New York, Feb. 21, 2024 (GLOBE NEWSWIRE) -- The global photovoltaic mounting systems market size is slated to expand at ~17% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 123 million by the end of 2036, up from a revenue of ~USD 22 million in the year 2023.The progression in the size of the market growth is attributed to the growing requirement for energy worldwide for various needs. The consumption of energy in the industrial[MK1] sector is estimated to rise from 5% to 30% from 2022 to 2050 as of 2023 in the U.S.
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Moreover, the expansion of photovoltaic mounting systems is credited to the rise in the rate of population worldwide and the escalating energy demand across the globe. The increasing population is projected to raise the electricity demand by 0.8% according to studies[MK2] in 2022. Depending on the population and energy consumption various countries have different energy generation needs.
Expanding investment in sustainable sources is driving the Growth of the Photovoltaic Mounting Systems Market
Expansion of investment in the generation of sustainable energy from natural resources and research on renewable energy generation is intended to drive market growth. Further, the concern of people about soaring carbon emissions is likely to have a positive impact on the growth of the market. The worldwide carbon emission from energy[MK3] combustion and industrial processes increased from 1% or 320 metric tons (Mt) to about 37 gigatons of carbon (Gt) in 2022.
Photovoltaic Mounting Systems Market: Regional Overview
Increasing Generation of Solar Electricity and Investment to Build a Sustainable Environment is Propagating the Market Growth in the Asia Pacific Region
The Asia Pacific region photovoltaic mounting systems market is calculated to register a revenue share of 45% by the end of 2036. The growing number of solar electricity generation projects in the region in the forecast period owing to the multiplying ratio of electric vehicles is expected to fuel the market growth. The electricity consumption in the United States is determined to increase from less than 0.5 quads in 2022 to more than 0.6[MK4] quads to 1.2 quads in the transportation sector in 2050 which contributes to nearly 1000% to 2000% surge in all the cases.
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Enhancing Support from the European Government and the Presence of Strong Industries in Germany is Estimated to Hike the Market Expansion in the European Region
The European region market of photovoltaic mounting systems is projected to secure a sustainable market share during the forecast period on account of an increasing number of government policies and programs to promote green energy. The European Nation formed a Solar PV Industry Alliance to design a strong link between consumers and producers of solar panels. The presence of many solar panel industries in Germany is also predicted to hike the market growth in the coming years. The European Solar PV Industry Alliance set a target of reaching over 28 gigawatts[MK5] of solar PV manufacturing capacity per year by the end of 2025 in Europe.
Photovoltaic Mounting Systems, Segmentation by End-User
- Residential
- Commercial
- Industrial
- Utility
The utility segment belonging to the photovoltaic mounting systems market is assessed to hold a market share of 59% in the year 2036. The growth of the market is attributed to the low cost of PV solar mounts. The increased benefits of solar power in the utility sector are analyzed to intensify the market segment size. Solar Global, a U.S.-based manufacturer formerly named Zero Mass Water established[MK6] the world’s first renewable solar panel technology that produces drinking water using 10% air humidity.
Photovoltaic Mounting Systems, Segmentation by Components
- PV Modules (Panels)
- Inverters
- Racking
- Batteries
The PV modules segment from the market is reckoned to secure a 71% market revenue share on account of the growing use of PV modules to produce solar energy worldwide. The application of solar panels in the residential sector which can generate 250 to 400 watts of electricity is flourishing the size of the market. PV panels account for over 95% of the power generation owing to their[MK7] lower cost compared to fossil and non-fossil alternatives in 2023.
A few of the well-known indsutry leaders in photovoltaic mounting systems market that are profiled by Research Nester are Schletter Inc., Unirac Inc., Solaris Technology Industry, Inc., K2 Systems GmbH, Quick Mount PV, Land Power Solar Technology Co. Ltd, RBI Solar Inc., Mounting Systems, Xiamen Grace Solar New Energy Technology Co., Ltd., and Clenergy International (UK) Ltd.
Recent Development in the Market
- Schletter Inc. provided the largest PV roof systems in Austria, the company's second milestone in the year. The 85000 square meters roof of Steyr Automotive was covered with ~7.5 MWp (megawatt peak) PV roof system in Austria with Schletter’s Single FixGrid and ClampFit systems. The company is already distributing ground-mounted PV systems for the Nickels Dorf plant near the Hungarian border in association with Burgenland Energie will produce 116 MWp of solar power.
- Schletter Inc. has achieved a year-on-year rise in revenue with 162% progress in the ground-mounted PV systems. Despite the challenges, the company attained 50,000,000 EUR in the third quarter of 2023. The firm is working with an environmental assessment firm to gain independent verification and implementable advice to enhance the social and environmental performance of the products.
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