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DEMAND FOR MOUNTING STRUCTURES DUE TO THE RISING NUMBER OF SOLAR PROJECTS 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. The rising demand for solar capacity increases the need for hardware structural components. Moreover, solar mounting structures offer structural support to these panels. The need for increasing solar power generation capacity leads to a rise in the number of solar power plant construction in various nations. Mounting structures play an essential role in ensuring the capacity and efficiency of the solar PV modules as the solar cell’s temperature and sunlight captivity are dependent on them. With an increase in large-scale solar projects, the focus is on ground-mounted PV mounting systems. In January 2022, the key player, Billionaire Gautam Adani's logistics-to-energy conglomerate, established a new subsidiary, ANIL, to undertake projects of green hydrogen, wind turbine manufacturing, and generation of low carbon electricity, batteries, and solar modules as it seeks to become the world's largest renewable energy company and manufacture the very less expensive hydrogen. In collaboration with EleapsSdn. Bhd., The 5 MWp, & Antah Solar Sdn. Bhd., Canadian Solar announced the start of the largest commercial and industrial ("C&I") construction project in Malaysia. The project, which spans approximately 26,000 m2, is located in Penang, Malaysia. This strategy possesses the potential to improve the company's global brand image. Furthermore, companies may be able to reduce production costs, time consumption, improve product quality, and meet organizational goals by implementing technologically advanced production techniques. Moreover, in remote areas and residential power generation applications, small-scale PV installations are in high demand for rooftop solar mounting structures. The commercial and agricultural spaces are also contributing to the demand for rooftop mounting structures, with many projects pipelined in Europe and Asia-Pacific. Solar PV mounting system manufacturers thus have an opportunity to expand business markets in such markets. According to a survey, on an average of every 5 minutes, a new solar project is initiated. China and several countries in Asia are making efforts to construct the largest solar power plants in the world to meet the growing electricity demand. As of 2018, China and India were the largest nations in the world in terms of the development of large-scale solar plants. In 2020, Japan ranked third in the world, behind China and United States, in solar capacity and generated around 5% of the country’s electricity generation. In 2020, the country had 67 GW capacity for solar PV, and under the Long-term Energy Supply and Demand Outlook for FY 2030, the Ministry of Economy, Trade, and Industry of Japan is aiming to increase the share of renewable energy share to 24% by 2030, which is expected to increase the solar PV market in the country. Factors such as upcoming solar PV projects, supportive government policies, and declining costs of solar PV modules and associated systems are expected to drive the solar PV market in the region during the forecast period. The under-construction and planned solar facility projects boost the demand for solar PV mounting systems, as they function as structural support for the solar PV mounting system in power generation. Thus, the demand for mounting structures due to the rising number of solar projects is expected to drive the growth of the global solar PV mounting systems market during the forecast period. SCHEMES TO PROMOTE THE INSTALLATION OF SOLAR PV MOUNTING SYSTEMS Nations are tapping renewable energy sources to generate electricity so as to cut down carbon emissions and promote energy efficiency. Also, solar energy is observed as a potential and economic source to curb emissions and promote clean energy. Thus, various governments are offering subsidies and incentives to manufacture solar mounting structures and install them on a large scale to accelerate solar projects. China has become the largest solar energy generator attracting more projects through its new FIT rate offered by National Development and Reform. Commission (NDRC), which aims to further cut down on-grid tariffs in some parts of the country. The solar PV installations are attributed to all such measures taken for expanding solar production in the nations to enhance the solar PV mounting systems market. For instance, the off-grid & decentralized solar applications and Jawaharlal Nehru National Solar Mission in India allow easy permission and minimal documentation and technical specifications of quality standards specified by MNRE from time to time. A significant contribution of solar projects comes from commercial and residential buildings, which require rooftop solar mounting systems. One of the key factors driving growth in the solar PV mounting systems market is the supportive government policies. The use of alternative energy sources is necessary to reduce greenhouse gas (GHG) emissions. Various governments across the world support the adoption of solar PV systems by providing incentives, subsidies, and tax benefits to producers and consumers. In the US, the investment tax credit (ITC) is an important federal policy developed to support the adoption of solar PV energy in the country. According to the new legislation passed in December 2020, the ITC provides a 26% tax credit for solar PV systems to be installed during 2020-2022 and 22% for systems to be installed in 2023. Many countries are formulating policies to promote the development and adoption of solar power