scale, further driving down the cost per watt of installed capacity, driving the industry scenario.
 

Asia Pacific ground mounted solar PV module market is likely to exceed USD 82.5 billion by 2032 on account of government policies, economic incentives, technological advancements, and the region's high solar potential. Set ambitious renewable energy targets, including substantial contributions from solar power across various economies coupled with governments providing various subsidies, tax incentives, and grants to reduce the upfront costs of solar projects will encourage investment, contributing to the business momentum. Corporations are increasingly adopting solar power to meet sustainability targets, reduce carbon footprints, and secure long-term energy costs will complement the business landscape.
 

China is the largest market for solar PV globally, with extensive government support and significant investments in solar infrastructure. Strong policies, including feed-in tariffs (FiTs), tax incentives, and subsidies, drive the adoption of solar PV. Furthermore, numerous large scale ground-mounted solar farms have been developed, particularly in provinces with high solar irradiance.
 

Ground Mounted Solar PV Module Market Share

Solar companies often form consortiums or joint ventures with research institutions and universities to advance solar technology. These collaborations focus on developing new materials, improving efficiency, and reducing costs. Governments often collaborate with private companies to promote solar energy through funding, subsidies, and policy support. Organizations such as the International Solar Alliance (ISA) and the Solar Energy Industries Association (SEIA) work with industry stakeholders to establish standards and certification processes, ensuring quality and reliability in solar PV products.
 

Ground Mounted Solar PV Module Market Companies

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

• Arctech
• Canadian Solar
• CsunSolarTech
• First Solar
• Jinko Solar
• JA SOLAR Technology Co., Ltd
• SOLTEC
• SunPower Corporation
• Trina Solar
• Yingli Solar
   

Ground Mounted Solar PV Module Industry News:

• In March 2024, Trina Solar supplied 210 mm Vertex high-power modules, comprising both Vertex 670W and N 610W for a PV power station in Gobi, northwestern China. The project is set to generate 85.5 million GWh, reducing CO2 emissions by 840,000 tons thereby cutting the need for 250,000 tons of standard coal. Further, the modules are equipped with high power, reliability, efficiency, energy yield, and low LCOE making them ideal for commercial and industrial (C&I), and utility-scale PV projects.
   
• In May 2024, First Solar supplied 457 MW of advanced thin film solar modules comprising 287 MW of Series 7 and 170 MW of Series 6 Plus bifacial modules, to power projects in the U.S. this will further support the companies build certainty and resilience in the development pipeline.
   

This ground mounted solar PV module market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “(USD Billion & MW)” from 2021 to 2032, for the following segments:

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Market, By Technology

• Thin Film
• Crystalline solar

Market, By Product

• Monocrystalline
• Polycrystalline
• Cadmium Telluride
• Amorphous Silicon
• Copper Indium Gallium Diselenide

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
  • 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