Solar Panel Mounting Structures Market Size

Solar Panel Mounting Structures Market size is poised to reach USD 59 Billion by the end of 2036, growing at a CAGR of 12% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of the solar panel mounting structures was USD 15 Billion. The market growth is due to the increasing need for sustainability, and thus, the world today focuses on how to get a better, cleaner, and greener future. According to the International Energy Agency's (IEA) January 2024 report, the usage of renewable energy reached an estimated 507 GW in 2023, which is almost 50% higher than in 2022, and with continuous governmental support in 130+ countries. This is causing the solar panel mounting structures market to witness a substantial growth rate in the forecasted years.

In addition, solar energy generation emits less carbon dioxide into the atmosphere than traditional energy sources including coal, oil, and petroleum. Also, this sector will expand as a result of growing off-grid solar installations in emerging economies as well as increased public and private sector investments in the implementation of renewable energy sources.