Advertising Driven Press Release Distribution
Advertising Driven Press Release Distribution
The global Ground Mounted Solar Market size is forecast to reach $9.65 billion by 2027, growing at a CAGR of 9.56% during 2022-2027. The solar panels mounted on the ground are a fixed tilt solar system that can be readily installed in a big yard or field. Furthermore, the panels are identical to pole-mounted solar panels, except that they are placed directly on the ground rather than being elevated on poles. Materials such as crystalline silicon, metals, and more are widely utilized in ground-mounted solar panels because these materials have higher efficiencies, which make them ideal for ground-mounted solar application. A solar panel system equipped with a single-axis solar tracker witness a performance gain from 10% to 30%. Apart from this, ground mounted solar market is primarily driven by the growth of the utility industry. Also, the growth from the commercial sector for ground-mounted solar is further boosting the demand for ground-mounted solar, thereby, propelling the ground mounted solar industry growth during the forecast period.
Ground Mounted Solar Market Segment Analysis – By Panel Material
By panel material, global Ground Mounted Solar Market is segmented into crystalline silicon, metal frame, glass sheet and others. The crystalline silicon segment is analysed to grow with the highest CAGR of 8.96% in the global ground mounted solar market during 2022-2027. Crystalline silicon is a widely employed material in ground-mounted solar panels because silicon cell outperforms any other mass-produced single-junction device in terms of efficiency. Since fewer solar cells need to be manufactured and installed for a given output, higher efficiencies lower the cost of the final installation. Moreover, when compared with other types of panel material such as metal frames, crystalline silicon has higher conversion efficiency. Apart from this, when comparing the types of crystalline silicon, polycrystalline and monocrystalline solar panels, both are cost-effective solutions for power generation; however, monocrystalline is more effective when temperature changes, whilst polycrystalline is less effective. Thus, due to these factors, the demand for crystalline silicon is increasing for the application of ground mounted solar, benefiting the ground mounted solar market growth.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=19371
Report Price: $ 4500 (Single User License)
Ground Mounted Solar Market Segment Analysis – By End-User
By End user, global Ground Mounted Solar Market is segmented into commercial, residential, industrial and utility sector. The utility held the largest share in the ground mounted solar market in 2022 and is growing at a CAGR of 11.67% during 2022-2027.Ground-mounted silicone is majorly utilized in solar utility facilities to generate solar power and feeds it into the grid, supplying a utility with energy to residential, commercial, and other such industries. Furthermore, when compared with roof-mounted solar, ground-mounted solar for the utility sector offers easy maintenance and cleaning, as well as enhanced air movement for more effective energy generation. The increasing new facility development related to utility-scale solar projects is anticipated to boost the demand for ground-mounted solar panels, thereby, creating an opportunity for market growth. In November 2021, construction work started on two utility-scale solar projects in Northern Indiana, United States, the Dunns Bridge Solar I project will comprise an estimated 900,000 solar panels capable of producing enough energy to power 79,500 homes. Dunns Bridge Solar II, which is planned to be operational in 2023, will also have an estimated 1,500,000 solar panels. Hence, such utility-scale projects will further drive up the demand for ground mounted solar, which will further propel the market growth during the projected forecast period.
Ground Mounted Solar Market Segment Analysis – By Geography
By geography, Ground Mounted Solar Market is segmented into North America, Europe, APAC, South America and RoW. North America region dominated the global ground mounted solar market in2021, with a share of around xx%, and is also analyzed to have significant growth during the forecast period 2022-2027. The increasing numbers of new ground-mounted solar and government initiatives in the North American region are facilitating the growth of the market. For instance, as of January 2022, Perimeter Sunset Solar PV Park, Canada is under permitting stage, it is a ground-mounted solar project, and the construction will commence from 2023, and will be completed by 2024. Moreover, another ground-mounted solar project, the San Juan Solar project, US is under permitting stage, the construction will begin in mid-2022 and is expected to be completed by 2023. Also, the increasing government initiatives are creating an opportunity for market growth. According to U.S. Energy Information Administration (EIA), some of the anticipated solar expansion in the United States are being fuelled by the federal solar Investment Tax Credit (ITC). Utility-scale solar projects that start in 2021 or 2022 will be eligible for a 26 percent tax break. The tax incentive for projects starting in 2023 is decreased to 22%, and for projects starting in 2024 or later, it is reduced to 10%. Therefore, the increasing ground mounted solar projects, as well as government initiatives in North America, are accelerating the growth of the ground mounted solar market.
