The industrial sector, in terms of applications accounted for the highest revenue share in the Bangladesh Solar Rooftop/Ground Mount Market – 6Wresearch
The industrial sector accounted for the largest share owing to the rise of the IPP industry. The segment will continue to grow in the near future owing to the advantages it offers. Bangladesh solar Rooftop/Ground Mount (On-grid) market reflected irregular growth in recent years, 2020 witnessed a slowdown during the pandemic, high growth in 2021 caused by the release of pent-up demand and demand decline in 2022 due to cumulative price hikes of 2021 and 2022 rendering the projects unviable for the players. However, the market revenues rose exponentially in 2022 despite the low demand due to the execution of 275 MW of solar park in Sundarganj.”
According to 6Wresearch, Bangladesh Solar Rooftop/Ground Mount market revenue is projected to grow at a CAGR of over 27.8% during 2023E-29F. Bangladesh solar Rooftop/Ground Mount (On-grid) market is mostly import dependent, thereby, it is highly volatile to global disruptions and price level changes. In 2021, the market witnessed a sharp rise in revenues on account of rapid adoptions in the rooftop installations post covid due to pent-up demand and also, a big boost in the ground mount market on the back of the commissioning of a 100 megawatt (MW) solar park in Mongla, Begerhat.
Additionally, the government’s plan to develop smart cities and smart villages by 2041 with a goal of developing ultramodern power grids, a green economy, is expected to act as a catalyst for the demand generation in the solar Rooftop/Ground Mount (On-grid) market and would create new avenues of application of the solar system in the coming years.
According to Ravi Bhandari, Research Head, 6Wresearch, the industrial sector dominates the market owing to the rise of the IPP industry in recent years as it would be essential in the country’s effort towards energy transitions. Therefore, owing to installations of large capacities by the IPP sector to benefit from Bangladesh’s efforts towards decreasing its dependence on fossil fuels, the Industrial sector would sustain its dominant position in the market.
“The Bangladesh Solar Rooftop/Ground Mount Market (2023-2029)” report provides an in-depth analysis with 26 figures and 9 tables, covered in 105 pages. The report on Solar Rooftop/Ground Mount Market in Bangladesh comprehensively covers the market by applications. The report provides a detailed and unbiased analysis of the ongoing growth drivers, opportunities/high growth areas, and trends of the market which are estimated to support the stakeholders to align and devise their market strategies according to the latest and future market dynamics.