Global Commercial And Industrial Solar PV Module Market Overview:
As per MRFR analysis, the Commercial And Industrial Solar PV Module Market Size was estimated at 26.09 (USD Billion) in 2022. The Commercial And Industrial Solar PV Module Market Industry is expected to grow from 30.43(USD Billion) in 2023 to 121.37 (USD Billion) by 2032. The Commercial And Industrial Solar PV Module Market CAGR (growth rate) is expected to be around 16.62% during the forecast period (2024 - 2032).
Key Commercial And Industrial Solar PV Module Market Trends Highlighted
The Commercial and Industrial Solar PV Module Market is propelled by factors such as enhancing legislation focused on renewable energy sources, surge in prices, and businesses embracing sustainability objectives. Decentralization of energy generation capabilities and the popularity of green buildings will also help in the further development of the market.
There is room for growth in the emerging regions that includes expansion in smart cities, effective technological progression for solar systems, and gaining acceptance of energy resiliency especially in the commercial and industrial sectors. Declining costs, ongoing improvements to performance and long-term policies will help sustain further growth of the market.
One such recent trend is to use storage systems in conjunction with a solar PV module in order to improve the reliability of the module, stability of the grid and so on. The market has also witnessed increasing demand for bifacial modules as they can absorb light from both sides while also moving to the use of flexible and lightweight rooftop mounting modules. Perfect cells coupled with tandem modules have very near-future efficiencies that are likely to be realized in solar PV systems.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Commercial And Industrial Solar PV Module Market Drivers
Rising Demand for Renewable Energy
The increasing demand for renewable energy is one of the most significant drivers of the Commercial And Industrial Solar PV Module Market Industry. Governments across the globe are taking steps to decrease greenhouse gas emissions and move towards clean energy. Solar photovoltaic systems will help these countries to achieve their targets as it is sustainable and cost-efficient. Further, the benefits of a solar PV system, such as reduced operating cost, improved energy independence and corporate sustainability profile, have made the commercial and industrial sectors opt for a solar PV system.Considering all these factors, an increasing demand for this form of renewable system is seen, and this is due to the development of the Commercial And Industrial Solar PV Module Market Industry.
Technological Advancements and Cost Reductions
Another major driver for the Commercial And Industrial Solar PV Module Market Industry is the continued technological advancement in solar PV technology. Several ongoing research and development works have resulted in the improvement of solar cell efficiency, module longevity, system performance, etc. With this technological progress, the cost per watt of electricity generated has significantly reduced. Moreover, economies of scale and increased production capacities of manufacturing companies have also reduced overall costs.Thus making it more competitive than traditional sources of energy. Since only a few large-scale players hold a major share of the market in the Commercial And Industrial Solar PV Module Market Industry, new entrants have to shell out a heavy investment to start from scratch. Moreover, access to capital is also a herculean task for new entrants. The barriers to entry in this market are quite high, thus posing a significant threat.
Government Incentives and Policies
Government incentives and policies play a significant role in driving the growth of the Commercial And Industrial Solar PV Module Market Industry. Many governments offer financial incentives, such as tax credits, rebates, and feed-in tariffs, to encourage businesses to adopt solar PV systems. These incentives help reduce the upfront investment costs and make solar PV systems more attractive to commercial and industrial users. Additionally, supportive regulatory policies, such as net metering and renewable portfolio standards, create a favorable environment for solar PV development and deployment.
