Rising global warming concerns coupled with high preference for green technologies will steer Solar PV Mounting Systems Market space. The rising popularity of off-grid power across distant regions due to the escalated demand for unobstructed electricity supply will favorably influence the business map. Excellent government schemes such as subsidies, soft loans, power purchase agreements, and feed-in-tariffs, coupled with low component costs will favorably impact solar PV mounting systems market trends. In 2015, the U.S. government had passed a bill for ITC (Investment Tax Credit) providing 30% tax benefit on PV systems installation. The deployment of such beneficial policies is likely to enhance the business scope. According to Global Market Insights, Inc., “Solar PV Mounting Systems Industry, which accumulated a revenue of USD 6 billion in 2016, is forecast to surpass USD 9 billion by 2024.”
Europe Solar PV Mounting Systems Market, By End Use, 2016 & 2024 (USD Million)
Solar PV mounting systems find applications across the utility, residential, and commercial sectors. Mounting expenditure on green construction subject to the enforcement of zero emission legislations will boost solar PV mounting systems industry share across the commercial sector over the coming timeframe. Solar PV mounting systems market size in the residential sector is projected to witness a high surge with the escalating demand for continuous power supply across the urban as well as rural regions.
Taking into consideration the regional trends, UK solar PV mounting systems market is forecast to record a CAGR of 5% over 2017-2024, driven by favorable government policies that encourage the development of electricity from sustainable sources along with the implementation of strict legislations governing carbon emissions.
Growing utilization of renewable technologies coupled with stringent regulations pertaining to power security will favorably leverage U.S. solar PV mounting systems industry size. Beneficial financial support such as discounts, net metering, and heavy funding will push the regional revenue. China solar PV mounting systems market revenue, which was estimated at more than USD 2 billion in 2016, is predicted to grow considerably over the coming years. The growth can be credited to rising need for power supply pertaining to the growing population coupled with the rising awareness to curb environmental pollution.
Germany solar PV mounting systems industry is projected to surpass USD 150 million by 2024, driven by rising use of power efficient systems along with the shifting trends towards green constructions. The rising popularity of off-grid power supply along with stringent government measures encouraging the usage of green fuel to maintain a clean environment will boost Ghana solar PV mounting systems industry size.
Ground mounted and rooftop systems are the key products of solar PV mounting systems. Ground mounted systems, which accounted for more than 75% of solar PV mounting systems industry share in 2016, are projected to make notable contributions towards the revenue share in the future. Escalating requirement of large capacity solar cell plants will stimulate the product demand.
Rooftop solar PV mounting systems industry is projected to record a cumulative growth of 8% over the coming seven years, subject to its low space requirement, low maintenance, high efficiency, less size, and easy deployment.
Based on the technological trends, solar PV mounting systems market is segmented into fixed and tracking technologies. Tracking technology, which accounted for more than 19% of solar PV mounting systems industry size in 2016, is expected to substantially drive the industry growth over the coming years. The growth can be ascribed to the accessibility of the technology at lower costs along with its ability to increase the rate of power generation by 20% as compared to its counterparts. Low space requirement, minimal maintenance costs, and less capital investment required for the system installation are the key factors that will favorably impact fixed solar PV mounting systems industry size. The ability of the systems to combat unfavorable climatic conditions will also positively leverage the business development.
Schletter GmbH, SolarWorld, K2 SYSTEMS, Jinko Solar, Mounting Systems Incorporation, Quick Mount PV, Clenergy, SNS Corporation, Landpower Solar Technology Company Limited, Landpower Solar, UNIRAC, RBI Solar Incorporation, Xiamen Grace Solar Technology Company Limited, Versolsolar Hangzhou Company Limited, DPW Solar, and Suyash Metatech Private Limited are the key participants of solar PV mounting systems industry.