09-14-2017 11:33 AM CET - Energy & Environment

Solar PV Mounting Systems Market to grow at 6% CAGR from 2016 to 2024

Press release from: Global Market Insights, Inc.
Leading the way to adoption of sustainable energy sources, solar PV mounting systems market is witnessing a noticeable popularity worldwide. Over the years, photovoltaic systems have evolved from small scale applications to one of the most significant mainstream electricity sources, which in a way is raising the market demand. Regulatory compliances along with several progressive initiations by the governments of developing nations have stimulated the business landscape remarkably. For instance, the European Union has set a target to address 20% of the continent’s energy demand from unconventional energy sources by 2020. The American government being no exception has also taken a step toward the incorporation by passing a bill for ITC, which allows 30% deduction of federal taxes on photovoltaic system installation. Such favorable initiations taken worldwide have been mobilizing the market growth over the past few years and is likely to influence solar PV mounting systems industry trends in the years ahead.

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Solar PV mounting systems market is poised to exceed USD 9 billion by the end of 2024, with a projected CAGR of 6% over 2017-2024, as estimated by Global Market Insights, Inc. Technological interventions have always played a pivotal role in influencing the overall market outlook. Basically, the two types of designs that are implemented in a solar PV module installation include fixed and tracking. Tracking solar PV mounting systems market observes a huge demand as it enables a comparatively higher power generation capacity than its other counterparts. In 2016, tracking represented 19% of the overall share and is likely to chart an appreciable growth over the coming seven years. Fixed systems market will also grow substantially owing to the low cost and comparatively lesser space requirement associated with the mounting.

Considering the space optimization benefits, ease of installation, and low cost, rooftop mounting systems are gaining a popularity among the consumers. With the increasing proliferation of distributive power network in order to minimalize the grid dependency, rooftop solar PV mounting systems market is expected to record a CAGR of 8% over 2017-2024. Ground mounting dominated the global solar PV mounting systems industry in 2016, accounting for 75% of the global share. Increasing demand for large-capacity photovoltaic plants is anticipated the escalate the product demand in the coming years.

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Regionally, U.S. is set to hold a prominent position in the global industry. Driven by the growing investment by the U.S. government in clean energy technologies and implementation of favorable financial assistances like tax subsidy, net metering, and easy availability of soft loans, U.S. solar PV mounting systems market demand is likely to surge. Other than U.S., China already holding a market of USD 2 billion in 2016, is anticipated to scale up its share in the coming seven years. Shifting trends toward decentralized power network along with appreciable steps by the Chinese government toward carbon footprint abatement is expected to drive the regional solar PV mounting systems market.

The industry is fiercely competitive with top companies engaged in diversifying their product spectrum to sustain the market position. Key players operating in solar PV mounting systems market include UNIRAC, K2 SYSTEMS, Quick Mount PV, Landpower Solar, SolarWorld, and Mounting Systems.

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