Solar Panel Mounting Structures Market size is poised to reach USD 59 Billion by the end of 2036, growing at a CAGR of 12% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of the solar panel mounting structures was USD 15 Billion. The market growth is due to the increasing need for sustainability, and thus, the world today focuses on how to get a better, cleaner, and greener future. According to the International Energy Agency's (IEA) January 2024 report, the usage of renewable energy reached an estimated 507 GW in 2023, which is almost 50% higher than in 2022, and with continuous governmental support in 130+ countries. This is causing the solar panel mounting structures market to witness a substantial growth rate in the forecasted years.
In addition, solar energy generation emits less carbon dioxide into the atmosphere than traditional energy sources including coal, oil, and petroleum. Also, this sector will expand as a result of growing off-grid solar installations in emerging economies as well as increased public and private sector investments in the implementation of renewable energy sources.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
12% |
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Base Year Market Size (2023) |
USD 15 Billion |
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Forecast Year Market Size (2036) |
USD 59 Billion |
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Regional Scope |
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Product Type (Rooftop Mounted, Ground Mounted)
In solar panel mounting structures market, rooftop segment is likely to account for around 54% share by 2036. The segment growth can be attributed to the advantage of being easily installed and requiring less initial and maintenance commitment for both residential and commercial buildings. The rooftop mounting systems last 15-20 years on average, which is a longer lifespan. Rooftop solar panels saw tremendous growth throughout the projection period as a result of solar panels becoming more and more common in the commercial and residential sectors to meet the requirement for electricity.
Due to government incentives, homeowners favor rooftop solar installations for producing sustainable energy. Furthermore, because rooftop solar panels are higher, face direct sunlight, and are not affected by temperature variations, they are more efficient. Therefore, these factors are propelling the lucrative growth of the rooftop segment.
End-user (Residential, Commercial, Industrial)
The residential segment is set to garner a notable share shortly and is likely to remain the second largest segment in the end-user of the solar panel mounting structures market revenue share due to the main advantages of installing solar power in homes, which are lowering carbon emissions, producing clean, free electricity by harnessing the sun's plentiful energy, and eventually lowering electricity costs.
For instance, about 4.5% of the global electricity generation will be accounted for by solar PV. With its recent growth, solar PV is expected to reach installations of about 3.6 million by 2022. In the residential sector, rooftop mounting installation is typically possible due to the appropriate use of the terrace area above a residence. Furthermore, because of their low energy usage, fixed solar PV mounting systems are better to put in residences. The industry will develop as long as technology continues to progress and consumers continue to favor solar panel mounting solutions due to cheaper electricity costs.
Our in-depth analysis of the global solar panel mounting structures market includes the following segments:
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Product Type |
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End-user |
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Material |
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Thickness |
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European Market Forecast
By 2036, European region is projected to hold more than 46% solar panel mounting structures market share. This sector growth in the region is expected to be driven by the global shift towards renewable energy, as several nations, including Germany, Spain, and Italy, are establishing goals for solar power adoption. The market value for solar panel mounting structures is expected to be influenced as a result of the increasing number of solar power systems being built to satisfy the rising demand for clean and renewable energy.
According to a report, in the solar energy industry, 217.80 billion KWh of electricity is expected to be generated by 2024. The advancements in solar panel technology, along with the efficiency, longevity, and affordability of solar panels, result in simpler and more economical installation and upkeep of solar power systems. The market share for solar panel mounting structures is estimated to increase as a result of consumers' increasing decision to switch to solar electricity.
North American Market Statistics
The North American region will also encounter huge growth for the solar panel mounting structures market size expansion during the forecast period and will hold the second position owing to the need for renewable energy sources. People are looking for greener alternatives to traditional energy sources as they become more aware of how they affect the environment. The promotion of solar energy adoption has also been greatly aided by government regulations and incentives.
In addition, a lot of open space in the region is available for solar panel installations, including enormous rooftops and vacant land. Therefore, all these factors are contributing to the boost in the solar panel mounting structures market in the region.
Author Credits: Payel Roy, Dhruv Bhatia
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