The solar PV mounting systems market is estimated to grow at a CAGR of ~10% over the forecast period, i.e., 2022 – 2030. 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 market is segmented 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. Additionally, on the basis of type, the segment for ground mounted solar PV mounting systems is expected to witness the highest growth over the forecast period, which can be credited to the increasing installation of these type of photovoltaic structures in the recent years. CLICK TO DOWNLOAD SAMPLE REPORT
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the solar PV mounting systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of 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. Moreover, the market in Europe is also estimated to observe significant growth during the forecast period ascribing to the high usage of sustainable energy resources in the region.
The solar PV mounting systems market is further classified on the basis of region as follows:
Our in-depth analysis of the solar PV mounting systems market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are growing investments for adoption of renewable energy sources and increasing number of solar projects.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2030.
Highly competitive market is estimated to hamper the market growth.
Asia Pacific will provide more business growth opportunities owing to the increasing installation of solar mounting systems in commercial and residential sectors.
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.
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.
The market is segmented by type, technology, end user, and by region.
The utility segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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