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The solar PV mounting systems market share is expected to increase by USD 5.43 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.51%.
This solar PV mounting systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by technology (fixed and tracking) and geography (APAC, Europe, North America, South America, and MEA). The solar PV mounting systems market report also offers information on several market vendors, including Clenergy (Xiamen) Technology Co. Ltd., IronRidge Inc., K2 Systems LLC, Land Power Solar Technology Co. Ltd., Mounting System GmbH, Nuevosol Energy Pvt. Ltd., Pennar Industries Ltd., RBI Solar Inc, Schletter Solar GmbH, and Unirac Inc. among others.
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The supportive government policies are notably driving the solar PV mounting systems market growth, although factors such as the increasing number of alternative energy sources may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the solar PV mounting systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Solar PV Mounting Systems Market Driver
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.
Key Solar PV Mounting Systems Market Challenge
The increasing number of alternative energy sources will be a major challenge for the solar PV mounting systems market growth during the forecast period. China, the US, and India are the growing wind energy markets in terms of energy production. Additionally, many countries prefer using fossil fuels rather than renewable energy. This is because of the abundant availability of fossil fuels to generate electricity. The cost of establishing renewable energy farms for power production is expensive, and the power output from renewable sources is not at par with the output from fossil fuels. Thus, the preference for non-renewable energy sources is high in the market. Among renewables, solar PV energy faces competition from hydropower, fuel cells, and wind power. In 2019, the solar power generation capacity accounted for around one-fifth of the total cumulative renewable energy generation capacity, whereas hydropower accounted for more than half of the cumulative capacity and wind power accounted for around one-fourth of the capacity. Thus, the availability of substitutes for solar PV systems for energy generation may hinder the deployment of solar PV mounting systems.
This solar PV mounting systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the solar PV mounting systems market encompasses successful business strategies deployed by the key vendors. The solar pv mounting systems market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The solar PV mounting systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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63% of the market's growth will originate from APAC during the forecast period. China, Vietnam, and Japan are the key markets for solar PV mounting systems in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The financial incentive programs, such as FiTs in China, Japan, Thailand, and Vietnam will facilitate the solar PV mounting systems market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The solar PV mounting systems market share growth by the fixed segment will be significant during the forecast period. Fixed solar mounting systems are simple in structures and thus cost less than other mountings. They are easy to install and maintain; thus, there has been a growing demand for fixed solar mounting systems. The increasing number of solar power projects globally will encourage manufacturers to invest in R&D activities to develop low-cost and reliable solar PV, which will propel the growth of the segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the solar PV mounting systems market size and actionable market insights on post COVID-19 impact on each segment.
Solar PV Mounting Systems Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.51% |
Market growth 2022-2026 |
$ 5.43 billion |
Market structure |
Fragmented |
YoY growth (%) |
9.94 |
Regional analysis |
APAC, Europe, North America, South America, and MEA |
Performing market contribution |
APAC at 63% |
Key consumer countries |
China, US, Vietnam, Japan, and Australia |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Clenergy (Xiamen) Technology Co. Ltd., IronRidge Inc., K2 Systems LLC, Land Power Solar Technology Co. Ltd., Mounting System GmbH, Nuevosol Energy Pvt. Ltd., Pennar Industries Ltd., RBI Solar Inc, Schletter Solar GmbH, and Unirac Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Technology
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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