Ground Mounted Solar PV Market Size - By Connectivity (On-Grid, Off-Grid), By End-Use (Residential, Commercial & Industrial, Utility), & Forecast, 2024 - 2032

Ground Mounted Solar PV Market Size - By Connectivity (On-Grid, Off-Grid), By End-Use (Residential, Commercial & Industrial, Utility), & Forecast, 2024 - 2032

Ground Mounted Solar PV Market is likely to register at a CAGR of over 5.1% between 2024 to 2032, owing to declining cost of solar photovoltaic (PV) technology, making it more accessible to residential, commercial, and utility-scale projects. Additionally, advancements in solar PV technology, such as improved efficiency and durability, enable higher energy production and longer system lifespans, enhancing the economic viability of ground-mounted solar PV projects.

Governments worldwide offer financial incentives, such as tax credits, rebates, and feed-in tariffs, to encourage the adoption of solar energy. In July 2023, Octopus Energy announced its latest smart tariff, the ‘Intelligent Octopus Flux’, aimed at assisting households maximize the use of their solar panels and batteries while contributing to grid stability. Additionally, favorable regulatory frameworks, including renewable energy mandates and net metering policies, create a conducive environment for the market growth.

Ground mounted solar PV industry is segmented based on connectivity, end-use, and region.

Off grid segment is anticipated to witness substantial growth through 2032, as they provide a reliable and sustainable energy solution for remote locations or areas without access to traditional electricity grids. Ground-mounted installations offer scalability and flexibility, making them suitable for off-grid applications where space is not a constraint. Additionally, advancements in battery storage technology enable off-grid solar PV systems to store excess energy generated during the day for use during periods of low sunlight or at night, ensuring uninterrupted power supply.

Residential segment is estimated to generate high revenues for the market by 2032, backed by the increasing awareness of environmental sustainability and the desire for energy independence among homeowners. Ground-mounted systems offer homeowners the opportunity to harness solar energy efficiently, even in areas with limited roof space or shading issues. Moreover, the ability to offset electricity bills and generate clean, renewable energy for self-consumption appeals to homeowners seeking long-term savings and environmental benefits.

Asia Pacific ground mounted solar PV industry size will witness rapid expansion between 2024-2032, attributed to urbanization and industrialization across the region. Ground-mounted solar PV installations offer a scalable and cost-effective solution to meet the increasing energy needs of burgeoning population and expanding industries. Furthermore, the abundance of sunlight in many parts of the region enhances the feasibility and attractiveness of these installations, ensuring reliable energy generation and shaping the industry outlook.