Solar PV Mounting Systems Market Future Prospects, Growth, Outlook and Forecast 2020 – 2023
Research Reports
Dec 28, 2020
Market Scope
The global market for solar PV mounting systems is set to surpass a valuation of USD 23,100 Mn by the 2023. The market is expected to expand at a CAGR of 11.56% during the review period (2018-2023).
Segmentation
By products, the market is segmented into ground mounted, and rooftop. The rooftop mounted segment accounts for the largest share of the market at 52.13% and is expected to grow at a CAGR of 10.14%. Meanwhile, due to growing large-scale projects, the ground-mounted segment is expected to display growth at the highest CAGR of 12.98%. By technology, the market is segmented, into fixed, and tracking. Between these, the fixed segment accounted for the largest market share in the global solar PV mounting systems market with the tracking segment due to growing at the highest CAGR of 13.25% during the assessment period. By end-user, the market is segmented, residential, commercial, and utilities. Among these, the utilities segment accounted for the largest market share and is expected to expand at the most significant CAGR of 12.22% during the forecast period.
Regional Analysis
The Asia Pacific (APAC) accounts for a majority share of 43.02% of the global solar PV mounting system market and is projected to grow at a CAGR of 11.24% during the forecast period. The APAC has a truly massive population which is consistently growing, as such the demand for cost-efficient power is growing as well. Clean energy sources are increasingly becoming attractive due to growing support for renewable energy deployment in the form of encouraging policies and regulations combined with awareness campaigns. China leads the APAC market in solar photovoltaic cell manufacturing with Japan and India following closely. Increased investments in renewable resources and a naturally sunny climate for a majority of the year have led to the recognition of solar energy as the best alternative to conventional energy sources.
Meanwhile, the Rest of the World is growing at the highest CAGR of XX, with Latin America leading growth for this regional segment. Solar PV systems in Latin America are affordable and are emerging rapidly due to investments being made in countries such as Chile, Mexico, and Brazil. The Middle East & Africa, however, is likely to grow exponentially due to the region being naturally conducive to the adoption of solar power as a majority of the region is a desert and receives long hours of sunlight. Several construction projects which leverage and integrate solar energy are expected to drive the solar PV mounting systems market in the region.
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Competitive Outlook
- RBI Solar Inc.
- Mounting System GmbH
- Clenergy
- Tata International Ltd.
- SolarWorld AG
- PV Racking
- K2 Systems GmbH
- Unirac Inc.
- Xiamen Corigy New Energy Technology Co. Ltd
- Land Power Solar Technology Co. Ltd.
- Schletter Group
- Quick Mount PV
- Xiamen Universe Solar Tech. Co. Ltd.
- Xiamen Grace Solar Technology Co. Ltd.
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