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Solar PV Mounting Systems Market by Global Industry Trends and Growth Dynamics To 2024 | Schletter GmbH, UNIRAC, SolarWorld, Jinko Solar, K2 SYSTEMS, Quick Mount PV, RBI Solar, Mounting Systems Gmbh
Solar PV Mounting Systems Market
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.
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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.
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.
The U.S. government is investing heavily to develop clean energy technologies. Besides, the implementation of favorable energy security rules and regulations will influence the product demand. U.S. solar PV mounting systems market will collect a significant revenue over the coming timeframe. The government has also been promoting the product by offering supportive tax rebates, financial assistance, and net metering, which will augment the market share. Speaking about the ongoing technology development, the industry giants are investing their time and money to improve and produce high capacity generation power systems. In fact, the tracking technology covered more than 19% of solar PV mounting systems industry share in 2016 and will record substantial growth rate over the years ahead. This technology has the capability to improve the power generation capacity of the product by 20%.
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The notable participants in solar PV mounting systems market are UNIRAC, Quick Mount PV, Schletter, Inc., Landpower Solar Technology, Xiamen Grace Solar Technology Co., Ltd., K2 SYSTEMS, Suyash Metatech, RBI Solar, DPW Solar, Versolsolar Co., Ltd., and SNS Corporation.
Considering the ease of installation, compact size, and space optimization benefits, popularity of rooftop mounting systems is increasing among the customers. Rooftop solar PV mounting systems market will exhibit an annual growth rate of more than 8% over the period of 2017 to 2024. The attributing factor toward the market growth is emergence of distributed power to minimize the grid dependency.
Top companies operating in Solar PV mounting systems market have been focusing on cost effectiveness of the product along with performance enhancement to improve their profit margins. Business participants have also been adopting various growth strategies to expand their global presence over the coming timeframe.
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