Global Ground Mounted Solar Market Overview
As per MRFR analysis, the Ground Mounted Solar Market Size was estimated at 22.09 (USD Billion) in 2022. The Ground Mounted Solar Market Industry is expected to grow from 25.02(USD Billion) in 2023 to 76.8 (USD Billion) by 2032. The Ground Mounted Solar Market CAGR (growth rate) is expected to be around 13.27% during the forecast period (2024 - 2032).
Key Ground Mounted Solar Market Trends Highlighted
The ground-mounted solar market is driven by the demand for renewable energy and the falling cost of solar panels worldwide. According to predictions, this market is poised for remarkable growth in the future due to heightened concerns about global warming and increased adoption of green energy policies across nations.
One of the key trends seen in the ground-mounted solar market is the use of advanced technologies like bifacial PV modules and smart inverters. These measures increase the efficiency of the systems and reduce operational costs [6]. Ground-mounted solar thus becomes more price competitive with conventional sources.
Another trend observed in recent years has been that of utility-scale solar projects, which are large installations typically located near towns or regions. Often, these projects are developed by independent power producers (IPPs) who have support from long-term power purchase agreements (PPAs).
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Ground Mounted Solar Market Drivers
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Increasing Demand for Renewable Energy
The growing concerns about climate change and the depletion of fossil fuels have led to a surge in the demand for renewable energy sources. Solar energy is one of the most promising renewable energy sources, and ground-mounted solar systems are a cost-effective and efficient way to harness this energy. Governments worldwide are implementing favorable policies and incentives to promote the adoption of solar energy, which is further driving the growth of the Ground Mounted Solar Market. Additionally, the increasing awareness among consumers about the environmental benefits of solar energy is contributing to the rising demand for ground-mounted solar systems.
Technological Advancements and Cost Reductions
Technological advancements in the solar industry have led to significant improvements in the efficiency and cost-effectiveness of ground-mounted solar systems. The development of high-efficiency solar panels, advanced tracking systems, and innovative mounting solutions has reduced the cost of solar energy generation. As the technology continues to evolve, the cost of ground-mounted solar systems is expected to decline further, making them even more attractive for businesses and homeowners.
Government Support and Policy Incentives
Governments worldwide recognize the importance of renewable energy and implement supportive policies and incentives to promote the adoption of solar energy. These policies include feed-in tariffs, tax credits, and renewable portfolio standards. These incentives make it more financially viable for businesses and homeowners to invest in ground-mounted solar systems, thereby contributing to the growth of the Ground Mounted Solar Market.
Ground Mounted Solar Market Segment Insights
Ground Mounted Solar Market System Capacity Insights
The System Capacity segment is a critical aspect of the Ground Mounted Solar Market, with various sub-segments catering to different project sizes. Among these, the 'Less than 5 MW' sub-segment held a significant market share in 2023, primarily attributed to the rising adoption of smaller-scale solar projects for residential and commercial applications. The '5-10 MW' and '10-50 MW' sub-segments are also witnessing steady growth, driven by increasing investments in medium-sized solar farms.
Moving up the scale, the '50-100 MW' sub-segment is expected to experience substantial growth in the coming years, fueled by the growing demand for large-scale solar power plants. The 'Above 100 MW' sub-segment, representing the most significant projects, is anticipated to contribute significantly to the overall Ground Mounted Solar Market revenue in the forecast period. This sub-segment is gaining traction due to the increasing focus on utility-scale solar projects and government initiatives promoting renewable energy sources.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Ground Mounted Solar Market Panel Type Insights
The Ground Mounted Solar Market is segmented by Panel Type into Monocrystalline, Polycrystalline, and Thin-Film. Monocrystalline panels are the most efficient and expensive type, with a market share of over 50%. They are made from a single crystal of silicon, which gives them a higher efficiency than other types of panels. Polycrystalline panels are made from multiple crystals of silicon, which makes them less efficient than monocrystalline panels but also less expensive. They have a market share of around 30%.
