BANGALORE, India, April 16, 2024 /PRNewswire/ -- Solar PV Mounting Market is Segmented by Type (Fixed Mounting Systems, Tracking Mounting Systems), by Application (Residential roof, Industrial and Commercial Roof, Ground power station).
The Global Solar PV Mounting Systems Market was valued at USD 13070 Million in 2023 and is anticipated to reach USD 28610 Million by 2030, witnessing a CAGR of 11.7% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Solar PV Mounting Systems Market
The expanding global use of solar energy, spurred by government incentives, falling solar technology costs, and rising environmental sustainability consciousness, is the main factor driving the growth of the solar PV mounting systems market.
Further factors driving the market expansion include advancements in mounting system technology, the growth of utility-scale solar projects, increased investment in solar infrastructure, supportive government regulations, and growing energy consumption. When taken as a whole, these elements foster the growth of solar PV installations and increase the need for dependable and effective mounting systems.
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TRENDS INFLUENCING THE GROWTH OF SOLAR PV MOUNTING SYSTEMS MARKET
The cost of generating solar energy has significantly decreased as a result of developments in solar photovoltaic (PV) technology. The economic viability of solar PV systems has increased due to decreased module costs, enhanced production techniques, and economies of scale. For a number of reasons, fixed mounting methods are recommended in ground-mounted power plants. First off, because they require fewer components and less maintenance than tracking systems, they are easier and more affordable to install. Furthermore, permanent mounting solutions are highly stable and reliable, which makes them appropriate for a variety of environmental settings and geographic regions. Moreover, their fixed orientation maximizes the total efficiency of the solar power plant by guaranteeing steady energy output throughout the day, especially in areas with plenty of sunshine.
In an effort to address climate change and lessen reliance on fossil fuels, governments over the world are setting ambitious objectives for renewable energy. The installation of solar energy infrastructure is made easier by solar PV mounting solutions. Investments in solar PV projects are being driven by feed-in tariffs, renewable portfolio standards, and incentive programs. The market for solar PV mounting systems has grown as a consequence of the increased need for dependable and effective mounting solutions.
Businesses and consumers are actively looking for greener and more sustainable energy options as they become more aware of their impact on the environment. A sustainable and ecologically benign energy source, solar power supports several stakeholders' sustainability objectives. The usage of solar PV systems has increased due to the increased awareness of environmental problems, which has also increased demand for dependable mounting solutions to support these installations. One major factor propelling the market for solar PV mounting systems is the expansion of utility-scale solar projects, especially in areas with plenty of sunshine and benevolent laws. Large arrays of solar panels must be supported by sturdy mounting methods that can survive challenging climatic conditions in utility-scale installations.
Increases in population, industry, and urbanization are causing the world's energy consumption to rise. Simultaneously, updating power systems to incorporate renewable energy sources and enhance energy efficiency is becoming increasingly important. When combined with cutting-edge mounting options, solar PV systems provide distributed and decentralized energy generating capabilities, strengthening the resilience and stability of the grid. The increasing emphasis on solar power integration by utilities and grid operators is anticipated to drive up demand for sturdy mounting methods.
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SOLAR PV MOUNTING SYSTEMS MARKET SHARE ANALYSIS
The Middle East, North Africa, and portions of Asia-Pacific are examples of places with plentiful sunshine that are seeing an increase in the use of large-scale solar PV systems, especially in utility-scale projects. Favorable government initiatives that promote market expansion, including feed-in tariffs and renewable energy objectives, frequently help these areas. Furthermore, the market for solar PV mounting systems is expanding quickly in growing economies in the Asia-Pacific region, such as China and India, as a result of government attempts to lower carbon emissions and solve energy security issues.
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Key Companies:
- NEXTracker
- Arctech Solar Holding
- Array Technologies
- Jiangsu Guoqiang Zinc-plating Industrial
- Xiamen Bymea New Energy
- Soltec
- PV Hardware
- GameChange Solar
- Ideematec
- JiangSu Zhenjiang NewEnergy Equipment
- Tianjin Renhui New Energy Technology
- Solar Steel
- STI Norland
- ArcelorMittal (Exosun)
- Maibeite (Xiamen) New Energy
- Clenergy Technology
- Schletter
- Versolsolar Hangzhou
- Trina Solar
- ATEC Architecture
- Gibraltar Industries
- FTC Solar
- K2 Systems
- Jiangsu Akcome Science and Technology
- Guangdong Baowei New Energy
- Convert Italia
- Suzhou Kingsun Solar Technology
- Suzhou Jsolar Incorporated
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