Pune, India -- (SBWire) -- 12/20/2018 --Market Research Future (MRFR)'s latest study reveals that the global solar PV mounting systems market is set to expand saliently at a CAGR of 11.56% during the forecast period 2018 to 2023. The market is expected to reach a valuation of USD 23,107 Mn by the end of 2023. The growth of the solar PV mounting systems market is dependent on the growth of its parent market, solar energy market. The global solar PV demonstrated a substantial increase of 26% in 2017. The increasing demand for solar power is likely to catalyze the demand for solar PV mounting systems in the forthcoming years.
The governments are endeavoring to minimize carbon emissions which have led to a shift towards renewable energy. Solar energy has gained popularity among the population as an economical source to reduce carbon footprints. This, in turn, has encouraged the governments to subsidize the manufacturing of solar mounting systems. The increasing number of solar projects coupled with the firm support extended by the governments is prognosticated to augment the solar PV mounting systems market through the projection period.
The technological innovations and developments in the solar PV mounting systems in terms of durability, efficiency, etc. are forecasted to open new avenues of growth in the global market. However, the price volatility of the raw materials such as steel and aluminum are expected to hold the growth of the market.
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Global Market for Solar PV Mounting Systems: Competitive Dashboard:
The key players profiled in the report include
- 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
Global Market for Solar PV Mounting Systems: Segmental Analysis:
MRFR's report offers a detailed segmental analysis of the market based on product, technology, and end-user. By product, the solar PV mounting systems market has been segmented into rooftop and ground mounted. The rooftop segment currently accounts for 52.13% share of the market and is projected to strike a CAGR of over 10% through the assessment period. Meanwhile, the ground mounted segment is forecasted to register a relatively higher CAGR and retain a dominant share towards the end of 2023.
By technology, the market is segmented into fixed and tracking. The fixed segment currently holds the maximum market share and is likely to retain its pole position through the forecast period. However, the tracking segment is expected to strike a higher CAGR in the foreseeable future.
By end-user, the market has been segmented into commercial, residential, and utilities. The utilities segment currently holds a dominant share of the market and is likely to retain its dominance over the next couple of years. It, also, is expected to register the highest CAGR of 12.22% across the review period.
Regional Outlook:
By region, the global solar PV mounting systems market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is the largest market for solar PV mounting systems and is expected to retain a dominant position over the next few years. Led by China, the regional market is set to strike a CAGR of 11.78% during the forecast period. Meanwhile, India is projected to exhibit a comparatively higher growth rate in the region.
Europe is an important growth pocket and is prognosticated to remain highly lucrative throughout the assessment period. The increasing demand for solar power generation is favoring the proliferation of the regional market. The market in Europe is a highly challenging one owing to changes in regulatory frameworks, stagnant electricity demand, and tax regimes.
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North America is poised to exhibit positive growth in the forthcoming years. According to IRENA, the installed capacity of solar energy in North America witnessed an increase of 8450 MW from 2016 to 2017. Rest of the World exhibits tremendous growth opportunities and is forecasted to register a relatively higher CAGR over the forecast period. The Middle East is likely to thrive at the highest CAGR of 21.48% in the Rest of the World region.
Solar PV Mounting Systems Market Market 2018: Research, Competitor Strategy, Industry Trends, Forecast to 2023