Solar Pv Mounting Systems Market size was valued at USD 670.97 million in 2024 and is anticipated to cross USD 1.33 billion by the end of 2037, expanding at more than 5.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of solar PV mounting systems is estimated at USD 700.49 million.
The growth of the market can be attributed to the increasing investment towards implementation of renewable technologies, growing number of solar projects and rising installation of solar PV mounting systems around the world. According to the Solar Energy Industries Association, in 2020, the cumulative capacity of solar installations was approximately 100,000 megawatts, up from 80,000 megawatts in 2019.
Furthermore, adoption of government policies that promote the adoption of solar energy is also expected to boost market growth in the forthcoming years. In addition to these, the high consumption of fossil fuels in the last decades has emerged to be a major concern for the rise of global warming. This factor in turn is projected to provide ample growth opportunities to the market in the near future. The industrial and commercial sectors in developing nations have a high need for solar photovoltaic (PV) mounting solutions, which also contributes to market expansion. Sales of photovoltaic mounting solutions should increase over time as a result of changing architectural trends and innovations in the building sector.
Growth Drivers
Growing Urban Population - Around 4.4 billion people, or 56% of the world's population, reside in cities. By 2050, approximately 7 out of 10 people would live in cities, with the urban population predicted to more than double from its current level. Further, owing to the growing urban population the infrastructure activities is expected to boost, Moreover many construction industries are driving their attention towards solar buildings. Also, government are initiating efforts to encourage development of solar buildings. For instance, the Building Standards Commission of California enacted a new regulation in 2018 that is beyond any other statute in the history of the United States. The government imposed a requirement that all new residential buildings with three floors or less must have solar panels in an endeavor to generate all of the state's electricity from renewable sources. In 2020, the law has already taken effect.
Growing Demand for Electricity - By 2040, the world's electricity demand would be growing at a about 3% annual rate, which is twice as fast as demand for primary energy. As a result, the percentage of electricity in final energy consumption rises from about 20% in 2018 to approximately 25% in 2040.
Rising Preference for Clean Energy - The development of alternative energy sources such as wind and solar is prioritized by about 68% of American adults over increasing the production of oil, coal, and natural gas.
Surge in Global Warming Owing to Carbon Emission - The total land and ocean temperature has risen at an average rate of 0.14 degrees Fahrenheit (0.08 degrees Celsius) every decade since 1880, according to NOAA's 2021 Annual Climate Report. However, the average growth rate since 1981 has risen more nearly twice as fast: 0.32 °F (0.18 °C) each decade.
Upsurge in Investment in Clean Energy - In 2022, global energy investment is expected to expand by about 7% to approximately USD 2 trillion, with clean energy expected to account for the majority of the increase.
Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.6% |
|
Base Year Market Size (2024) |
USD 670.97 million |
|
Forecast Year Market Size (2037) |
USD 1.33 billion |
|
Regional Scope |
|
End-user (Commercial, Industrial, Residential, Utility)
The global solar PV mounting systems market is segmented and analyzed for demand and supply by end user into commercial, industrial, residential, and utility, out of which, the utility segment is anticipated to hold the largest share in the solar PV mounting systems market on account of rising number of high-income driven projects that requires deployment of efficient solar equipment with low operational costs. Along with these, growing investments from public and private institutions for energy targets is also estimated to drive growth to the market segment. Global energy investment was projected to increase to about USD 2 trillion annually in 2021, up over 9% from 2020 and bringing overall investment levels back to pre-crisis levels.
Type (Rooftop, Ground Mounted)
The global solar PV mounting systems market is also segmented and analyzed for demand and supply by type into roof type and ground mounted. Amongst these segments, the ground mounted segment is anticipated to garner the highest revenue by the end of 2037. The growth of the segment can be attributed to the increasing installation of these type of photovoltaic structures in the recent years. Furthermore, ground-mounted solar for the utility sector offers simple upkeep and cleaning in addition to improved airflow for more efficient energy production as compared to roof-mounted solar. Ground-mounted solar panel demand is expected to increase as a result of the growing new facility construction associated with utility-scale solar projects, providing a potential opportunity for the market.
Our in-depth analysis of the global market includes the following segments:
|
By Type |
|
|
By End User |
|
|
By Technology |
|
APAC Market Statistics
The Asia Pacific solar PV mounting systems market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037, backed by rising installation of solar panels in commercial and residential sectors, and favorable government initiatives regarding solar projects. For instance, solar photovoltaic energy capacity in India increased from almost 35,000 megawatts in 2019 to 39,000 megawatts in 2020. Furthermore, Australia alone is expected to account for a large market share in the entire APAC region owing to the huge availability of land creating an immense solar potential in the country.
Europe Market Forecast
Further, the market in Europe region is estimated to have a significant growth, by the end of 2037. This growth can be attributed to the high usage of sustainable energy resources in the region. Additionally, the focus on updating the area's deteriorating electrical infrastructure as well as the encouragement of power generation from renewable energy sources by the local governments are credited with driving the market growth.
Unirac, Inc. acquired Ecolibrium Solar, expanding their solar mounting offerings by adding Ecolibrium’s residential rail-less, commercial flat roof, and metal roof products to its product lines.
For one of India's biggest businesses in the distributed solar energy industry, Tata International Limited started an 18MW project in Rajasthan. A textile factory commissioned the project to meet their captive needs. The site team made sure the company's security and safety standards were upheld by working in a very organised manner.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?