technologies. One such notable example is the FiT policy, which is formulated to encourage investments in renewable energy technologies. Many end-users such as industries and automotive are embracing alternative forms of energy and are slowly discarding power generation using fossil fuels. The growing penetration of solar PV, with the supportive government policies, will add to the deployment of solar PV mounting systems. The Department of Communications, Climate Action and Environment (DCCAE) of Ireland has considered a new renewable electricity support scheme, under which the government proposed the design support scheme for rooftop solar. The proposed support scheme for residential rooftop solar PV includes: Generation tariff: USD 0.10 – 0.12 (EUR 0.09 -0.10) Export tariff: USD 0.077 (EUR 0.066) Installed Capacity (MW, 2030): 150 China has become one of the largest solar energy generators in the world and is attracting several investors through its new Feed-in-Tariff (FIT) rate offered by the National Development and Reform Commission (NDRC), which aims to further cut down the on-grid tariffs in some parts of the country. New FIT rates have declined to USD 0.005/kWh, which is equivalent to CNY 0.55/kWh. Such measures to expand solar power production are expected to boost the demand for solar PV systems and, consequently, drive the growth of the solar PV mounting systems market during the forecast period.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Growing trend of building-integrated PV systemsKey Market DynamicsDemand for mounting structures due to the rising number of solar projects Schemes to promote the installation of solar PV mounting systems |
| Market Dynamics | Demand for mounting structures due to the rising number of solar projects Schemes to promote the installation of solar PV mounting systems |
Solar PV Mounting Systems Market Highlights:
Global Solar PV Mounting Systems Market Overview
Solar PV Mounting Systems Market Size was valued at USD 12,368.90 Million in 2021. The solar PV mounting systems industry is projected to grow from USD 13,368.31 Million in 2022 to USD 24,026.70 Million by 2030, exhibiting a compound annual growth rate (CAGR) of 7.60% during the forecast period (2024–2030). The adoption and advancement of renewable energy sources has grown immensely, with solar panels being among the most adopted forms of renewable energy. The need for increasing solar power generation capacity leads to a rise in the number of solar power plant construction in various nations leading to the growing demand for solar PV mounting systems market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Solar PV Mounting Systems Market Trends
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Rising number of solar projects being undertaken globally
The adoption and advancement of renewable energy sources has grown immensely, with solar panels being among the most adopted forms 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. The rising demand for solar capacity increases the need for hardware structural components. Moreover, solar mounting structures offer structural support to these panels. The need for increasing solar power generation capacity leads to a rise in the number of solar power plant construction in various nations. Mounting structures play an essential role in ensuring the capacity and efficiency of the solar PV modules as the solar cell’s temperature and sunlight captivity are dependent on them. With an increase in large-scale solar projects, the focus is on ground-mounted PV mounting systems.
For instance, In January 2022, the key player, Billionaire Gautam Adani's logistics-to-energy conglomerate, established a new subsidiary, ANIL, to undertake projects of green hydrogen, wind turbine manufacturing, and generation of low carbon electricity, batteries, and solar modules as it seeks to become the world's largest renewable energy company and manufacture the very less expensive hydrogen. While, in collaboration with EleapsSdn. Bhd., The 5 MWp, & Antah Solar Sdn. Bhd., Canadian Solar announced the start of the largest commercial and industrial ("C&I") construction project in Malaysia. Moreover, in remote areas and residential power generation applications, small-scale PV installations are in high demand for rooftop solar mounting structures. The commercial and agricultural spaces are also contributing to the demand for rooftop mounting structures, with many projects pipelined in Europe and Asia-Pacific. As a result, Solar PV Mounting Systems market revenue expansion is anticipated to be fueled by rising number of solar projects being undertaken globally Â
Solar PV Mounting Systems Market Segment Insights
Solar PV Mounting Systems Product Insights
The solar PV mounting systems market segmentation, based on product, includes rooftop and ground mounted. The rooftop segment held the majority share in 2022 contributing to around ~50-55% with respect to the Solar PV Mounting Systems market revenue. These are advantageous for residential and commercial buildings as they can be installed easily and do not require much investment in terms of maintenance and capital. The rooftop mounting systems have a longer lifespan averaging 20 years. With solar panels becoming more popular in the commercial and residential sector to meet the electricity need, rooftop panels observe good growth in the forecast period. Homeowners prefer rooftop solar structures as they get incentives from the government to generate clean energy. Additionally, rooftop solar panels are more efficient as they are high and face direct sunlight, and do not have losses from temperature fluctuation.
