The surging number of solar projects across the globe is one of the primary reasons for the strong growth of the solar PV mounting systems market. With the increasing capacity to harness solar energy, the market is indirectly influenced due to the rising product demand across various regions. Also, various government bodies around the globe are providing several subsidies to solar energy users, adding to the strength of the global solar PV mounting systems market further. In addition, Asia Pacific is predicted to be at the forefront of the worldwide solar PV mounting systems market, with Europe coming a close second in terms of revenue. Rising investment and growing need for clean energy technologies will be driving the growth of these regional markets globally.
Pune, India, May 16, 2019 (GLOBE NEWSWIRE) -- Market Overview
The report found on Wise Guy Reports (WGR) asserts that the global solar photovoltaic (PV) mounting systems market is set to reach the valuation of USD 23,107 million by 2023. The report also states that the market is expected to register a robust CAGR of 11.56% during the forecast period (2016-2023).
Growing Demand for Sustainable Energy to Support Market Growth
The rising adoption rate of sustainable energy instead of conventional systems is expected to escalate the growth of the solar PV mounting systems market across the globe. Strict carbon capture norms combined with zealous efforts to add to the renewable capacity will encourage the growth of the industry. On that note, the European Union (EU) will be focusing on reducing the greenhouse gas emissions by 47% from 1990 level, as part of its 2030 climate and energy directive.
A Hike in Government Initiatives to Enhance Market Position
Various government initiatives are taking place around the world, which includes tax rebates, soft loans, Power Purchase Agreement (PPA) and Feed-in-Tariff (FiT), are set to trigger the growth of the solar PV mounting systems market over the coming years. In 2015, the United States (U.S.) government had passed a bill for Investment Tax Credit (ITC), allowing a deduction of almost 30% from federal taxes for installing photovoltaic systems.
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Declining Cost to Uplift the Product Demand in the Near Future
The declining component cost along with the competitive tariff is anticipated to have a lucrative effect on the growth of the solar PV mounting systems market in the forthcoming years. According to reports, the cost of photovoltaic components has undergone a major drop of more than 50% from 2014. In addition, the Chinese panel costs had experienced a 30% drop compared to the preceding year of 2016.
The Demand for Rooftop to Soar in the Coming Years
Product-wise, the worldwide market has been considered for rooftop, and ground mounted. The rooftop segment was the shareholder of the largest portion of the overall market in 2017. It is projected to retain its leading position throughout the review period. It has been noted that solar panels that are placed on rooftops are able to save up large amount of space for the end users, in addition to forming an extra layer of insulation for the site. On this basis, the rooftop segment had reached the valuation of USD 6,287.2 million in the year 2017 and is surging at a CAGR of 10.14% over the next few years.
The Fixed Technology to be the Dominant Segment in the Global Market
On the basis of technology, the market has been segmented into tracking and fixed. The fixed segment dominated the market in 2017 and is expected to hold the largest market share during the forecast period as the initial investment for procuring the fixed solar PV mounting systems, is lower than its alternatives. The fixed segment dominated the market in 2017, with a market value of USD 6,707.1 million, which is projected to rise at a CAGR of 10.08% during the forecast period.
Utilities to be the Top End-User in the Global Market
The segments on the basis of end-users are residential, commercial, and utilities. Among these, the utilities segment has been at the top position in 2017 and the report predicts the segment to maintain its spot in the global market even during the forecast period. As per the report’s analysis, the utilities segment held the biggest market share in 2017, estimated at a value of USD 5,224.9 million. Furthermore, the segment is expected to develop further at the highest CAGR of 12.22% during the assessment period.
Depending on the region, the global market for solar PV mounting systems is considered for Europe, Asia Pacific, North America, and Rest of the World.
Asia Pacific to Outshine other Regions with the Largest Market Share
In 2017, Asia Pacific ruled the global market with the largest share of 43.02%, garnering a striking valuation of USD 5,188 million and is on its way to surge at the highest CAGR of 11.78% during the conjectured time frame. In the region, China controls over 52.46% of the regional market share, with Japan coming a close second. The region is home to almost 60% of the overall population and is noting quick improvement, in terms of economy and urbanization. A number of economies such as India, Japan and China, are constantly undertaking activities with the core aim of expanding their market presence, regionally and internationally.
Europe Lands the Second Spot in the Global Market
Europe is on track to be another lucrative market in the given time frame, acquiring the second position in the global solar PV mounting systems market. Numerous countries in the locale are currently spearheading the regional market, in terms of using sustainable power source, encouraged by the various government initiatives and the growing need for clean energy technologies. Alluding to this, the European Union (EU) recently laid out the objective to achieve at least 20% of its vitality requirement from the source of sustainable power by the year 2020. The report also mentions that Germany rules over 39.79% of the regional share, with Italy and the United Kingdom (UK) following closely.
A Boost in the Need for Clean Energy Technologies to Benefit North America Market
North America is a hub for countless establishments; based on which the regional market of solar PV mounting systems will be amassing noteworthy revenues in the following years. Rising investment prompting the use of clean energy technologies coupled with the increasing measures towards securing energy is establishing the foundation for the solar PV mounting systems market in the region, especially in the United States (U.S.). The adoption of photovoltaic systems has risen exponentially owing to government initiatives such as easy financial assistance, tax rebate and net metering. For example, the U.S. Army, in 2016, had signed a contract worth USD 500 million with Apex to install 15.4 MW photovoltaic as well as 50.4 MW wind energy plants in Texas.
The leading vendors in the global solar PV mounting system market include Unirac Inc (US), PV Racking (US), Van der Valk Solar System BV (Netherlands) K2 Systems Gmbh (Germany), Quick Mount PV (US), Schletter Group (Germany), RBI Solar Inc (US), and Mounting System GmbH (Germany), SolarWorld AG (Germany), Land Power Solar Technology Co. Ltd. (China), Tata International ltd (India), Xiamen Universe Solar Technology Co Ltd (China), Xiamen Grace Solar Technology Co. ltd. (China), Clenergy (China), Xiamen Corigy New Energy Technology Co Ltd (China) among others.
May 2019 - Quick Mount PV (U.S.), leading manufacturer of watertight solar roof mounting as well as racking systems, is now an approved vendor, becoming part of Sunnova Energy Corporation. This partnership will support Sunnova’s platform of regional installers offering the customers the company’s solar mounting and racking systems and improve its reach.
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