Photovoltaic Mounting Systems Market size is expected to reach USD 123 Million by the end of 2036, growing at a CAGR of 17% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of photovoltaic mounting systems crossed around USD 22 Million. The primary reason behind the industry growth by the end of 2036 is the increasing demand for energy across the world. For instance, the International Energy Agency (IEA) develops yearly projections about possible energy requirements utilizing several varied cases. In its 2021 document, the IEA Stated Policies Scenario anticipates the total energy requirement to rise by 21% by 2040. International need for natural gas is projected to rise by 28% and international oil demand will rise by 17% by 2050.
Another reason that will directly increase the expansion of the photovoltaic mounting systems market in the forecast period is the increasing population across the world and their adoption of energy worldwide. Moreover, the international population is projected to increase from just under 8 billion in 2022 to more than 8.5 billion in 2030 and 9.7 billion in 2050. Accelerated energy requirements come from appearing markets and growing economies. The world would require twice as much energy as it generates recently if it weren’t for constant modifications in energy effectiveness. Further, several nations are approaching natural gas and PV panels for pocket-friendly and trustworthy electrical power production that generates lower secretions than coal. Various countries utilize various kinds of energy, so it’s tough to express who utilizes the most. Canada itself utilizes a varied energy mix comprising oil, natural gas, hydroelectricity, nuclear, and more.
Growth Factors
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
17% |
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Base Year Market Size (2023) |
USD 22 Million |
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Forecast Year Market Size (2036) |
USD 123 Million |
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Regional Scope |
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End-User (Residential, Commercial, Industrial, Utility)
The utility segment is expected to hold 59% share of global photovoltaic mounting systems market by 2036. This growth will be noticed because of the low cost of PV panels across the world, in line with the International Energy Agency’s World Energy Outlook 2020. The 464-page prospect, released by the IEA, also describes the “extraordinarily wild” influence of coronavirus and the “highly doubtful” future of international energy utilization over the next two decades. Showcasing this doubtfulness, this year’s interpretation of the highly impactful yearly outlook presents four “pathways” to 2040, all of which notice a major increase in sustainable resources. The IEA’s primary case has 43% more solar output by 2040 than it projected in 2018, moderately because of a thorough new assessment demonstrating that solar power is 20-50% cheaper than expected. Although a quicker increase for sustainable sources and a “structural” drop for coal, the IEA expresses it is too soon to release a peak in international oil utilization, unless there is more powerful climate action. Likewise, it expresses the requirements for gas could increase by 30% by 2040 except for the policy response to global warming steps up.
Components (PV Modules {Panels}, Inverters, Racking, Batteries)
The PV modules {panels} segment in the photovoltaic mounting systems market is projected to account for 71% of revenue share owing to its increasing use to generate solar energy across the world. The power rating of solar panels is in “Watts” or “Wattage,” which is the unit utilized to calculate power generation. Nowadays, the latest and best solar panels for residential properties generate between 250 and 400 Watts of electricity. While solar panel systems begin at 1 KW and generate between 750 and 850 Kilowatt hours (KwH) yearly, bigger homes and larger households usually need to be on the higher end. A four-to-five-person household possibly requires a four-to-five KW systems.
Our in-depth analysis of the global photovoltaic mounting systems market includes the following segments:
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Type |
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Technology |
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Components |
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End-User |
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APAC Market Analysis
The photovoltaic mounting systems market in the APAC region will dominate the most and will have the highest revenue share of around 45% by the end of 2036. This growth will be noticed due to increasing solar electricity generation in this region. For instance, China's installed solar potential will double to 1,000 gigawatts (GW) by the end of 2026 as the globe's second-biggest economy grows to build up investment in sustainable sources, energy research company Rystad Energy composed in a note. Beijing had set an objective of raising the country's installed potential of wind and solar power to over 1,200 GW by 2030.
European Market Statistics
The photovoltaic mounting systems market in the Europe region will increase the most by the end of 2036. This growth will be noticed because of the increasing initiation of the European government. In early December 2023, the EU declared they had developed the European Solar PV Industry Alliance. The alliance will help EU nations create a strong connection between European producers and consumers of solar panels. Germany is the European nation that added the most volume of solar power in 2022 and is also home to Wacker Chemicals, one of the world’s biggest polysilicon manufacturers and one of the critical components of solar panels. Other European Nations, including Spain, Poland, and the Netherlands, have also had substantial amounts of solar installed. Comprehensive the EU projects the solar industry could raise the European GDP by €60 billion yearly and develop 400,000 new jobs.
December 19, 2023: Schletter Inc. delivered Austria's biggest PV roof systems. Austria's biggest PV roof project has been considered for operation on the 85,000-square-meter place roofs of Steyr Automotive. The approximately 7.5 MWp systems was installed implementing the Schletter FixGrid and ClampFit systems. Schletter Inc. was once again collaborating with the energy supplier Burgenland Energie on this project.
November 21, 2023: Schletter Inc., an international leader in the expansion and manufacturing of solar mounting systems—has accomplished a 162% year-on-year rise in profit in the ground-mount segment, touching around 50,000,000 EUR in the third quarter of 2023 regardless of the consistent market headwinds.
Author Credits: Payel Roy, Dhruv Bhatia
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