Thin-film panels are made from a thin layer of semiconductor material, which makes them the least efficient but also the least expensive type of panel. They have a market share of around 20%. The market for monocrystalline panels is expected to grow at a CAGR of 10% over the next five years, driven by the increasing demand for high-efficiency solar panels. The market for polycrystalline panels is expected to grow at a CAGR of 8% over the next five years, driven by the increasing demand for cost-effective solar panels. The market for thin-film panels is expected to grow at a CAGR of 6% over the next five years, driven by the increasing demand for low-cost solar panels
Ground Mounted Solar Market Installation Type Insights
Installation Type Segment Insights and Overview The Ground Mounted Solar Market is segmented based on installation type into fixed-tilt, single-axis tracking, and dual-axis tracking. The fixed-tilt segment is expected to hold the largest market share in 2023, owing to its low cost and ease of installation. However, the single-axis tracking segment is expected to grow at a higher CAGR during the forecast period, as it offers higher energy yield compared to fixed-tilt systems.
The dual-axis tracking segment is expected to account for a relatively small share of the market due to its higher cost and complexity.In 2023, the fixed-tilt segment is expected to generate revenue of around USD 12.5 billion, while the single-axis tracking segment is expected to generate revenue of around USD 8.0 billion. The dual-axis tracking segment is expected to generate revenue of around USD 4.5 billion in 2023.
Ground Mounted Solar Market End-User Insights
The end-user segment of the Ground Mounted Solar Market is categorized into residential, commercial, industrial, and utility-scale applications. Each segment exhibits unique characteristics and growth dynamics, shaping the overall market landscape. In 2023, the residential segment accounted for a significant portion of the Ground Mounted Solar Market revenue, driven by increasing homeowner adoption of solar energy for cost savings and environmental sustainability.
The commercial segment is projected to witness substantial growth over the coming years due to rising energy consumption and government incentives for businesses to adopt renewable energy solutions. The industrial segment holds a notable share of the market, primarily driven by the need for reliable and cost-effective energy sources in manufacturing and production facilities. This growth is attributed to increasing environmental consciousness, declining costs of solar technology, and supportive government policies. The market segmentation provides valuable insights into the diverse end-user applications and their contributions to the overall industry landscape.
Ground Mounted Solar Market Regional Insights
The regional segmentation of the Ground Mounted Solar Market offers insights into the market's geographical distribution and growth patterns. North America is expected to hold a significant market share, driven by increasing demand for renewable energy and favorable government policies.
Europe is another key region, with a growing focus on reducing carbon emissions and transitioning to sustainable energy sources. The APAC region is anticipated to witness substantial growth owing to rising energy consumption and government initiatives promoting solar energy adoption. South America and MEA are expected to contribute to the overall market growth, benefiting from increasing awareness about the advantages of ground-mounted solar systems and supportive government regulations.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Ground Mounted Solar Market Key Players And Competitive Insights
Major players in the Ground Mounted Solar Market are constantly striving to stay ahead of the competition by investing in research and development, expanding their product offerings, and forming strategic partnerships. Leading ground-mounted solar market players are focusing on developing innovative technologies to improve the efficiency and performance of their products. They are also expanding their global presence by establishing new manufacturing facilities and distribution channels.
The Ground Mounted Solar Market is highly competitive, with a number of major players vying for market share. Some of the key players in the market include First Solar, JinkoSolar, LONGi Solar, Trina Solar, and Canadian Solar. These companies are investing heavily in research and development to improve the efficiency of their solar panels and reduce costs. They are also expanding their global reach by establishing new manufacturing facilities and distribution channels.
The competitive landscape of the Ground Mounted Solar Market is expected to remain intense in the coming years, with new entrants and established players continuing to compete for market share.NextEra Energy, one of the largest utilities in the United States, has announced plans to build a portfolio of ground-mounted solar projects totaling 4 gigawatts (GW) by 2024. This portfolio will include projects in California, Florida, Georgia, Illinois, Ohio, Pennsylvania, Texas, and Virginia. NextEra Energy is also developing a 2 GW solar project in Australia.
SunPower, a leading solar technology company, has announced plans to build a 1.6 GW solar project in Texas. This project will be one of the largest solar projects in the United States. SunPower is also developing a 1 GW solar project in Chile. These are just a few examples of the major investments that are being made in the ground-mounted solar market. As the cost of solar continues to decline, we can expect to see even more investment in this market in the coming years.
