April 24, 2020
According to the research report titled ‘Global Solar PV Mounting Systems Market Research Report 2020’, available with Market Study Report LLC, worldwide solar PV mounting systems market was worth USD 4020.3 million as of 2020 and is presumed to expand with a CAGR of 11.4% during the study period. The market is expected to garner USD 8629.6 million by the year 2026.
A solar PV mounting system provides support to the array of installed solar panels. Growing population and rising dependency on electricity along with increasing popularity of solar PV cells are major factors driving the growth of global solar PV mounting systems industry. The market is expected to further expand owing to shifting focus towards reducing carbon footprint and shifting preference for sustainable sources of energy. Increasing awareness pertaining to environmental conservation and favorable government initiatives solar panel installation are also stimulating the industry outlook.
As per type, rooftop mounting system segment held 51% market share in 2018 and is expected to follow similar trend in the forthcoming years. Rising installation of rooftop solar panels across residential sector along with favorable reimbursement policies are fueling the segmental growth.
Elaborating on the application spectrum, the market is split into utility, commercial and residential. The report states that solar PV mounting systems play a vital role in all three application fragments. Escalating investments towards green infrastructural development along with growing demand for sustainable source of energy in industrial, commercial and residential sector are favoring the market outlook.
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Considering the geographical landscape, China accounted for 56.67% market share in 2018 and is poised to acquire moderate gains in the subsequent years. Swift industrialization and establishment of solar panel manufacturers in the region are swaying the business dynamics in China. Meanwhile, Japan market recorded 18.95% share in the same year and will showcase similar growth throughout the forecast period.
Prominent companies operating in global solar PV mounting systems market are Versol Solar, PV Racking, RBI Solar, Mounting Systems, DPW Solar, K2 Systems, JZNEE, Akcome, Clenergy, Unirac, Esdec and Schletter among others.
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