Solar PV Mounting Systems Service Technology Insights
Based on technology, the Solar PV Mounting Systems segmentation includes fixed and tracking. The fixed segment dominated the market in 2022 and is expected to continue to dominate the market during the forecast period. Fixed solar mounting structures offer support to solar panels at a fixed angle. The fixed mounting structures are easy to install and do not require heavy investment. These are more common in small-scale rooftop projects and are majorly installed at commercial and residential levels.
Solar PV Mounting Systems Component Insights
Based on components, the global Solar PV Mounting Systems segmentation includes PV modules (panels), inverter, racking, batteries, and others. The PV modules (panels) segment dominated the market in 2022 and is expected to continue to dominate the market during the forecast period. This market is projected to grow at a significant CAGR during the forecast period. Factors such as substantial PV projects under construction and in the planning stage, coupled with several government support measures, are expected to increase the cumulative installed capacity of solar energy during the projection period.
Solar PV Mounting Systems End User Insights
The Solar PV Mounting Systems market data has been bifurcated by end user largely into residential, commercial, and industrial. The residential dominated the market in 2022. The key benefits of solar power installation in the residential sector are the generation of free and clean electricity with the utilization of the sun’s abundant power, reduction in carbon footprint, and eventual reduction in electricity bills. Generally, in the residential sector, rooftop mounting installation can be done because of the proper utilization of the terrace area over a home. Furthermore, fixed solar PV mounting systems are preferable to install at homes because of the limited energy consumptions.
Figure 2: Solar PV Mounting Systems Market, by End Use, 2024 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Solar PV Mounting Systems Region Insights
By Region, the Solar PV Mounting Systems market industry study segments the market into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific Solar PV Mounting Systems Market accounted for USD 6,158.60 million in 2022 and is expected to exhibit a 7.37% CAGR during the study period. This is attributed to the presence of emerging nations in the region and growing demand for renewable energy sources.
Figure 3: Solar PV Mounting Systems Market Share By Region 2024-2030 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America Solar PV Mounting Systems Market has potential in solar energy generation. The region consists of innovation, and financial strength along with entrepreneurial spirit and skilled manpower to achieve the targets for solar energy generation. For instance, on Oct. 06, 2022, Unirac, Inc., a leading manufacturer of solar PV mounting systems in North America, announced securing a majority recapitalization investment led by Greenbelt Capital Partners. . Unirac designs and manufactures solar photovoltaic (PV) mounting solutions for residential and commercial applications. It has built a fully integrated solar mounting solutions platform. This investment will support Unirac’s quest for new product development and supply chain resiliency. It will further bolster Unirac’s commitment to enhance installation efficiency, allowing a superior customer experience that would help solidify its position as the leading provider of solar racking and mounting solutions in residential and C&I markets in the US Solar PV Mounting Systems Market.
Europe Solar PV Mounting Systems Market has a set target to achieve a 32% share of renewable energy in energy consumption by the year 2030. Solar photovoltaic and wind power generation account for significant shares in the European electricity sector. Currently, the European Commission is focusing on the research & development of solar energy through three main segments, namely, photovoltaics, concentrated solar power, and solar heating & cooling devices. Europe is a challenging market for solar PV mounting systems due to stagnant electricity demand, regulatory policy changes, and tax regimes. Markets such as Germany Solar PV Mounting Systems Market, Italy Solar PV Mounting Systems Market, and UK Solar PV Mounting Systems Market, and Spain Solar PV Mounting Systems Market are leading in installed capacity in the region.