Ground Mounted Solar Market Drivers
Increasing demand for solar energy for electricity generation has been positively impacting the global Ground Mounted Solar Market growth
Electricity demand worldwide is growing rapidly because of economic progress and population growth. The rising level of lifestyle and the expansion of infrastructure are driving up demand for power generation. As a result, most countries are building new solar plants or upgrading old ones to fulfill the rising demand. This is projected to augment demand for ground-mounted solar, propelling the market forward even faster.In the future electricity generation through solar energy will increase, which will boost the need for new facilities related to solar energy projects, this will create an opportunity for the ground mounted solar market. For instance, according to International Energy Agency (EIA), in the year 2020, the production of electricity through solar energy was 832 billion watts, and it projects the electricity generation through solar energy will increase to 2,275 billion watts by 2025, an increase of 173.4%. Hence, increasing demand for solar energy for electricity generation and future growth of electricity generation through solar is expected to boost the demand for ground mounted solar, thereby, driving the ground mounted solar market growth during the projected forecast period.
Governmental efforts towards promoting high adoption of solar energy is significantly triggering the growth of the market
Countries all across the world are facing rising global temperatures, and renewable energy including solar, wind, and others plays a vital part in lowering carbon dioxide emissions. Several countries’ government are altering their energy policy to favour solar installation. Therefore, ground-mounted solar will see increased demand as the world shifts to renewable energy. According to International Energy Agency (EIA),the French government released its new multiannual energy plan (PPE) in April 2020, reiterating its commitment to 20 GW of PV capacity by 2023, as well as yearly tenders for 2 GW of ground-mounted solar projects installation by 2024.Moreover, Saudi Arabia’s National Renewable Energy Program (NREP) is a strategic initiative that is part of the kingdom’s Vision 2030 plan. It aims to increase the Kingdom’s proportion of renewable energy generation, including solar and wind, as well as develop a balanced mix of domestic energy sources and satisfy the Kingdom’s carbon-reduction goals. Through the project, the Ministry of Energy aims to diversify the national energy mix used in power production, to increase natural gas and renewable energy sources to roughly 50% by 2030 while reducing the usage of liquid fuel. Thus, these government initiatives are driving up the growth of the ground mounted solar market.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=19371
Ground Mounted Solar Market Challenges
The higher cost of ground mounted solar is posing a major challenge for the market growth
The main reason for the higher upfront cost of a ground mount solar is that the system requires more parts to be built. When a solar array is installed on the ground, a substantial roof-like structure is required to keep the panels in place. This method includes surveying the soil to ensure that it can support the system, drilling enormous holes, and paying extra for pieces to construct a proper foundation for the panels. Roof-mounted systems also avoid a lot of these expenses. As a result of these factors, the cost of ground-mounted solar is higher, the higher cost of ground mounted solar is restricting the growth of the solar mounted market growth.
Ground Mounted Solar Industry Outlook
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the ground mounted solar market. the ground mounted solar market top 10 companies include:
Mounting Systems GmbH
Xiamen Universe Solar Tech. Co. Ltd.
K2 Systems GmbH
Land Power Solar Technology Co. Ltd
Van der Valk Solar Systems BV
Quick Mount PV
In October 2021, Technique Solaire, a French solar company, acquired a 34 MW ground-mounted solar project from the Jakson Group in Uttar Pradesh, India. The solar array produces 49,500 MWh of green energy every year, which is enough to power 78,383 people in the area.
In May 2021, Duke Energy announced about the beginning of the construction of the 22.6MW Speedway Solar project in North Carolina, which is a ground-mounted single axis tracker solar project.
In September 2019, the Schletter Group announces the next generation of its ground mount system FS at the Solar Power International (SPI) event in the U.S. As a result, the international maker of solar mounting systems maintains its innovative focus on yield optimization through clever design decisions.
Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=19371
Crystalline Silicon segment is analysed to grow with the highest CAGR of 8.96% attributing to the factors like higher conversion efficiency and cost efficiency.
North America region is anticipated to dominate the ground mounted solar market due to the growing ground mounted solar projects in the region.
Increasing demand for solar energy for electricity generation along with governmental efforts towards promoting high adoption of solar energy are analysed to drive the market growth forward in the coming years.
A. Solar PV Market
B. Solar Photovoltaic Market
For more Energy and Power related reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.
Advanced Composite Materials Market Estimated to Reach US$52.8 billion by 2027
Tinea Pedis Treatment Market to Grow at a CAGR of 3.2% During the Forecast Period 2020-2025
RNA Sequencing Market to Grow at a CAGR of 4.1% During the Forecast Period 2020-2025
Bioresorbable Stents Market to Grow at a CAGR of 2.6% During Forecast Period 2020-2025
Geospatial Analytics Artificial Intelligence Market Estimated to Reach $160 Million by 2025