Ground Mounted Solar PV Market
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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.
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Ground Mounted Solar PV Market size in 2023: | USD 102.46 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 5.1 |
| 2023 Value Projection: | USD 156.94 Billion |
| Historical Data for: | 2019 to 2022 |
| No of Pages: | 300 |
| Tables, Charts & Figures: | 530 |
| Segments Covered: | Connectivity, End-Use and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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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.
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.
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.
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.
Eminent players operating in the ground mounted solar PV industry are:
Market, By Connectivity
Market, By End-Use
The above information has been provided for the following regions and countries:
The utility segment will cross more than 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.
North America ground mounted solar PV market will record more than 5.5% CAGR from 2024 to 2032, owing to continuous technological advancements in solar PV technology, along with regional commitments to energy transition and decarbonization.
Jinko Solar, First Solar, REC Solar Holdings AS, CsunSolarTech, Solaria Corporation, LG Electronics, Yingli Solar, Renesola, SunPower Corporation, Risen Energy Co., Ltd., Vikram Solar Ltd., Su-vastika Solar, Versolsolar Hangzhou Co., Ltd., Clenergy, SOLTEC, Arctech, and UNIRAC.
The market valuation of ground mounted solar PV was worth more than USD 102 billion in 2023 and is anticipated to surpass USD 156 million by 2032, owing to the continuous decrease in the cost of solar panels and related components, coupled with growing focus on utility-scale solar projects.