Global Solar PV Mounting Systems Market: Key Highlights
- According to the new market research report “Solar PV Mounting Systems Market by Product Type (Ferrochrome (Rooftop Mounted, Ground Mounted), by Technology (Fixed, Tracking), by End-user (Commercial, Residential, Utilities)by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global solar PV mounting systems market is estimated to reach USD 16.6Billion by 2027 at a CAGR of around 6.7% during the review period.
- Solar PV mounting systems are metal stands used to support solar panel by enabling the user to place solar panels on various types of surface
- They are largely manufactured from aluminum, steel, iron, plastic, and in some cases they are made up of alloys
- Solar PV mounting systems are lightweight, adaptable, tough, simple to introduce, and have low development and construction properties.
Global Solar PV Mounting Systems Market: Key Market Dynamics
- Growing demand for renewable resources coupled with government support has expected to drive the growth of solar PV mounting systems
- Rising number of solar projects across the globe has expected to surge the demand for solar PV mounting systems
- Fluctuations in prices of raw materials has expected to hinder the growth of the product market during the forecasted period
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Global Solar PV Mounting Systems Market: Regional Overview
Europe is anticipated to witness prominent growth in solar PV mounting systems market owing to rising installation of solar panels in order to meet clean energy targets. According to SolarPower Europe, European Union installed 16.7GW solar power systems.Moreover, European countries are revising their policies by removing trade measures on the solar panels and are ensuring a highly positive framework for solar through Clean Energy Package Legislation.
Fig: Share of Top 10 European Solar PV Market in 2019
Source: SolarPower Europe
Asia Pacific is anticipated to dominate the growth in solar PV mounting system market during the forecasted period owing to economic progress exhibited by emerging countries like India, China, Japan, and amongst others. China is investing in expansion of solar plants in order to strengthen its clean energy policies. Rising demand for electricity and limited energy sources of fossil fuel has anticipated to growth of solar PV mounting system. Moreover, countries such as UAE and Saudi Arabia are investing in building solar power plants. For instance, UAE has built world’s largest single solar plant, Noor Abu Dhabi with a production capacity of 1,177 MW.
Global Solar PV Mounting Systems Market: Key Players Overview
- RISEN ENERGY CO., LTD:
RISEN ENERGY CO., LTD is China based company and is one of the leading pioneer in solar industry, the company is engaged in manufacturing of products for energy storage and modules. RISEN ENERGY CO., LTD has strong sales network in China, Germany, Australia, Mexico, India, Japan, U.S., and others. The company has reached module production capacity of 11.1 GW. In February 2020, RISEN ENERGY CO., LTD has signed agreement with Shanghai Electric Group. This will help to provide all modules for Phase I of Vietnam's Forte 50MW photovoltaic project.
- Canadian Solar:
Canadian Solar is one of the largest solar photovoltaic products and energy solution provider. The company has 17 manufacturing facilities located in Asia & America with manufacturing of module capacity of around 134GW annually. Canadian Solar has over 1,500 authorized patents and over 2,400 patent applications. In February 2019, Canadian Solar secured three solar power contracts with Alberta’s Ministry of Infrastructure for a 94 MW portfolio. This project is expected to provide 55% of electricity need to the Alberta government.
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