Photovoltaic Mounting System Market Forecast and CAGR
In accordance to latest research by Persistence Market Research, Photovoltaic Mounting System Market is predicted to witness continuous growth of over 6% in the tenure of 2021-2031. The demand will surge up post pandemic and will show optimistic growth in the short as well as long run. Demand from residential will rise slowly yet steadily and the commercial sector is ought to keep the cash flowing at a faster pace
What is Driving Demand for Photovoltaic Mounting System?
Evolving architecture styles and designs with the advancements in construction industry is ought to drive the sales of photovoltaic mounting systems in the near as well as long terms.
A wide range of mounting structures has been developed especially for Building-integrated photovoltaics; including PV facades, sloped and flat roof mountings, integrated (opaque or semi-transparent) glass-glass modules and PV tiles.
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Single or two-axis tracking systems have recently become more and more attractive for ground-mounted systems, particularly for PV utilization in countries with a high share of direct irradiation.
The tracking system of mounting is expected to be rising in demand as it performed well in the historical period 2016-2020 owing to its advantage that such kinds of system can yield 10%-30% more energy in comparison to the fixed systems.
The trend of price of PV modules becoming lower and lower each year due to availability of silicon chips would consequently drive the requirement for mounting systems. System prices continued to go down in 2019, through a decrease in module prices, balance of system, soft costs and margins.
System prices significantly below 0,6 USD/W for large-scale PV systems are now common in very competitive tenders according to the latest journal ‘Trends in Photovoltaic Applications, 2020’ published by International Energy Agency.
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What makes China the leading consumer of Photovoltaic Mounting System?
China’s apparent commitment to renewable energy is encouraging as the country with the biggest population and carbon impact. In 2019, China built more than 30.1 GW of photovoltaic (PV) capacity, raising its total installed capacity to 205.2 GW, according to the National Energy Administration, making China the biggest consumer and producer of mounting system for photovoltaic modules.
The vast majority of photovoltaic products, or solar panels, are being installed in remote areas by giant solar farms that sell the energy to utilities. Satellite imagery shows the incredible growth of these enormous solar farms that continue to pop up all over China.
Mounting consumption on the green development subject to the requirement of zero discharge enactments, will drive the solar PV mounting systems industry in China, over the business area, over the conjecture time frame.
Solar PV mounting systems market estimate in the private division, is anticipated to witness a high surge, with the raising interest for nonstop power supply over the urban and in addition rustic areas.
United States Photovoltaic Mounting System Outlook
The United States has maintained its position as a solar power leader by increasing utility sector and residential market installations. Significant government incentives granted to the residential sector, which is a fast-growing market segment, are responsible for much of the rise in demand for mounting structures.
The U.S. has saw in increase in demand for photovoltaic mounting system as installation rate rose to 37% in comparison to 2018 in 2019 in the utility sector of the market.
As the cost of solar power becomes more cost-competitive with nonrenewable resources, U.S. output is expected to continue to grow in the years to come which will, in turn drive the demand for photovoltaic mounting system consequently.
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Who are the Key Manufacturers and Suppliers of Photovoltaic Mounting System?
Some of the key manufacturers of photovoltaic mounting system are
- Quick Mount PV
- UNIRAC Inc.
- Nuevosol Energy Pvt. Ltd.
- K2 Systems
- Pennar Industries Limited
- Schletter Canada Inc.
- Wind & Sun Ltd
- Mounting Systems GmbH
- RBI Solar Inc.
- Belmont Solar
- LEAPTON ENERGY CO. LTD
- ISOFOTON Japan LLC
- Looop Inc.
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