ID: MRFR/E&P/3198-CR | 100 Pages | Published By Anshula Mandaokar on September 2022
Solar PV Mounting Systems Market Sizewas valued at USD 23.1 billion in 2022. The Solar PV Mounting Systems market industry is projected to grow from USD25.77 Billion in 2023 to USD 49.678 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.56% during the forecast period (2022 - 2030). Plans to encourage the use of solar PV mounting systems and rising trends in the construction of integrated PV systems are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
An unquestionable source of energy during the past century has been fossil fuels. To improve the standard of living for people, a tremendous amount of fossil fuel has been burned over the past year. The world is now extremely concerned about how rising warming is endangering the environment. To reduce the rising carbon emissions, the globe has made some significant progress. One of the cleanest energy sources available, solar energy has an endless supply. This is increasing the solar PV mounting systems market revenue.
Further, Clean energy is primarily produced by solar energy. Utility-scale solar PV panels have been deployed in a number of nations to support clean energy policies. Solar PV panels help to create a large amount of electricity. Solar PV installation requires solar PV mounting systems. Mountings are comprised of materials including iron, steel, and aluminum.
Additionally In March 2021, the producer of solar installations Schletter Group introduced a completely redesigned pitched roof machine. Compared to its predecessor, this device is more load-bearing, lighter, and easier to install thanks to revised profile geometries and connecting elements. The new product line is currently accessible in Europe and may soon be doing well on the international markets. Hence, has enhanced the Solar PV Mounting Systems market CAGR across the globe in the recent years.
The Solar PV Mounting Systems market segmentation, based on product, includes rooftop, ground mounted. More than 50% market is held by rooftop when it comes to rooftop category in respect to the Solar PV Mounting Systems market revenue. This supremacy can be attributed to rooftop solar panels' greater coverage than ground-mounted ones. Rooftop solar panels are still relevant mostly because of how little upkeep they require. If maintained properly, they typically have a service life of more than 20 years. The rooftop solar panels are very affordable because they need little in the way of supporting material. Since installing solar-powered boards on housetops saves end-users a lot of room and increases site security, rooftop solar panels continue to be popular during the estimated time period.
The Solar PV Mounting Systems market segmentation, based on Technology, includes Fixed, Tracking. The fixed category held the largest share. The development of fixed inverter technologies, which now have power ratings ranging from 500 kW to 5 MW, is another factor hastening the pace of building. To adapt to their changing responsibilities in a PV power plant, inverters are constantly being innovated. Regardless of the power range, the PV inverters are a crucial component of a photovoltaic system, and their characteristics ultimately influence the efficiency and dependability of solar power generation from a project. Today's inverters have built-in monitoring and support for all communication protocols. In order to power transformers and other highly inductive loads in the plant during the night, PV inverters can now provide reactive power. The cost-optimization and artificial intelligence of a solar system rely heavily on new generation inverters since they are more dependable. Thus, positively impacts the market growth.
Based on End Users, the Solar PV Mounting Systems market data has been segmented into Residential, Commercial, and Utilities. Due to increased investment in the construction of utility scale solar power plants, solar parks, and other large solar structures, the utilities segment led the market in terms of share in 2022. The market for solar PV panels is also being driven by a rise in construction projects, including decentralised solar power plants, rural electrification initiatives, solar power plants on water bodies and rooftops, and commercial buildings. Due to increased investment in the construction of utility scale solar power plants, solar parks, and other large solar structures, the utilities segment led the market in terms of share in 2020. Additionally, there has been an upsurge in construction initiatives such rooftop and water body solar power plants, rural electrification programmes, and decentralised solar power plants.
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Solar PV Mounting Systems Market accounted for USD 10.57 billion in 2022. This region consists 45.80% of the entire market. The increased installation of solar power projects in China and India is to blame for the rising demand for solar PV mounting systems in Asia Pacific. Solar panels are mostly sold in these nations, both internationally and in Asia Pacific. Moreover, China Solar PV Mounting Systems market held the largest market share, and the India Solar PV Mounting Systems market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studiedin the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Europe Solar PV Mounting Systems market accounts for the second-largest market share due to the availability of cutting-edge treatment facilities, government backing for the growth of the solar power industry. Further, the Germany Solar PV Mounting Systems marketheld the largest market share, and the UK Solar PV Mounting Systems market was the fastest growing market in the European region
North America solar PV mounting systems market is expected to grow at the fastest CAGR from 2022 to 2030. and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the growing use of electricity which is now being produced by solar power system across the region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Solar PV Mounting Systems market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Solar PV Mounting Systems industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Solar PV Mounting Systems industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Solar PV Mounting Systems industry has provided technology with some of the most significant benefits. The Solar PV Mounting Systems market major player such as Unirac Inc., SolarWorld AG, K2 Systems GmbH, Quick Mount PV, Land Power Solar Technology Co. Ltd., RBI Solar Inc), and others are working to expand the market demand by investing in research and development activities.
Schletter has been associated with cutting-edge metal processing for the last 50 years. We have remained committed to quality and sustainability throughout our humble beginnings as a family-owned company and current status as one of the largest producers in the world. We are one of the top producers of solar mounting systems in the world with over 600 highly qualified personnel and a well-organized network of distribution and service businesses operating ly.
Also, The top producer of solar PV mounting systems, roof attachments, flashings, and accessories in North America is UNIRAC. Partnering with UNIRAC allows you to take use of the company's more than 22 years of customer service, over 8GW of experience, and more than 1,000,000 installations worth of knowledge. By developing durable, cutting-edge mounting solutions, Unirac helps its customers power the world with clean, abundant energy.
February 2019: Canadian Solar has obtained a three-solar power deal with the Alberta Ministry of Infrastructure for a 94MW PV portfolio in southeast Alberta, Canada. It is anticipated that the project will meet 55% of the electricity requirements of the provincial government of Alberta.
February 2019: The largest solar power plant in Ukraine will be built by Risen Energy and DTEK Renewables. To meet Ukraine's energy goal, the project is anticipated to provide a sizable contribution.
October 2021: The Jakson Group sold a 34 MW ground-mounted solar plant in Uttar Pradesh, India, to Technique Solaire, a French solar business. The solar panel system generates enough clean energy each year to power 78,383 local residents, or 49,500 MWh.
Rest of the World
|Market Size 2022||USD 23.1billion|
|Market Size 2023||USD 25.77 billion|
|Market Size 2030||USD 49.67billion|
|Compound Annual Growth Rate (CAGR)||11.56% (2022-2030)|
|Market Forecast Period||2022-2030|
|Historical Data||2018 & 2020|
|Market Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Technology , End User and Region|
|Geographies Covered||North America, Europe, AsiaPacific, and Rest of the World|
|Countries Covered||The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||Schletter Group, Unirac Inc., SolarWorld AG, K2 Systems GmbH, Quick Mount PV, Land Power Solar Technology Co. Ltd., RBI Solar Inc, and others.|
|Key Market Opportunities||Increasing number of solar installations has increased need for mounting structures.|
|Key Market Dynamics||expanding patterns for installing integrated PV systems Plans to encourage the use of solar PV mounting systems|
The Solar PV Mounting Systems market size was valued at USD 23.1 Billion in 2022.
The Solar PV Mounting Systems market is projected to grow at a CAGR of 11.56% during the forecast period, 2022-2030.
Asia Pacific had the largest share in the market
The key players in the market are Schletter Group, Unirac Inc., SolarWorld AG, K2 Systems GmbH, Quick Mount PV, and others.
The rooftop category held the largest in the market for Solar PV Mounting Systems.
The utilities category held the largest in the market for Solar PV Mounting Systems.