The Fixed Tilt Solar PV Market share can touch USD 2.21 Billion by 2032, with an 9.50% CAGR from 2024 to 2032 (review period).
For the best solar power capture, fixed-tilt solar PV systems tilt the system at a set degree. In both industrialized and developing nations, utility-scale PV uses this solar PV technology extensively. The bulk of those built in the US were angled between 20 and 30 degrees. The global market's expansion has been spurred by the increasing use of solar PV systems for the generation of renewable energy in numerous countries throughout the world. Continuous efforts to improve solar PV system performance and efficiency would be advantageous for the fixed-tilt type solar PV industry. Large-scale solar power plant deployment across the globe will shape the market in the ensuing years.
The solar technology breakthrough known as the thin-film photovoltaic module is fast growing its market share in the solar power industry, which is expected to rule the market over the forecast period.
Utility-scale fixed-tilt systems are anticipated to cost USD 0.70 per watt by 2022, creating new opportunities for solar energy that is incredibly affordable. In the upcoming years, this is anticipated to open up a market for fixed-tilt solar PV systems. During the projected period, rising tracking system usage is anticipated to constrain the market for fixed-tilt solar systems.
Globally, governments are promoting the use of renewable energy sources by providing subsidies, incentives, and tax advantages. For instance, the Solar ITC in the US offers both business and residential users who install solar energy systems a 30% reduction in federal taxes. FiT policies have been developed by nations like Australia and China to promote significant investments in renewable technologies. Additionally, the dwindling supply of fossil fuels and the rise in environmental concerns have pushed many nations to embrace solar, wind, and other renewable energy sources. As a result, there are now more solar farms being built, which has raised the demand for BOS, including fixed solar PVs. Over the forecast period, these factors are augmenting the expansion of the fixed-tilt solar PV market worldwide.
One of the key developments in next-generation solar PV module development is the creation of mono PERC and bifacial solar PV modules. Bifacial solar PV modules are more powerful than monofacial solar PV modules because they produce power from both sides of the solar PV module. The adoption of cutting-edge PERC technology boosts productivity and produces a rapid return on investment, which lowers the price of solar PV systems. High electrical output is achieved via the PERC solar cells' tiny pockets in the film, which are designed to absorb as much sunlight as possible. It is anticipated that the mono PERC and bifacial technology integration will lower power loss and improve the operational efficiency of solar PV cells.
Crystalline silicon, thin film, and other products are among the technology-based market segments. Due to the rising number of installations of residential solar equipment, the crystalline silicone sector is anticipated to have the biggest market share over the projection period.
However, because of the equipment's high efficiency and declining cost, the thin film segment is anticipated to increase at the quickest rate during the projected period. Solar cells with light-absorbing layers make up thin-film (TF) solar panels, which are more than 350 times smaller than conventional silicon panels. Since they have an effective semiconductor built right into them and have a small design, they are regarded as the lightest PV cell. Due to their smaller material requirements, thin-film solar cells are less expensive to manufacture than conventional silicon solar cells.
On-grid and off-grid applications are the two divisions of the global market. The on-grid segment had the biggest market share in 2019, however, due to rising off-grid installations in remote locations, the off-grid sector is anticipated to grow at the highest CAGR over the forecast period.
Europe, North America, Asia-Pacific, and the Rest of the World are recognized as the top segments by region in the study.
For manufacturers of fixed tilt solar PV, APAC offers lucrative potential for expansion. Fixed tilt solar PV mounting structures are in high demand because of the existence of financial incentive programs in China and Japan, such as FiTs. The market for solar energy is expanding quickly in India as a result of government policies that are encouraging the falling cost of solar power generation. The fixed tilt solar PV market in APAC is anticipated to increase as a result of these factors.
Additionally, several governments plan to gradually phase out the production of electricity from traditional sources like coal and nuclear power. The fixed tilt solar PV industry has benefited greatly from the growing public awareness of the advantages of renewable energy. By the end of 2022, India, one of the largest solar markets in Asia and the Pacific, intends to install 100 GigaWatts of solar power system infrastructure.
Solar energy makes up a sizable component of the energy mix in Europe. In 2022, 3.6 percent of the electricity produced in Europe came from solar energy. By 2040, this contribution will have grown to 20%, according to BloombergNEF. As a result of a growth in the production of electricity utilising solar power, the market in Europe is anticipated to grow throughout the forecast period. The amount of energy emissions in Europe decreased by 1.3% in 2022. In addition, a number of European nations have switched to using lower-carbon energy sources. The European region has depended on energy imports between 53 and 55 percent over the past few years.
Businesses are concentrating on diversifying their product offering and spending money on R&D to create cutting-edge items while also focusing on strategies like partnerships, mergers and acquisitions, and more. To illustrate, in July 2023, through its Clean Energy Infrastructure Fund, Modus Asset Management acquired from renewables developer Evecon control of a 55MW ground-mounted solar PV portfolio in Latvia. The portfolio comprises ten PV projects that are all nearly ready to be built and all use bifacial PV modules in single-axis tracker and fixed tilt configurations. The Clean Energy Infrastructure Fund is Modus's fourth such financing source. Its planned capacity for investment in solar photovoltaic (PV), battery energy storage, and onshore wind projects is €200 million (US$224 million).
Some of the key manufacturers of fixed tilt solar PVs are Canadian Solar, Engie, First Solar, Unirac, Solar FlexRack, Trina Solar, Yingli Solar, JinkoSolar, Wuxi Suntech Power Co., Ltd, and SolarCity Corporation.
| Report Attribute/Metric | Details |
| Â Â Market Size 2023 | USD 0.9 Billion |
| Â Â Market Size 2023 | USD 0.98 Billion |
| Â Â Market Size 2023 | USD 2.21 Billion |
| Â Â CAGR | Â Â 9.50% (2024-2032) |
| Â Â Base Year | Â Â 2023 |
|   Forecast Period |   2024 to 2032 |
| Â Â Historical Data | Â Â 2019Â &Â 2022 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Technology, Application |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â Canadian Solar, Engie, First Solar, Unirac, Solar FlexRack, Trina Solar, Yingli Solar, JinkoSolar, Wuxi Suntech Power Co., Ltd, and SolarCity Corporation. |
| Â Â Key Market Opportunities | Â Â New product launches and R&D Amongst major key Players |
| Â Â Key Market Drivers | Â Â Growing demand for low-cost off-grid electricity generation |
Fixed Tilt Solar PV Market Highlights:
Frequently Asked Questions (FAQ) :
Global Fixed Tilt Solar PV Market is predicted to grow at a 9.50% CAGR between 2024- 2032.
The fixed tilt solar PV market is predicted to reach USD 2.21 billion by 2032.
Asia Pacific will lead the global fixed tilt solar PV market.
Growing demand for low-cost off-grid electricity generation is driving the global fixed tilt solar PV market growth.
Key contenders profiled in the global fixed tilt solar PV market include Canadian Solar, Engie, First Solar, Unirac, Solar FlexRack, Trina Solar, Yingli Solar, JinkoSolar, Wuxi Suntech Power Co., Ltd, and SolarCity Corporation.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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