Ground Mounted Solar PV Module Market Size

Market Outlook:

Ground Mounted Solar PV Module Market exceeded USD 109.9 Billion in 2023 and is set to surpass USD 171.96 Billion by end of the year 2032, witnessing more than 5.1% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 109.9 Billion
• CAGR (2024-2032): 5.1%
• Forecast Year Value (2032): USD 171.96 Billion
• Historical Data Period: 2019-2023
• Largest Region: Asia Pacific
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

One of the primary growth drivers for the ground mounted solar PV module market is the increasing demand for renewable energy sources. As concerns over climate change intensify and the effects of fossil fuel consumption become more evident, governments and organizations worldwide are prioritizing the transition to renewable energy. This shift is being supported by favorable policies and incentives, such as tax credits and rebates, which promote the installation of solar energy systems. Consequently, the burgeoning interest in sustainable energy solutions is driving investments in ground mounted solar PV projects, fostering market growth.

Another significant driver is the advancements in solar technology. Innovations in photovoltaic materials and manufacturing processes have led to increased efficiency and reduced costs of solar modules. Higher energy conversion rates allow for greater power generation in smaller spaces, making ground mounted installations more attractive for developers and investors. Additionally, the emergence of new technologies, such as bifacial solar panels that capture sunlight on both sides, enhances the overall energy yield of these systems. These technological advancements not only make solar energy more accessible but also contribute to the overall growth of the market.

The escalating need for energy independence also serves as a critical growth driver for the ground mounted solar PV module market. Many countries are striving to reduce their reliance on imported fossil fuels, which can be subject to volatile prices and geopolitical tensions. By investing in solar energy and other renewable resources, nations can enhance their energy security and resilience against external disruptions. This drive for energy independence encourages both the public and private sectors to invest in ground mounted solar installations, further propelling market expansion.

Industry

Report Scope

Report Coverage	Details
Segments Covered	Product, Technology, 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	Arctech, Canadian Solar, CsunSolarTech, First Solar, Jinko Solar, JA SOLAR Technology Co.,, SOLTEC, SunPower, Trina Solar, Yingli Solar

Despite the promising growth prospects, the ground mounted solar PV module market faces certain restraints that could hinder its progress. One major challenge is the high initial investment cost associated with solar installations. Although the cost of solar technology has decreased significantly over the years, the upfront expenditure required for purchasing and installing ground mounted systems can be prohibitive for many stakeholders, especially small businesses and individual investors. This financial barrier may deter potential users from adopting solar solutions, thus slowing market penetration.

Another significant restraint is the availability of suitable land for ground mounted solar projects. As urbanization increases, the availability of large tracts of land that can be utilized for solar farm installations is diminishing. Furthermore, competing land uses, such as agriculture, housing, and conservation areas, can lead to conflicts over land utilization priorities. Additionally, regulatory hurdles related to land acquisition and environmental impact assessments can further complicate the process of establishing ground mounted solar facilities. These challenges may limit the expansion of the ground mounted solar PV module market and restrict its potential growth.