Solar PV Mounting Systems are ancillary to the solar energy market and are expected to witness growth at an above average CAGR of 11.56% during the forecast period. In 2017, the global solar PV mounting systems market valued USD 12,059 Mn and observations, and calculations of critical market factors suggest an estimated evaluation of USD 23,107 Mn by the end of 2023.
The focus of adoption and advancement of renewable energy sources has grown tremendously, with solar panels being among the most adopted form of renewable energy. With this in mind, it has been observed that the demand for mounting structures has been accelerating due to the rising number of solar projects. The global solar PV capacity grew by 26% in 2017, and the number is rising, as is evidenced by the increase in demand for structural components for rising solar capacity. Mounting systems for solar PV are vital for the structural support they offer for high efficiency in the working of solar panels. Notably, small-scale PV installations in the residential sector and in remote areas are expected to increase demand for rooftop solar mounting structures. Moreover, the growing global shift toward leveraging renewable energy sources in an effort to reduce carbon emissions has promoted the growth of solar energy which is viewed as having high potential and being cost-effective, thus directly and positively affecting the growth of the Solar PV Mounting Systems Market. This has led to increasing government support for solar energy infrastructure. Many countries around the world are offering various schemes, for design support, and attractive rates which are expected to expand solar production and influence growth in demand for Solar PV Mounting Systems.
Solar mounting structures are primarily made of aluminum or steel which have a reputation for their fluctuating prices. The volatility in prices of the raw materials used has been identified as a market restraint. The fluctuation of steel and aluminum further subject solar mounting systems to the same uncertainty. It is challenging to find suitable alternatives due to the requirement of mounting structures for solar PV to be resilient in most weather conditions. Building integrated photovoltaic systems are a growing trend which will likely produce numerous opportunities for the global solar PV mounting system market. Integration of solar panels as a part of the building to meet the power demand of the building will rise as technological advancements promise to drive the adoption of such systems.
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The report analyzes the market by its regional segments which include North America, Europe, the Asia Pacific and the Rest of the World. The Asia Pacific (APAC) accounts for a majority share of 43.02% of the global Solar PV Mounting System Market and is projected to grow at a CAGR of 11.24% during the forecast period. The APAC has a truly massive population which is consistently growing, as such the demand for cost-efficient power is growing as well. Clean energy sources are increasingly becoming attractive due to growing support for renewable energy deployment in the form of encouraging policies and regulations combined with awareness campaigns. China leads the APAC market in solar photovoltaic cell manufacturing with Japan and India following closely. Increased investments in renewable resources and a naturally sunny climate for a majority of the year have led to the recognition of solar energy as the best alternative to conventional energy sources.
Meanwhile, the Rest of the World is growing at the highest CAGR of XX, with Latin America leading growth for this regional segment. Solar PV systems in Latin America are affordable and are emerging rapidly due to investments being made in countries such as Chile, Mexico, and Brazil. The Middle East & Africa, however, is likely to grow exponentially due to the region being naturally conducive to the adoption of solar power as a majority of the region is a desert and receives long hours of sunlight. Several construction projects which leverage and integrate solar energy are expected to drive the solar PV mounting systems market in the region.
Global Market for Solar PV Mounting Systems: Segmental Analysis:
MRFR’s report offers a detailed segmental analysis of the market based on product, technology, and end-user. By product, the Solar PV Mounting Systems Market has been segmented into rooftop and ground mounted. The rooftop segment currently accounts for 52.13% share of the market and is projected to strike a CAGR of over 10% through the assessment period. Meanwhile, the ground mounted segment is forecasted to register a relatively higher CAGR and retain a dominant share towards the end of 2023.
By technology, the market is segmented into fixed and tracking. The fixed segment currently holds the maximum market share and is likely to retain its pole position through the forecast period. However, the tracking segment is expected to strike a higher CAGR in the foreseeable future.
By end-user, the market has been segmented into commercial, residential, and utilities. The utilities segment currently holds a dominant share of the market and is likely to retain its dominance over the next couple of years. It, also, is expected to register the highest CAGR of 12.22% across the review period.
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Notable players that have been profiled in the report include PV Racking, SolarWorld AG, Schletter Group, K2 Systems GmbH, Xiamen Corigy New Energy Technology Co. Ltd, Clenergy, Van der Valk Solar Systems BV., Xiamen Universe Solar Tech. Co. Ltd., Xiamen Grace Solar Technology Co. Ltd., Mounting System GmbH, Tata International Ltd., Quick Mount PV, RBI Solar Inc, Unirac Inc., and Land Power Solar Technology Co. Ltd. These market players have employed expansion of production, new product development, and strategic partnerships & collaborations as growth strategies to achieve desirable market positions.