Solar Panel Mounting Structures Market Trends

Growth Drivers

• Rapid advancements in mounting technology: one of the key factors expected to surge solar panel mounting structures market revenue growth is the technological developments in single-axis and dual-axis tracking systems that enable solar panels to follow the sun’s movement throughout the day, resulting in maximum energy generation. In addition, the development of lightweight materials and corrosion-resistant designs to improve efficiency and durability is expected to increase the sales of solar panel mounting systems. One of the notable developments is the launch of a single-axis tracker by Azgard Solar in August 2023. This is a cutting-edge east/west-facing solar solution designed especially for residential and commercial applications.

• Favorable government initiatives:  Governments across the globe are implementing several policies and programs to support the adoption of renewable energy, including incentives for installing solar panels. The U.S. for instance, offers Investment Tax Credits (ITCs) that enable businesses and homeowners to deduct a substantial portion of solar installation costs from their taxes. This is expected to increase the installations of solar panels in the coming years and support solar panel mounting structures market growth.

Challenges

• Challenges associated with materials and manufacturing: The prices of primary materials, steel, and aluminum used for making mounting structures can vary according to availability and demand. Thus, an increase in raw material costs can result in high prices of overall products. Moreover, the mounting structures in coastal and humid areas require advanced coatings, that can increase overall manufacturing costs. Thus, uncertainty in raw material prices and the rising need for advanced coating materials can lead to low adoption of these solar panel mounting structures and affect market growth.

• Technological barriers: One of the key factors expected to affect the solar panel mounting structures market growth going ahead is the rapid advancements in solar technology that make existing solar technology obsolete. This results in frequent redesigns that may be an additional burden on the budget-constraint modalities. In addition, installing the advanced solutions requires skilled labor. Thus, lack of skilled labor for proper alignment and safety can hamper overall marker growth going ahead.