Ground Mounted Solar PV Market Size

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.

Industry

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

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.