With the emergence and long-term Impact of COVID-19, Global Solar PV Mounting Systems Market to reach USD 32.73 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Solar PV Mounting Systems Market points towards a potential rise to USD 32.73 Billion by 2030. Solar PV Mounting Systems also known as solar module racking, are used to secure solar panels to surfaces such as the roof and the ground. Solar module racking is another term for solar PV installation solutions. Solar panel mounting systems are used to fix panels in specified places. The primary market factors boosting market expansion are plans to increase the usage of solar PV mounting systems and developing trends in the building of integrated PV systems. Furthermore, there is a high demand in developing economies for solar photovoltaic (PV) mounting systems for the industrial and commercial sectors, which supports market expansion also increased power demand, along with rigorous emission requirements, has pushed authorities to place a greater emphasis on the construction of a number of large-scale ground-mounted utility solar projects.
Geographically, the global Solar PV Mounting Systems market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Europe dominated the market in 2022 owing to the advancements in renewable energy technology, which resulted in early acceptance. Furthermore, the implementation of zero-emission power sources, together with the economic benefits of renewable energy sources, is fueling regional market expansion. According to the International Energy Agency in 2022, The proportion of renewable energy in the demand for transport energy rises from 9% in 2020 to 15% in 2027, which is not in line with the EU’s 2030 goals. Although there is a growing market for biofuel and electric cars, there are often no state or EU-level incentives in place to achieve increased renewable share requirements. Asia Pacific is expected to grow significantly during the forecast period, due to China’s extensive use of solar photovoltaic (PV) mounting systems. Strong legal and administrative frameworks, as well as a variety of incentives and subsidies help to promote the use of wind energy in the economy.
The global Solar PV Mounting Systems market is highly competitive owing to the presence of several key manufacturers such as Clenergy Philippines, Tata International Ltd., Xiamen Universe Solar Tech. Co. Ltd., Xiamen Corigy New Energy Technology Co. Ltd, PV Racking, Van der Valk Solar Systems BV, Schletter Group Unirac Inc., SolarWorld AG, K2 Systems GmbH, and others.
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Key findings of the study suggest:
- Global Solar PV Mounting Systems Market is anticipated to grow with a healthy growth rate of more than 3.9% over the forecast period 2023-2030.
- In the Product segment, Rooftop emerged out as the leading market segment in 2022.
- Europe is anticipated to drive regional growth owing to the advancements in renewable energy technology, which resulted in early acceptance. Furthermore, the implementation of zero-emission power sources, together with the economic benefits of renewable energy sources, is fueling regional market expansion.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Product:
- Rooftop
- Ground Mounted
By Technology:
- Fixed
- Tracking
By End User:
- Residential
- Commercial
- Utilities
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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