Ground Mounted Solar PV Module Market Analysis

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.