Photovoltaic Mounting System Market Outlook (2023 to 2033)
The photovoltaic mounting system market revenue for 2022 was valued at US$ 22 million. The market is estimated to reach US$ 123.59 million by 2033, as it is expected to grow at a CAGR of 17.6% from 2023 to 2033. Different cooling mechanisms are associated with different solar mounting structures. In comparison to solar panels installed on the roof, ground-mounted panels will experience better airflow, allowing them to cool off more easily, which impacts efficiency and temperature control.
Photovoltaic mounting systems are becoming more modular and lighter, making them easy to install and maintain. A variety of orientations, roof angles, and roof types can be accommodated with these systems, which are often made of aluminum or steel. In addition to its high flexibility, this type of system can also be configured with additional components, including batteries, trackers, and energy storage systems. Energy production and other performance metrics can also be tracked with these systems, which come with integrated monitoring systems.
Energy consumption around the world is on the rise. Based on a study by Our World in Data, a research group housed at Oxford University, the current annual global primary energy consumption is over 160,000 TWh, which is a significant amount when compared to previous years. Only 585 TWh of electricity is generated by solar energy each year. While renewable energy solutions, investments, and usage are rising, the primary sources of global energy remain oil, coal, and gas, accounting for more than 80% of global energy consumption.
Mounting systems for photovoltaic panels have a bright future. PV systems are expected to become more popular as renewable energy and solar energy costs fall. Due to continued price decreases, PV systems have become more affordable, increasing sales in the market. Moreover, global initiatives aimed at reducing carbon emissions and focusing on a more sustainable energy mix will also encourage further growth in the market for solar panels.
PV mounting systems are expected to improve in efficiency, versatility, and cost-effectiveness over the next few years. In order to mount solar panels more efficiently and cost-effectively, manufacturers will continue to innovate. A growing number of residential and commercial applications will take advantage of mounting systems as they become more accessible and easier to install. Furthermore, PV installers and contractors are expected to increase in number as solar energy increases in popularity. PV mounting systems will become more competitive as the number of installers grows, resulting in lower prices for consumers.
As the price of energy in India is rising, the supply is also on the rise, although at a slower rate. Despite being a burgeoning industry, solar energy has been driven by market forces, which translates into consumers creating their energy economics. Thus, renewable energy can be viewed as a viable option for everyone, creating growth opportunities. Due to the constant drop in solar system prices, global demand for solar solutions is increasing. As a renewable energy source, solar power is undoubtedly the way of the future.
Solar energy can reduce rural household dependence on firewood and dung cakes. The Indian government has proposed many large projects, including, solar power projects in the Thar Desert, which are expected to generate 700 to 2,100 GW of power, the Jawaharlal Nehru National Solar Mission (JNNSM), aimed at 20,000 MW of solar power generation in 2022, the Gujarat state government has crafted solar power policies that aim to generate 1,000 MW of power, and in July 2009, a Rs 130 Million solar power plan was drafted, projected to generate 20 GW of solar power. The remaining 66 MW is installed for solar water pumps, solar water lanterns, and street lighting systems in rural areas.
Data Points
Key Statistics
Estimated Base Year Value (2022)
US$ 22 million
Expected Market Value (2023)
US$ 24 million
Anticipated Forecast Value (2033)
US$ 123.59 million
Projected Growth Rate (2023 to 2033)
17.6% CAGR
Demand from solar power generation and rise in energy demand in urban areas has been gaining a massive momentum in the market.
Although the market was not entirely affected highly amidst the pandemic, due to ever increasing popularity of solar energy as well as the importance of maintaining, disruptions in supply chain processes could have slightly impacted the same.
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What is Driving Demand for Photovoltaic Mounting Systems
The adoption and advancement of renewable energy sources has grown immensely, with solar panels being among the most adopted form of renewable energy. Attributing to this, the rising number of solar projects are estimated to be primary driving factor for the growth in demand for Photovoltaic mounting systems.
Global PV mounting system market growth witnessed substantial dip in Y-o-Y growth in the year 2020, owing to the nationwide lockdowns and supply chain interruptions caused by COVID-19 Pandemic. Which has stopped few sunlight-based undertakings and significantly affected the business tasks across few nations. So, an enormous interest supply hole is developing, which will influence the development of the different areas, including sunlight.
Around 26% to 27% of global Solar photovoltaic Mounting System capacity grew in 2017, and the number is rising, as is evidenced by the increase in demand for structural components for rising solar capacity.
As such, the interest for cost-effective force is developing too. Expanded interests in inexhaustible assets and a usually bright environment for a more significant part of the year have prompted the acknowledgment of sun-based energy as the best option in contrast to familiar fuel sources.
Opportunities that lead to Boost the Growth of the Market for Solar Panels
Photovoltaic mounting systems Market Outlook find application over the utility, private, and business fragments. Mounting utilization on the green advancement subject to the necessity of zero release establishments will drive the sunlight-based photovoltaic mounting frameworks industry, over the business zone.
Extending care regarding the troublesome effects of ozone hurting substance transmissions on the earth and human prosperity is scheduled to enable the use of sun-oriented-based force age.
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Asia Pacific Market Outlook for Photovoltaic Mounting System
The Asia Pacific (APAC) expected to hold prominent share in the global sun-powered photovoltaic mounting system market. China and India are expected to spearhead the utilization of the product across commercial space in the sun-based photovoltaic cell producing, with Australia and ASEAN countries following intently.
The APAC has a genuinely extensive populace that is reliably developing. The government initiatives for investments in renewable energy infrastructure in the developing countries from the region creates positive growth prospects for the Photovoltaic Mounting System market growth.
Europe Demand Potential
EU-5 principal countries, BENELUX and NORDICS in Europe are also expected to have substantial share in the global market owing to the advancements in the renewable energy technologies resulting in early adoption. Furthermore enforcement of zero emission power sources coupled with economic benefits from renewable energy sources is fuelling the market growth in the region.
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Segment Over view by Product Type
Photovoltaic Mounting System is diversified in two different variants such as fixed and following (tracking). The market is overwhelmed with fixed portion and is relied upon to hold the most significant share during the conjecture time frame as the underlying speculation for getting the fixed sun-oriented photovoltaic mounting frameworks is lower than its other options.
Segment Over View by User Base
The market based on end users was divided by individual residents, commercial buildings and civic utilities. While residential and commercial sectors mainly utilize the product for heating solutions, it has been observed that the is market is ruled be the civic utility segment for power generation farms during past few years owing to high degree of installation coverage per square meters and is required to stay prevailing during the estimated time frame.
Who are the Key Manufacturers and Suppliers
Schletter Group,
Unirac Inc.,
SolarWorld AG,
K2 Systems GmbH,
Quick Mount PV,
Land Power Solar Technology Co. Ltd.
RBI Solar Inc,
Mounting System GmbH,
Xiamen Grace Solar Technology Co. Ltd.
Clenergy, Tata International Ltd.,
Xiamen Universe Solar Tech. Co. Ltd.,
Xiamen Corigy New Energy Technology Co. Ltd,
PV Racking, Van der Valk Solar Systems BV, amongst others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
