Solar PV Mounting Systems Market Sees High Demand With Growing Number of Projects
The continuous development of high-efficiency systems and increased customer preference for sustainable energy systems may increase the use of solar panels, thereby driving the market growth. The growing investments in the commercial and public sectors for the deployment of efficient energy solutions and increased off-grid solar installation in emerging countries will drive the solar industry demand. Since solar power plants involve the minimal use of moving parts, many developed and developing countries are switching to solar power plants due to their less maintenance structure. For instance, countries like Mexico generating 7GW of solar energy in 2021 are planning to generate 30GW of solar energy by 2030, and countries like the U.S.A which is generating 90GW of solar energy are planning to generate 125GW of solar energy by 2030.
In order to achieve the goal of clean fuel generation and with the aim of reducing carbon footprint, the number of solar projects is likely to increase in the future, thus driving the growth of the market. Moreover, government incentives, tax benefits, allowance for solar energy supplied to the grid, and several other favorable governmental policies for the installation of solar panels will increase the utilization of the solar power plants by both residential as well as commercial users. For example, the government of India is allowing 30% of the installation cost as a subside of the installation of solar panels, and an Rs.2 incentive for each unit generation. Such favorable policies by the government of various countries will drive the expansion of solar projects, thus driving the growth of the global solar PV mounting systems market.
Rooftop Segment Likely to Dominate the Solar PV Mounting Systems Market as it Provides Larger Surface Area for Energy Utilization.
The rooftop solar panel segment is expected to dominate the solar PV mounting systems market in the forecast period. This dominance is attributable to the increased coverage of Rooftop solar panels in comparison with ground-mounted. The key reason for the relevance of rooftop solar panels is that they require very little maintenance. They usually have a service life of more than 20 years if properly maintained. In addition, the Rooftop solar panels are cost-effective as they require a minimum supporting material. Rooftop solar panels stay dominant during the figure time frame since installing solar-powered boards on housetops saves end-users a lot of space and adds an added degree of security to the site.
Asia Pacific’s to Dominate the Solar PV Mounting Systems Market due to Increased Government Initiative
The Asia Pacific dominated the global market and is expected to grow at the fastest rate during the forecast period. Some of the key elements driving regional market development include increased power consumption, improved living circumstances, and adequate solar irradiation. Strict government actions such as Feed-in Tariffs, investment subsidies, and others, along with raising funds, will drive industry size. Moreover, the development of high capacity and efficient power generation systems, combined with a growing consumer focus on clean energy solutions, will drive market expansion.
China is a major contributor to the growth of the solar energy market in Asia-Pacific and globally. The Chinese government aims at increasing its solar power generation capacity from 300GW in 2021 to 1,200GW in 2030. Such a huge up-gradation of solar power will increase the demand for solar power plants in the country. This will drive the growth of the regional market in the coming years.
The United States dominates the solar PV mounting systems market in North America. Due to rising electricity consumption, the solar energy market in the United States is expanding. Canada, Mexico, and the United States have established diverse legislative frameworks and policies in order to develop renewable energy sources such as solar and wind power. To encourage the use of solar energy, the region has implemented Feed-in Tariff (FIT) and Renewable Portfolio Standard (RPS) systems. Moreover, continuous government attempts to enhance a renewable portion of the total energy mix, and the increasing number of public and private partnerships in the region are pushing the region’s solar power sector. For instance, in 2021, the Government of Canada is collaborating with partners to reduce Northern communities' dependency on diesel for electricity by encouraging the use of solar energy sources and improving energy efficiency. It has granted $140,000 to the Hamlet of Gjoa Haven for the installation of a 10 kW solar photovoltaic system on the roof of the municipal arena. Such partnership of government and private organizations is likely to drive the regional market.
Global Solar PV Mounting Systems Market: Competitive Landscape
Organizations in the global solar PV mounting systems market are producing new products as well as forming partnerships, alliances, and partnership agreements. For instance, in 2021, Shell PLC has begun construction on its 25 MW Qabas solar facility. The project, which comprises approximately 88,000 solar modules, is located on a 50-hectare location within the Sohar Free Zone in northern Oman. It contributes to the annual reduction of around 25,000 tonnes of CO2 emissions. For instance, in 2020, Total Solar Distributed Generation (DG) placed a solar rooftop on Danone's Klaten, Indonesia, factory, which is the largest in Central Java, with a capacity of approximately 3,000 kW. Total Solar DG designed, constructed, and runs the rooftop solar systems, which feature around 8,340 solar panels covering an area of 16,500 square meters.
Few of the players in the solar PV mounting systems market include RBI Solar Inc., Schletter, Jinko Solar, Mounting Systems, UNIRAC Inc., K2 Systems GmbH, ESDEC B.V., Versolsolar Hangzhou Co., Ltd., Clenergy, SNS Corporation, Nextracker Inc., Array Technologies, Inc.., SunPower Corporation, Xiamen Grace Solar New Energy Technology Co.Ltd., Soltec, Arctech, First Solar, Convert Italia, PVHardware, STI Norland, GameChange Solar, Gonvarri Industries, ArcelorMittal, IDEEMATEC, and Aerocompact.
Global Solar PV Mounting Systems Market is Segmented as Below:
Key Elements Included In The Study: Global Solar PV Mounting Systems Market
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