Canadian Solar, a leading solar module manufacturer, has announced plans to invest $200 million in a new manufacturing facility in China. This facility will produce solar modules for the ground-mounted solar market. Canadian Solar is also expanding its presence in the United States, with plans to build a new manufacturing facility in Texas. These investments will help Canadian Solar to increase its market share in the ground-mounted solar market.
Key Companies in the Ground Mounted Solar Market Include
- Acciona
- Iberdrola
- Tata Power
- NextEra Energy
- Enel Green Power
- Lightsource BP
- Fortum
- Engie SA
- JinkoSolar
- Trina
Ground Mounted Solar Market Industry Developments
The global ground-mounted solar market is poised for significant growth in the coming years, driven by increasing demand for renewable energy and government initiatives to reduce carbon emissions. In 2023, the market was valued at USD 25.02 billion and is projected to reach USD 76.8 billion by 2032, exhibiting a CAGR of 13.27%.
The Asia-Pacific region is expected to dominate the market throughout the forecast period, with China and India being key contributors. Technological advancements, such as the development of high-efficiency solar panels and tracking systems, are also expected to drive market growth. The market is expected to witness increased adoption of ground-mounted solar systems in both commercial and industrial sectors, as well as in utility-scale projects.
Ground Mounted Solar Market Segmentation Insights
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Ground Mounted Solar Market System Capacity Outlook
- Less than 5 MW
- 5-10 MW
- 10-50 MW
- 50-100 MW
- Above 100 MW
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Ground Mounted Solar Market Panel Type Outlook
- Monocrystalline
- Polycrystalline
- Thin-Film
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Ground Mounted Solar Market Installation Type Outlook
- Fixed-Tilt
- Single-Axis Tracking
- Dual-Axis Tracking
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Ground Mounted Solar Market End-User Outlook
- Residential
- Commercial
- Industrial
- Utility-Scale
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Ground Mounted Solar Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
22.09(USD Billion) |
| Market Size 2023 |
25.02(USD Billion) |
| Market Size 2032 |
76.8(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
13.27% (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 |
Acciona, Iberdrola, Tata Power, NextEra Energy, Enel Green Power, Lightsource BP, Fortum, Engie SA, JinkoSolar, Trina |
| Segments Covered |
System Capacity, Panel Type, Installation Type, End-User, Region, Regional |
| Key Market Opportunities |
Scaling renewable portfolio Corporate clean energy mandates Expanding rural electrification Declining hardware costs Policy incentives for large projects |
| Key Market Dynamics |
Increasing demand for renewable energy Government incentives and subsidies Technological advancements Falling costs of solar panels Growing awareness of climate change |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global Ground Mounted Solar Market is projected to reach USD 25.02 billion in 2023, exhibiting a CAGR of 13.27% from 2024 to 2032.
The increasing demand for renewable energy sources, government incentives and policies, and technological advancements are the key growth drivers of the Global Ground Mounted Solar Market.
The Asia-Pacific region is expected to hold the largest market share in the Global Ground Mounted Solar Market, owing to the increasing demand for renewable energy and government initiatives in countries like China, India, and Japan.
Ground Mounted Solar Systems are primarily used for large-scale power generation and commercial and industrial applications, such as solar farms and power plants.
Some of the key competitors in the Global Ground Mounted Solar Market include First Solar, Trina Solar, Canadian Solar, Jinko Solar, and LONGi Solar.
The global Ground Mounted Solar Market is expected to reach USD 76.8 billion by 2032, exhibiting a CAGR of 13.27% from 2024 to 2032.
The challenges faced by the Global Ground Mounted Solar Market include high upfront investment costs, land availability constraints, and grid integration issues.
The growing demand for renewable energy, technological advancements, and government incentives present significant opportunities for growth in the Global Ground Mounted Solar Market.
The COVID-19 pandemic had a moderate impact on the Global Ground Mounted Solar Market. While some projects were delayed or canceled, the long-term growth prospects of the market remain positive.
The key trends shaping the Global Ground Mounted Solar Market include the increasing adoption of bifacial solar panels, the integration of energy storage systems, and the development of floating solar systems.
