Commercial and Industrial Solar PV Module Market Size - By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Roof-Top), Growth Prospects, Regional Outlook & Global Forecasts, 2024 - 2032

Commercial and Industrial Solar PV Module Market size is set to expand at over 6.6% CAGR from 2024 to 2032, driven by the rising investments in resilience planning.

Several governments and businesses worldwide are increasingly recognizing the importance of ensuring uninterrupted power supply during emergencies and grid disruptions. Solar PV systems serve as reliable backup power sources for enhancing continuity of operations. With climate change-related events and grid vulnerabilities on the rise, leading organizations are further investing in solar PV installations as part of their resilience strategies.

The increased investments in production facilities, technological advancements, and economies of scale are driving efficiency improvements and cost reductions. In December 2023, Waaree Energies, India's leading solar PV module manufacturer, announced plans to build a cutting-edge integrated solar cell and module manufacturing facility in the U.S. This emphasis on expanding the manufacturing capacities for higher production volumes, shorter lead times, and improved product availability for meeting the growing demand for solar PV modules will augment the industry outlook.

The overall industry is segmented into connectivity, mounting, and region.

In terms of connectivity, the off-grid commercial and industrial solar PV module market is anticipated to record considerable growth from 2024-2032. Off-grid solar PV modules provide decentralized power solutions for remote and rural areas, industrial facilities, and commercial establishments lacking access to the grid. With increasing awareness of energy security and environmental concerns, off-grid solar PV modules are witnessing growing adoption for applications like rural electrification, telecommunications, and off-grid industrial operations. Additionally, the cost-effectiveness and efficiency rendered by off-grid solutions will add to the product adoption.

Based on mounting, the commercial and industrial solar PV module market from the ground-mounted segment is projected to witness high demand between 2024 and 2032 attributed to advantages, such as scalability, cost-effectiveness, and optimal energy production in large-scale commercial and industrial applications. Of late, several businesses are focusing on reducing energy costs, carbon footprints, and reliance on traditional grid electricity. With favorable government policies, declining solar module costs, and the increasing environmental awareness, the demand for ground-mounted solar PV systems is further set to gain significant traction.

Regionally, the North America commercial and industrial solar PV module market is estimated to record substantial growth through 2032 driven by the increasing adoption of renewable energy solutions. Supportive government policies, such as tax incentives and renewable portfolio standards, are surging the adoption of solar PV installations for commercial and industrial applications.

Several businesses across various sectors are investing in solar PV systems to reduce energy costs, enhance energy security, and meet sustainability goals, providing potential growth opportunities to the industry participants. To cite an instance, in September 2023, Silfab Solar, North America's premier PV module producer, announced plans to launch a premium line of TOPCon PV modules in the first quarter of 2024, particularly developed and manufactured for the commercial and residential sectors in the U.S.