Asia-Pacific Solar PV Mounting Systems Market is one of the largest markets for solar PV mounting systems in the world. There has been an increase in the demand for power because of the region's growing population and rising per capita disposable income. Moreover, these rapidly growing economies are also the top polluters in the world. The countries in the region have been promoting the rapid adoption of clean energy with support such as resource assessment, policies and regulations for energy deployment, project facilitation, raising awareness, statistics, and data collection to improve the deployment in Asia-Pacific. China Solar PV Mounting Systems Market is leading in solar PV manufacturing, which brought down the prices and introduced pilot carbon trading platforms.
Solar PV Mounting Systems Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help Solar PV Mounting Systems grow even more. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are critical factors that could restrain market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.
Schletter Group is a metalworking company and a leading manufacturer of PV mounting systems, mostly made of steel and aluminum. The company has production sites in Germany, China, and the US. It has a strong sales and service network in over 14 countries worldwide. Schletter offers a range of PV mounting systems for installation in various areas, including pitched roofs, flat roofs, open areas, façade, and carports. It also designs and manufactures ceilings for rails, welding components, separating walls, handrails, and luggage racks. It serves a wide range of clients, ranging from small handicraft businesses to large corporate clients.
Unirac is a leading manufacturer of PV mounting systems in North America. The company has 20 years of experience and has installed about 5 GW of solar panels, which are 500,000 installations. It has approx. 30% share of the total market in North America. Some of Unirac’s major clients in North America include Universal Studios, Orange County Convention Center, and Google Campus. Unirac has manufacturing units and distributors across the US and Canada. Unirac Canada is the authorized distributor of the company in Canada. Design and testing of equipment are carried out in Alberqerque. The company offers a number of products for different types of installation sites, including flat roofs and ground mounts. Unirac also offers PV mounting systems for tilted installations on roofs and ground.
Key Companies in the Solar PV Mounting Systems Market include:
- Schletter Group (Germany)
- Unirac Inc. (US)
- SolarWorld AG (Germany)
- K2 Systems GmbH (Germany)
- Esdec (Netherlands)
- Tata International Ltd (Switzerland)
- Land Power Solar Technology Co. Ltd (China)
- RBI Solar Inc. (US)
- Mounting System GmbH (Germany)
- Xiamen Grace Solar Technology (China)
- Clenergy (China)
- Xiamen Universe Solar Technology (China)
- Xiamen Corigy New Energy Technology Co. Ltd. (China)
- PV Racking (US)
Solar PV Mounting Systems Industry Developments
October 2022: Unirac, Inc. (“Unirac” or the “Company”), a leading designer and manufacturer of solar photovoltaic (PV) mounting solutions for the residential and commercial & industrial (C&I) markets, announced today a majority recapitalization investment led by Greenbelt Capital Partners (“Greenbelt”). Investors in the transaction included Greenbelt Capital Partners Unirac L.P. and Trilantic Energy Partners II (North America) L.P. and its parallel fund. The existing sponsor, Tenex Capital Management, along with key members of Unirac’s management team, will continue to own a significant stake in the business.
April 2021: K2 Systems GmbH opened its new location, K2 Systems Pty Limited, in Australia to enhance its global presence.
March 2021: Schletter launches the new "ProLine" pitched roof system, available in Europe. The "ProLine" system is lightweight, more load-bearing, highly durable, and easier to install.
Solar PV Mounting Systems Market Segmentation:
Solar PV Mounting Systems Product Outlook
- Rooftop
- Ground Mounted
Solar PV Mounting Systems Technology Outlook
- Fixed
- Tracking
Solar PV Mounting Systems Component Outlook
- PV Modules (Panels)
- Inverters
- Racking
- Battery
- Other Components
Solar PV Mounting Systems End User Outlook
- Residential
- Commercial
- Industrial
Solar PV Mounting Systems Regional Outlook
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North America- US
- Canada
- Mexico
-
Europe- Netherlands
- Belgium
- Denmark
- Finland
- Iceland
- Norway
- Sweden
- Rest of Europe
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Asia-Pacific- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
-
Middle East & Africa- Saudi Arabia
- UAE
- South Africa
- Rest of the Middle East & Africa
-
South America- Brazil
- Argentina
- Rest of South America
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