Solar PV Mounting Systems Market
Segmentation by Type (Rooftop, and Ground Mounted); by End User (Commercial, Industrial, Residential, and Utility); by Technology (Fixed, and Tracking) – Global Demand Analysis & Opportunity Outlook 2023-2035
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Segmentation by Type (Rooftop, and Ground Mounted); by End User (Commercial, Industrial, Residential, and Utility); by Technology (Fixed, and Tracking) – Global Demand Analysis & Opportunity Outlook 2023-2035
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The global solar PV mounting systems market is estimated to garner a revenue of ~USD 800 Million by the end of 2035 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 600 Million in the year 2022. The growth of the market can be attributed to the increasing investment towards implementation of renewable technologies, growing number of solar projects and rising installation of solar PV mounting systems around the world. According to the Solar Energy Industries Association, in 2020, the cumulative capacity of solar installations was approximately 100,000 megawatts, up from 80,000 megawatts in 2019.
Furthermore, adoption of government policies that promote the adoption of solar energy is also expected to boost market growth in the forthcoming years. In addition to these, the high consumption of fossil fuels in the last decades has emerged to be a major concern for the rise of global warming. This factor in turn is projected to provide ample growth opportunities to the market in the near future. The industrial and commercial sectors in developing nations have a high need for solar photovoltaic (PV) mounting solutions, which also contributes to market expansion. Sales of photovoltaic mounting solutions should increase over time as a result of changing architectural trends and innovations in the building sector.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~ USD 600 Million |
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Forecast Year Market Size (2035) |
~ USD 800 Million |
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Regional Scope |
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Growth Drivers
Growing Urban Population - Around 4.4 billion people, or 56% of the world's population, reside in cities. By 2050, approximately 7 out of 10 people would live in cities, with the urban population predicted to more than double from its current level. Further, owing to the growing urban population the infrastructure activities is expected to boost, Moreover many construction industries are driving their attention towards solar buildings. Also, government are initiating efforts to encourage development of solar buildings. For instance, the Building Standards Commission of California enacted a new regulation in 2018 that is beyond any other statute in the history of the United States. The government imposed a requirement that all new residential buildings with three floors or less must have solar panels in an endeavor to generate all of the state's electricity from renewable sources. In 2020, the law has already taken effect.
Growing Demand for Electricity - By 2040, the world's electricity demand would be growing at a about 3% annual rate, which is twice as fast as demand for primary energy. As a result, the percentage of electricity in final energy consumption rises from about 20% in 2018 to approximately 25% in 2040.
Rising Preference for Clean Energy - The development of alternative energy sources such as wind and solar is prioritized by about 68% of American adults over increasing the production of oil, coal, and natural gas.
Surge in Global Warming Owing to Carbon Emission - The total land and ocean temperature has risen at an average rate of 0.14 degrees Fahrenheit (0.08 degrees Celsius) every decade since 1880, according to NOAA's 2021 Annual Climate Report. However, the average growth rate since 1981 has risen more nearly twice as fast: 0.32 °F (0.18 °C) each decade.
Upsurge in Investment in Clean Energy - In 2022, global energy investment is expected to expand by about 7% to approximately USD 2 trillion, with clean energy expected to account for the majority of the increase.
Challenges
The global solar PV mounting systems market is segmented and analyzed for demand and supply by end user into commercial, industrial, residential, and utility, out of which, the utility segment is anticipated to hold the largest share in the solar PV mounting systems market on account of rising number of high-income driven projects that requires deployment of efficient solar equipment with low operational costs. Along with these, growing investments from public and private institutions for energy targets is also estimated to drive growth to the market segment. Global energy investment was projected to increase to about USD 2 trillion annually in 2021, up over 9% from 2020 and bringing overall investment levels back to pre-crisis levels.
The global solar PV mounting systems market is also segmented and analyzed for demand and supply by type into roof type and ground mounted. Amongst these segments, the ground mounted segment is anticipated to garner the highest revenue by the end of 2035. The growth of the segment can be attributed to the increasing installation of these type of photovoltaic structures in the recent years. Furthermore, ground-mounted solar for the utility sector offers simple upkeep and cleaning in addition to improved airflow for more efficient energy production as compared to roof-mounted solar. Ground-mounted solar panel demand is expected to increase as a result of the growing new facility construction associated with utility-scale solar projects, providing a potential opportunity for the market.
Our in-depth analysis of the global solar PV mounting systems market includes the following segments:
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By Type |
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By End User |
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By Technology |
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The Asia Pacific solar PV mounting systems market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035, backed by rising installation of solar panels in commercial and residential sectors, and favorable government initiatives regarding solar projects. For instance, solar photovoltaic energy capacity in India increased from almost 35,000 megawatts in 2019 to 39,000 megawatts in 2020. Furthermore, Australia alone is expected to account for a large market share in the entire APAC region owing to the huge availability of land creating an immense solar potential in the country.
Further, the market in Europe region is estimated to have a significant growth, by the end of 2035. This growth can be attributed to the high usage of sustainable energy resources in the region. Additionally, the focus on updating the area's deteriorating electrical infrastructure as well as the encouragement of power generation from renewable energy sources by the local governments are credited with driving the market growth.
Unirac, Inc. acquired Ecolibrium Solar, expanding their solar mounting offerings by adding Ecolibrium’s residential rail-less, commercial flat roof, and metal roof products to its product lines.
For one of India's biggest businesses in the distributed solar energy industry, Tata International Limited started an 18MW project in Rajasthan. A textile factory commissioned the project to meet their captive needs. The site team made sure the company's security and safety standards were upheld by working in a very organised manner.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving the growth of the market are growing urban population, growing demand for electricity, rising preference for clean energy, and others.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2035.
Ans: Volatility of price, lack of technical expertise, and extremely fragmented market estimated to be the growth hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are K2 Systems GmbH, Unirac, Inc., Schletter, Inc., Land Power Solar Technology Co. Ltd, Quick Mount PV, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, technology, end user, and by region.
Ans: The ground mounted segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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