The solar PV mounting systems market is set to surge from its current market value of more than $9.9bn to over $16bn by 2026, according to a study by analysts at Global Market Insights.
Driving this massive growth is the the rising demand for clean and sustainable energy and increasing urbanisation.
PV mounting systems are utilized to mount photovoltaic modules on the ground, facades, buildings and roofs. The material used for these systems is usually climate dependent.
For example, for setting up a plant near a coastal area, all the structural components will be made of galvanized steel or aluminum since it is highly resistant to corrosion.
The study states that in terms of regional specific market growth, a favorable regulatory scenario along with supportive renewable energy targets across the European nations will proliferate the industry growth across Europe. The European solar market is anticipated to grow at a tremendous rate over the coming years, making solar capacity a foundation of the region’s clean energy transition.
The report highlights that in 2018, the output of PV electricity reached around 127TWh, amounting to 3.9% of the gross electricity output of EU.
Going forward, the study says Europe is likely to witness continued growth, majorly due to self-consumption as well as increasing rooftop PV installation in the region.
This will result in economic growth and more job opportunities, allowing the industry to build tremendous growth momentum. These factors will thus drive the demand for solar PV mounting systems across Europe.
The introduction of numerous incentives and other regulatory measures to encourage the adoption of sustainable technologies is driving deployment of decentralized PV mounting systems across Africa.
And in the Middle East, a growing regulatory focus to develop high capacity PV projects through public private partnership models is attracting significant private investments across the solar PV mounting systems industry.
Solar PV technology has now become one of the highly competitive forms of power generation across the gulf region.
The region has further set an ambitious goal to be achieved by 2030, which will result in substantial economic benefits and new job opportunities across the region, augmenting industry outlook.
View more report detail online.