Ground Mounted Solar PV Module Market Size

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.