Ground Mounted Solar PV Market Size & Share, By Connectivity (On-Grid, Off-Grid), End-Use (Residential, Commercial & Industrial, Utility),, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Ground Mounted Solar PV Market was over USD 105.53 Billion in 2023 and is poised to surpass USD 161.65 Billion by end of the year 2032, observing around 5.3% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 105.53 Billion
• CAGR (2024-2032): 5.3%
• Forecast Year Value (2032): USD 161.65 Billion
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

One major growth driver for the ground mounted solar PV market is the increasing awareness and adoption of renewable energy sources worldwide. With a growing emphasis on sustainability and environmental conservation, governments and businesses are turning to solar power as a reliable and clean energy source. This shift towards renewable energy is driving the demand for ground mounted solar PV systems, creating opportunities for growth in the market.

Another growth driver for the ground mounted solar PV market is the declining cost of solar technology. Advances in solar panel efficiency and manufacturing processes have led to a significant decrease in the cost of solar PV systems. As a result, solar power is becoming more affordable and accessible to a wider range of consumers and businesses, further fueling the growth of the ground mounted solar PV market.

The third major growth driver for the ground mounted solar PV market is the supportive government policies and incentives. Many governments around the world are implementing policies to promote renewable energy and reduce greenhouse gas emissions. This includes financial incentives, tax credits, and feed-in tariffs for solar power projects, making it more economically viable for businesses and individuals to invest in ground mounted solar PV systems.

Report Scope

Report Coverage	Details
Segments Covered	Connectivity, End-Use
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Jinko Solar, First Solar, REC Solar Holdings AS, CsunSolarTech, Solaria, LG Electronics, Yingli Solar, Renesola, SunPower, Risen Energy, Vikram Solar., Su-vastika Solar, Versolsolar Hangzhou, Clenergy, SOLTEC, Arctech, UNIRAC

Industry Restraints:

One major restraint for the ground mounted solar PV market is the lack of suitable land for installation. Ground mounted solar PV systems require a significant amount of land to accommodate the large solar arrays, which can be a challenge in densely populated areas or regions with limited available land. This constraint could potentially limit the growth of the market in certain locations, unless alternative solutions such as rooftop solar installations are implemented.

Another major restraint for the ground mounted solar PV market is the intermittent nature of solar power. Solar energy production is dependent on sunlight, which can vary depending on weather conditions and time of day. This variability in energy output can pose challenges for grid integration and energy storage, potentially limiting the scalability of ground mounted solar PV systems. Overcoming these technical challenges and developing effective energy storage solutions will be crucial for the continued growth of the ground mounted solar PV market.

Regional Forecast:

Regional Analysis:

North America (U.S., Canada):

- The ground mounted solar PV market in North America is expected to see significant growth in the coming years, driven by supportive government policies, technological advancements, and increasing awareness about the benefits of clean energy.

- The United States is the largest market for ground mounted solar PV installations in North America, with states like California, Texas, and Arizona leading the way in terms of capacity additions.

- Canada is also seeing a rise in ground mounted solar PV installations, especially in provinces like Ontario and Quebec, where government incentives and favorable regulatory environment are driving growth.

Asia Pacific (China, Japan, South Korea):

- Asia Pacific is the largest market for ground mounted solar PV installations globally, with China leading the way in terms of capacity additions.

- China is the largest market for ground mounted solar PV installations in the region, driven by government subsidies, ambitious renewable energy targets, and the need to reduce reliance on fossil fuels.

- Japan and South Korea are also key markets for ground mounted solar PV installations, with both countries investing heavily in renewable energy to reduce carbon emissions and enhance energy security.

Europe (United Kingdom, Germany, France):

- Europe is a mature market for ground mounted solar PV installations, with countries like Germany, the United Kingdom, and France leading the way in terms of capacity additions.

- Germany has been a pioneer in solar energy adoption, with robust feed-in tariffs and incentives driving widespread adoption of ground mounted solar PV systems.