Commercial And Industrial Solar PV Module Market Segment Insights:
Commercial And Industrial Solar PV Module Market Type Insights
The Commercial And Industrial Solar PV Module Market is segmented by type as monocrystalline, polycrystalline, and thin-film. The monocrystalline segment accounted for the largest market share in 2023 and is anticipated to be the most dominant segment over the forecast period. The aforementioned segment’s materials are high efficiency and durable and are of a superior temperature coefficient required for commercial and industrial purposes, being the key factors. The polycrystalline segment is foreseen to have a moderate growth rate for the forecast period.The fluctuation of electricity supply can be a primary reason behind the decision of the polycrystalline segment due to the beneficially comparative cost and performance improvement over thin-film offerings. The thin-film segment is expected to accrue significant revenue by the end of the forecast period by focusing on cost-sensitive regions. The Commercial And Industrial Solar PV Module Market revenue for monocrystalline is projected to elevate to USD 65.78 billion by 2024, growing at a CAGR of 18.5%. On the other hand, polycrystalline is estimated to reach USD 34.21 billion by 2024, growing at a CAGR of 16.3%.The revenue for the thin-film segment is expected to increase to USD 17.36 billion by 2024, growing at a CAGR of 14.8%. The growth of the Commercial And Industrial Solar PV Module Market is anticipated to be influenced by drivers such as the increased demand for electricity, the government’s interest in facilitating renewable energy in the form of providing incentives, and a decrease in price for solar panels. The market is poised to rise higher in developing nations where the concern regarding the increased need for energy is achieved by providing the populace with affordable energy sources such as this.The adoption of solar PV systems for commercial and industrial structures will significantly reduce greenhouse gas emissions, as alluded to previously.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Commercial And Industrial Solar PV Module Market End User Insights
The Commercial And Industrial Solar PV Module Market is segmented by end user into Utilities, Commercial and Industrial, and Residential. Among these segments, the Commercial and Industrial segment is expected to hold the largest market share in 2023 and is projected to continue to dominate the market throughout the forecast period. The growth of this segment can be attributed to the increasing adoption of solar PV systems by businesses and industries in order to reduce their energy costs and carbon footprint. The Utilities segment is also expected to witness significant growth during the forecast period, owing to the increasing demand for renewable energy sources from governments and utilities around the world.The Residential segment is expected to grow at a slower pace compared to the other segments, due to the lower cost of solar PV systems for commercial and industrial applications.
Commercial And Industrial Solar PV Module Market Application Insights
The Commercial And Industrial Solar PV Module Market is segmented by application into rooftop systems, ground-mounted systems, and floating solar systems. Rooftop systems are expected to account for the largest share of the market in 2023 due to the increasing adoption of solar energy by commercial and industrial businesses. Ground-mounted systems are expected to grow at a faster rate than rooftop systems due to the increasing availability of land for solar projects. Floating solar systems are expected to be the fastest-growing segment of the market due to the increasing demand for renewable energy sources in areas with limited land availability.In 2023, the Commercial And Industrial Solar PV Module Market revenue is expected to be around USD 30.43 billion. The growth of the market is attributed to the increasing adoption of solar energy by commercial and industrial businesses, the decreasing cost of solar panels, and the increasing government support for renewable energy.
Commercial And Industrial Solar PV Module Market Module Efficiency Insights
The Module Efficiency segment is a crucial aspect of the Commercial And Industrial Solar PV Module Market, with significant implications for market growth and revenue generation. In 2023, the 20-25% efficiency range held the largest market share, accounting for approximately 42.6% of the Commercial And Industrial Solar PV Module Market revenue. This segment is projected to maintain its dominance in the coming years, owing to the high efficiency and cost-effectiveness of solar modules within this range. The 25-30% efficiency segment is expected to witness steady growth, driven by increasing demand for high-efficiency solar modules in commercial and industrial applications.In 2024, this segment is forecast to capture a revenue share of around 35.2%, showcasing a significant growth potential. The Over 30% efficiency segment, though currently accounting for a smaller market share, presents promising opportunities for market expansion. As technology advances and production costs decline, this segment is anticipated to gain traction, especially in regions with high solar irradiation and ambitious renewable energy targets.
