Solar PV Mounting Systems Market Trends

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

• Lack of Technical Expertise - More skilled individuals are required owing to the many technical constraints. In addition, the installation and adoption of modern manufacturing techniques to boost performance also add to the need for specialists and professionals. Hence, the market for solar photovoltaic (PV) mounting solutions would face significant challenges owing to a lack of technical skills.
• Extremely Fragmented Market
• Volatility of price