Ground Mounted Solar PV Market Size & Share 2024 - 2032
Market Size by Connectivity (On-Grid, Off-Grid), by End Use (Residential, Commercial & Industrial, Utility), & Forecast.
Report ID: GMI7960
|
Published Date: January 2024
|
Report Format: PDF
Download Free PDF
Authors:
Ankit Gupta, Srishti Agarwal
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.
Ground Mounted Solar PV Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
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:
Ground Mounted Solar PV Industry News
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:
Click here to Buy Section of this Report
Market, By Connectivity
Market, By End-Use
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →