The Commercial and Industrial Solar PV Market was valued at USD 63.2 billion in 2024, and is projected to reach USD 164.1 billion by 2034, rising at a CAGR of 10.1%. The market’s upward momentum is fueled by the increasing need for sustainable energy solutions backed by corporate efforts to reduce carbon footprints and enhance energy efficiency. Businesses across various industries are prioritizing renewable energy adoption to meet stringent environmental regulations, cut operational costs, and capitalize on long-term energy savings. Expanding net metering policies further accelerate market adoption by allowing solar PV system owners to send surplus electricity back to the grid in exchange for credits. This incentive significantly enhances the financial feasibility of solar PV installations, making them a viable and attractive option for businesses looking to reduce future energy expenses.
Governments worldwide are implementing supportive policies to drive solar PV adoption, providing tax benefits, subsidies, and grants to encourage commercial and industrial players to invest in solar infrastructure. Advancements in solar panel technology, battery storage, and smart energy management systems are addressing intermittency concerns, further strengthening market confidence. As more businesses transition towards energy independence, the demand for high-efficiency solar PV systems continues to rise, paving the way for large-scale commercial adoption. Additionally, rising electricity costs and increasing grid instability are prompting companies to seek alternative energy sources, positioning solar PV as a key component of modern energy strategies.
The market is segmented based on connectivity into on-grid and off-grid systems. On-grid solar PV systems, which rely on existing electricity infrastructure, are gaining traction due to their cost-effectiveness and enhanced reliability. This segment is expected to generate USD 160 billion by 2034, driven by investments in battery storage solutions and advanced grid technologies. These innovations are improving energy storage capabilities, reducing reliance on traditional power grids, and enabling businesses to maximize energy utilization. Moreover, expanding transmission and distribution networks are streamlining the integration of renewable energy sources, further solidifying the growth of on-grid solar PV installations. Companies are leveraging cutting-edge technologies such as AI-powered energy optimization tools and smart inverters to enhance system efficiency, making solar PV a highly attractive investment for long-term energy cost savings.
By mounting type, ground-mounted solar PV systems held a 53.6% market share in 2024, thanks to their superior energy capture capabilities and ease of maintenance. These systems allow for optimal panel orientation, maximizing sunlight absorption and overall energy output. Businesses favor ground-mounted installations due to their scalability, cost-effectiveness, and ability to accommodate large solar arrays. Additionally, government-backed renewable energy tenders and long-term power purchase agreements (PPAs) are driving further investments in ground-mounted solar projects.
The U.S. commercial & industrial solar PV market generated USD 2.9 billion in 2024, with North America accounting for 5% of the global market share. Regulatory support remains a primary driver as policies promoting renewable energy adoption continue to gain momentum. Expanding utility-scale solar projects and clean energy initiatives are reshaping the regional market landscape. Collaboration between domestic and international players is helping businesses navigate regulatory complexities, ensuring steady market growth.
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Governments worldwide are implementing supportive policies to drive solar PV adoption, providing tax benefits, subsidies, and grants to encourage commercial and industrial players to invest in solar infrastructure. Advancements in solar panel technology, battery storage, and smart energy management systems are addressing intermittency concerns, further strengthening market confidence. As more businesses transition towards energy independence, the demand for high-efficiency solar PV systems continues to rise, paving the way for large-scale commercial adoption. Additionally, rising electricity costs and increasing grid instability are prompting companies to seek alternative energy sources, positioning solar PV as a key component of modern energy strategies.
The market is segmented based on connectivity into on-grid and off-grid systems. On-grid solar PV systems, which rely on existing electricity infrastructure, are gaining traction due to their cost-effectiveness and enhanced reliability. This segment is expected to generate USD 160 billion by 2034, driven by investments in battery storage solutions and advanced grid technologies. These innovations are improving energy storage capabilities, reducing reliance on traditional power grids, and enabling businesses to maximize energy utilization. Moreover, expanding transmission and distribution networks are streamlining the integration of renewable energy sources, further solidifying the growth of on-grid solar PV installations. Companies are leveraging cutting-edge technologies such as AI-powered energy optimization tools and smart inverters to enhance system efficiency, making solar PV a highly attractive investment for long-term energy cost savings.
By mounting type, ground-mounted solar PV systems held a 53.6% market share in 2024, thanks to their superior energy capture capabilities and ease of maintenance. These systems allow for optimal panel orientation, maximizing sunlight absorption and overall energy output. Businesses favor ground-mounted installations due to their scalability, cost-effectiveness, and ability to accommodate large solar arrays. Additionally, government-backed renewable energy tenders and long-term power purchase agreements (PPAs) are driving further investments in ground-mounted solar projects.
The U.S. commercial & industrial solar PV market generated USD 2.9 billion in 2024, with North America accounting for 5% of the global market share. Regulatory support remains a primary driver as policies promoting renewable energy adoption continue to gain momentum. Expanding utility-scale solar projects and clean energy initiatives are reshaping the regional market landscape. Collaboration between domestic and international players is helping businesses navigate regulatory complexities, ensuring steady market growth.
Comprehensive Market Analysis and Forecast
- Industry trends, key growth drivers, challenges, future opportunities, and regulatory landscape
- Competitive landscape with Porter’s Five Forces and PESTEL analysis
- Market size, segmentation, and regional forecasts
- In-depth company profiles, business strategies, financial insights, and SWOT analysis
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Table of Contents
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Industry Insights
Chapter 4 Competitive landscape, 2023
Chapter 5 Market Size and Forecast, by Connectivity, 2021-2032 (USD Billion & MW)
Chapter 6 Market Size and Forecast, by Mounting, 2021-2032 (USD Billion & MW)
Chapter 7 Market Size and Forecast, by Region, 2021-2032 (USD Billion & MW)
Chapter 8 Company Profiles
Companies Mentioned
The companies featured in this Commercial and Industrial Solar PV market report include:- Canadian Solar
- CSUN SolarTech
- EMMVEE SOLAR
- JA SOLAR Technology Co. Ltd.
- GCL-SI
- Jinko Solar
- Motech Industries Inc.
- LONGi
- Hanwa Q cells
- Renesola
- REC Solar Holdings AS
- Risen Energy Co. Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 110 |
| Published | February 2025 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value ( USD | $ 63.2 Billion |
| Forecasted Market Value ( USD | $ 164.1 Billion |
| Compound Annual Growth Rate | 10.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 13 |