- The United Kingdom is also emerging as a key market for ground mounted solar PV installations, with a growing focus on renewable energy and ambitious climate targets driving growth in the sector.

- France has also seen significant growth in ground mounted solar PV installations, supported by favorable government policies and a growing emphasis on clean energy sources.

Segmentation Analysis:

In terms of segmentation, the global ground mounted solar pv market is analyzed on the basis of Connectivity, End-Use

On-Grid Connectivity:

The on-grid connectivity segment of the ground-mounted solar PV market includes systems that are connected to the utility grid. These systems are designed to feed excess electricity generated by the solar panels back into the grid for credit or compensation. In recent years, the on-grid segment has experienced significant growth due to favorable government policies and incentives aimed at promoting solar energy adoption. The ease of installation and relatively lower costs associated with on-grid systems have also contributed to their popularity, especially in residential and commercial applications.

Off-Grid Connectivity:

In contrast, the off-grid segment of the ground-mounted solar PV market consists of systems that are not connected to the utility grid. These systems are typically used in remote locations where access to the grid is limited or unreliable. Off-grid solar installations are often employed in rural areas, developing countries, and for specialized applications such as powering telecommunications towers or water pumps. While off-grid systems may require more upfront investment and ongoing maintenance, they offer independence from utility companies and can provide reliable power in off-grid locations.

Residential End-Use:

The residential segment of the ground-mounted solar PV market is driven by homeowners seeking to reduce their electricity bills, lower their carbon footprint, and increase their energy independence. Residential solar installations are typically smaller in scale compared to commercial or utility projects but are growing in popularity due to declining solar panel costs and improved financing options. In addition, government incentives and net metering programs have made solar energy more accessible and appealing to homeowners looking to invest in renewable energy solutions.

Commercial & Industrial End-Use:

The commercial and industrial segment of the ground-mounted solar PV market encompasses a wide range of applications, including businesses, institutions, and industrial facilities. Commercial and industrial solar installations can vary significantly in size and scope, from small rooftop arrays to large ground-mounted systems. Organizations in this sector are increasingly turning to solar energy to reduce operating costs, enhance their sustainability profile, and secure a reliable source of clean energy. As energy prices continue to rise and environmental concerns grow, the commercial and industrial segment is expected to be a key driver of growth in the ground-mounted solar PV market.

Utility End-Use:

The utility segment of the ground-mounted solar PV market comprises large-scale solar installations that are developed and owned by utility companies. These projects are typically grid-connected and can range in size from several megawatts to hundreds of megawatts. Utility-scale solar projects play a crucial role in meeting renewable energy targets, reducing carbon emissions, and diversifying the energy mix. As the cost of solar technology continues to decline and economies of scale improve, utility-scale solar installations are becoming increasingly competitive with traditional fuel sources. The utility segment is expected to experience significant growth in the coming years, driven by favorable government policies, falling costs, and the need for large-scale clean energy solutions.

Competitive Landscape:

The competitive landscape in the Ground Mounted Solar PV Market is characterized by intense competition among key players striving to gain a competitive edge through innovation, strategic partnerships, mergers, and acquisitions. Companies in this market are focusing on enhancing their product offerings, expanding their geographical presence, and developing technologically advanced solar solutions to gain a larger market share. The growing demand for clean energy sources and increasing awareness about the environmental benefits of solar power are driving the competition in the Ground Mounted Solar PV Market.

Top Market Players:

1. First Solar Inc. (United States)

2. JinkoSolar Holding Co., Ltd. (China)

3. Trina Solar Limited (China)

4. Canadian Solar Inc. (Canada)

5. SunPower Corporation (United States)

6. Sharp Corporation (Japan)

7. Yingli Green Energy Holding Company Limited (China)

8. Suntech Power Holdings Co., Ltd. (China)

9. Hanwha Q Cells Co., Ltd. (South Korea)

10. REC Group (Norway)