Commercial And Industrial Solar PV Module Market Cell Technology Insights
Cell Technology Segment Insights The cell technology segment plays a crucial role in shaping the Commercial And Industrial Solar PV Module Market landscape. In 2023, the PERC (Passivated Emitter and Rear Cell) technology held a dominant share of over 55%, driven by its high efficiency and cost-effectiveness. By 2024, the Commercial And Industrial Solar PV Module Market revenue for PERC technology is projected to surpass USD 20 billion. Other notable technologies include PERT (Passivated Emitter and Rear Totally Diffused), HIT (Heterojunction with Intrinsic Thin Layer), and IBC (Interdigitated Back Contact).PERT technology offers improved light absorption and reduced rear surface recombination, while HIT technology provides higher conversion efficiency and temperature stability. IBC technology, with its unique cell design, enables higher cell efficiency and lower power loss. The Commercial And Industrial Solar PV Module Market data suggests that the combined market share of these three technologies is expected to reach around 30% by 2032, driven by their superior performance and declining costs.
Commercial And Industrial Solar PV Module Market Regional Insights
The Commercial And Industrial Solar PV Module Market is segmented into five regions, namely North America, Europe, APAC, South America, and MEA. The North American region is expected to dominate the market in terms of revenue, with the U.S. being a major contributor. In 2023, the North American Commercial And Industrial Solar PV Module Market was valued at 10.23$ billion and is projected to reach $24.12 billion by 2032, exhibiting a CAGR of 11.2% during the forecast period. The European region is also expected to contribute significantly to the market, with Germany and the U.K.Being key markets. In 2023, the European Commercial And Industrial Solar PV Module Market was valued at 8.98$ billion and is anticipated to reach $20.45 billion by 2032, with a CAGR of 10.7%. The APAC region is anticipated to witness substantial growth, driven by increasing demand from countries such as China and India. The APAC Commercial And Industrial Solar PV Module Market was valued at 9.72$ billion in 2023 and is projected to reach $29.17 billion by 2032, expanding at a CAGR of 14.1%. South America and MEA are expected to contribute modestly to the market, with Brazil and Saudi Arabia being key markets.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Commercial And Industrial Solar PV Module Market Key Players And Competitive Insights:
Leading players in the Commercial And Industrial Solar PV Module Market industry strive to consolidate their market position by embracing market expansion strategies and product innovation, as well as entering strategic mergers and acquisitions. The leading players in the Commercial And Industrial Solar PV Module Market work towards offering affordable and efficient solar panels as demand for renewable energy solutions keeps growing. The Commercial And Industrial Solar PV Module Market will continue to register enormous growth owing to a number of factors, including increasing government incentives, escalating energy pricing and growing environmentalism.
One of the best players in the Commercial And Industrial Solar PV Module Market industry is JinkoSolar. The company enjoys a remarkable market share with numerous subsidiaries in various markets. It has a broad range of solar modules comprising monocrystalline and polycrystalline panels. The company is primarily focused on offering innovative and reliable solar solutions. In this regard, JinkoSolar forms strong relationships with major stakeholders, which are vital in expanding their businesses and distribution channels. In addition, JinkSolar’s commitment to research and development allows it to boast one of the most robust solar technologies, including improved solar cells and inventive module designs.
A significant player in the Commercial And Industrial Solar PV Module Market is Canadian Solar, which has a remarkable track record in the industry. The company has a broad range of solar modules that include monocrystalline and polycrystalline panels. Canadian Solar Company is committed to offering reliable and affordable solar solutions to serve the demand for renewable energy sources across the globe. Canadian Solar has invested significant resources in Research and Development to increase the efficiency and functionality of their solar panels in consideration of projected growth in the demand for solar solutions. Its impressive track record is partly attributed to the strategic mergers and partnerships it has entered with major market stakeholders.
Key Companies in the Commercial And Industrial Solar PV Module Market Include:
- Canadian Solar
- Trina Solar
- First Solar
- Conergy AG
- Qcells
- JA Solar
- Hanwha Q CELLS
- Renesola Ltd.
