Photovoltaic Mounting System Market Expands with Decrease in Photovoltaic System Costs

Written by Lisa Tate  »  Updated on: July 08th, 2024

Photovoltaic Mounting System Market Expands with Decrease in Photovoltaic System Costs

Global Photovoltaic Mounting System Market is expected to grow owing to continuous decrease in the costs of photovoltaic systems, including solar panels and mounting systems throughout the forecast period

According to TechSci Research report, “Photovoltaic Mounting System Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029F”, the Global Photovoltaic Mounting System Market was valued at USD 14.93 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 15.22% through 2029. A key driver of this market expansion is the escalating global demand for renewable energy sources. As concerns about climate change and environmental sustainability intensify, there is a pronounced shift towards cleaner energy alternatives. Solar power, harnessed through photovoltaic (PV) systems, emerges as a leading solution to address this demand. Governments, corporations, and individual homeowners are increasingly turning to solar energy as a strategy to minimize their carbon footprint and reduce reliance on conventional fossil fuels. This transition necessitates the deployment of efficient and reliable mounting systems to support solar panels, thereby driving the demand for photovoltaic mounting solutions.

The worldwide movement towards clean and sustainable energy sources presents a significant growth opportunity for the Photovoltaic Mounting System Market. As nations and enterprises aim to lower their carbon emissions and transition to renewable energy, the need for photovoltaic systems and corresponding mounting solutions is anticipated to rise sharply. Particularly, emerging economies offer a considerable market potential as they build and upgrade their energy infrastructure. These regions are creating a favorable environment for the adoption of solar power and the necessary mounting systems to support it. This shift is underpinned by supportive government policies, financial incentives, and technological advancements that reduce the cost and increase the efficiency of solar installations.

Furthermore, the integration of smart grid technology and energy storage solutions enhances the appeal of solar power, driving further adoption. The Photovoltaic Mounting System Market stands to benefit significantly from the global trend towards renewable energy. The increasing adoption of solar power across various sectors, coupled with the expansion of energy infrastructure in emerging markets, will catalyze the demand for robust and innovative mounting systems, positioning this market for robust growth in the foreseeable future.

Based on product type, the Rooftop-mounted segment dominated the market in 2023. In the commercial and industrial sectors, rooftop-mounted photovoltaic systems are becoming integral to sustainability strategies. Businesses are adopting solar installations not only to lower operational costs but also to showcase their commitment to environmental responsibility. Large commercial buildings and industrial facilities often have expansive rooftops, providing ample space for solar arrays. Mounting systems designed for these applications must consider factors such as load-bearing capacity, wind resistance, and the integration of tracking systems to maximize energy production.

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Government policies and incentives have a significant impact on the rooftop-mounted segment. Net metering, feed-in tariffs, and tax credits influence the economic viability of rooftop installations, encouraging their adoption. Streamlined permitting processes and supportive regulations contribute to the growth of rooftop-mounted systems. However, challenges may arise due to variations in policies across different regions, requiring industry stakeholders to navigate a complex regulatory landscape. Opportunities for growth in the rooftop-mounted segment extend beyond traditional buildings.

Emerging trends include the integration of solar installations into parking structures, awnings, and other unconventional spaces, expanding the potential for rooftop-mounted photovoltaic systems. The rooftop-mounted segment of the Global Photovoltaic Mounting System Market continues to evolve, driven by technological advancements, increasing adoption in residential and commercial sectors, and a dynamic policy landscape. As innovations continue to address challenges and create new opportunities, the rooftop-mounted segment is poised for sustained growth in the global solar energy market.

Key market players in the Global Photovoltaic Mounting System Market are:-

Schletter Group

Unirac, Inc.

K2 Systems GmbH

Clenergy Group

Tata International Ltd.

Mounting Systems GmbH

Risen Energy Co., Ltd.

Xiamen Universe Solar Technology Co., Ltd.

Renusol Europe GmbH

IronRidge, Inc.

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“The Global Photovoltaic Mounting System Market in the Asia-Pacific region is set to become the industry's dominant force. This prominence is driven by several factors, including rapid industrialization, urbanization, and increasing investments in renewable energy infrastructure across key countries such as China, India, and Japan. Government initiatives and policies favoring clean energy, coupled with substantial financial incentives and subsidies, have accelerated the adoption of solar power in this region.

Additionally, technological advancements and the decreasing cost of photovoltaic systems make solar energy more accessible and appealing. As a result, Asia-Pacific is expected to lead the market in the deployment of efficient and reliable photovoltaic mounting systems, solidifying its position as the foremost region in this global industry”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

“Photovoltaic Mounting System Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Product Type (Rooftop-mounted and Ground-mounted), By Application (Fixed and Tracking), By End-User (Residential, Commercial and Industrial), By Region, and By Competition, 2019-2029F” has evaluated the future growth potential of Global Photovoltaic Mounting System Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Photovoltaic Mounting System Market.

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