- SunPower
- REC Group
- Risen Energy
- JinkoSolar
- Wacker Chemie AG
- LONGi Solar
- SolarEdge Technologies
Commercial And Industrial Solar PV Module Market Industry Developments
The Commercial And Industrial Solar PV Module Market is anticipated to reach a valuation of USD 30.43 billion by 2023, exhibiting a CAGR of 16.62% from 2024 to 2032. Growing concerns over climate change, coupled with government initiatives promoting renewable energy adoption, are driving market expansion. Technological advancements, such as increased module efficiency and reduced manufacturing costs, are further fueling demand. Key industry players are focusing on expanding their production capacities and introducing innovative products to cater to the growing market needs. Recent developments include the launch of high-efficiency solar modules with power outputs exceeding 600 Wp and the introduction of bifacial modules that can generate electricity from both sides. Additionally, the integration of artificial intelligence (AI) and machine learning (ML) in solar PV systems is enhancing energy management and optimization, driving market growth.
Commercial And Industrial Solar PV Module Market Segmentation Insights
- Commercial And Industrial Solar PV Module Market Type Outlook
- Monocrystalline
- Polycrystalline
- Thin-film
- Commercial And Industrial Solar PV Module Market End User Outlook
- Utilities
- Commercial and Industrial
- Residential
- Commercial And Industrial Solar PV Module Market Application Outlook
- Rooftop Systems
- Ground-Mounted Systems
- Floating Solar Systems
- Commercial And Industrial Solar PV Module Market Module Efficiency Outlook
- Commercial And Industrial Solar PV Module Market Cell Technology Outlook
- PERC (Passivated Emitter and Rear Cell)
- PERT (Passivated Emitter and Rear Totally Diffused)
- HIT (Heterojunction with Intrinsic Thin Layer)
- IBC (Interdigitated Back Contact)
- Commercial And Industrial Solar PV Module Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
26.09(USD Billion) |
| Market Size 2023 |
30.43(USD Billion) |
| Market Size 2032 |
121.37(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
16.62% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Canadian Solar, Trina Solar, First Solar, Conergy AG, Qcells, JA Solar, Hanwha Q CELLS, Renesola Ltd., SunPower, REC Group, Risen Energy, JinkoSolar, Wacker Chemie AG, LONGi Solar, SolarEdge Technologies |
| Segments Covered |
Type, End User, Application, Module Efficiency, Cell Technology, Regional |
| Key Market Opportunities |
Technological advancementsIncreasing government incentivesGrowing demand for renewable energyRising electricity pricesFavorable environmental regulations |
| Key Market Dynamics |
Increasing demand Technological advancements Government incentives Declining costs Growing environmental awareness |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Commercial And Industrial Solar PV Module Market is expected to reach a valuation of USD 121.37 billion by 2032, exhibiting a CAGR of 16.62% during the forecast period (2024-2032).
North American region is anticipated to dominate the Commercial And Industrial Solar PV Module Market, owing to the increasing adoption of solar energy in countries such as China, India, and Japan.
Commercial And Industrial Solar PV Modules are primarily used in various applications, including warehouses, factories, office buildings, and educational institutions, to generate electricity from sunlight, reducing energy costs and carbon footprint.
The key players in the Commercial And Industrial Solar PV Module Market include JinkoSolar, Trina Solar, Canadian Solar, LONGi Solar, and JA Solar, among others.
The Commercial And Industrial Solar PV Module Market is expected to witness significant growth in the coming years, driven by government incentives, declining costs of solar panels, and increasing demand for renewable energy sources.
The Commercial And Industrial Solar PV Module Market faces certain challenges, such as high upfront investment costs, limited grid infrastructure in some regions, and competition from conventional energy sources.
Investing in Commercial And Industrial Solar PV Modules can provide businesses with numerous benefits, including reduced energy expenses, enhanced energy independence, improved sustainability profile, and potential government incentives.
The Commercial And Industrial Solar PV Module Market is witnessing trends such as the integration of advanced technologies, such as bifacial modules and microinverters, increasing demand for high-efficiency modules, and growing adoption of solar-plus-storage systems.
Government policies and regulations play a crucial role in shaping the Commercial And Industrial Solar PV Module Market. Favorable policies, such as tax incentives and renewable portfolio standards, drive market growth, while stringent regulations can create barriers.
The future of the Commercial And Industrial Solar PV Module Market appears promising, with increasing demand for clean energy, technological advancements, and supportive government initiatives expected to contribute to its sustained growth.
