New York, March 18, 2024 (GLOBE NEWSWIRE) -- The global solar panel mounting structures market size is predicted to expand at ~12% CAGR between 2024 and 2036. The market is projected to garner a revenue of USD 62 billion by the end of 2036, up from a revenue of ~USD 15 billion in the year 2023.The decrease in costs of solar panels and the increasing market for solar energy have made solar more affordable than ever for consumers.
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Over the past decade, installed prices of residential solar have dropped 27% from 5.8 $/W in 2013 to 4.2 $/W in 2022. These reduced prices make solar more achievable for a wider range of customers who previously couldn’t afford the high upfront costs. More affordable solar means solar is now a realistic energy option for an expanded market, including residential homeowners, businesses, and even public institutions.
Government Initiatives and Incentives to Boost Market Growth
Government initiatives and incentives play an important role in increasing the demand for solar panel mounting structures. Governments provide tax credits to individuals or businesses that invest in solar energy projects. These tax credits reduce the overall cost of installing solar panel mounting structures. For Instance, Governments provide several incentives and financial programs to promote the use of solar panels, such as The Commercial Solar Investment Tax Credit, under which commercial entities can claim a 30% tax credit for qualified solar projects. This credit applies to both the purchase and installation costs of a solar energy system. Additionally, Governments offer subsidies to encourage solar adoption. Those subsidies may help reduce the cost of purchasing and installing solar panel mounting structures. For instance, the Central Financial Assistance (CFA) is provided by the Ministry of New and Renewable Energy (MNRE) for rooftop solar systems (RTS), which is implemented through DISCOMs/state agencies and administered by the State Nodal Agencies/SECI in India.
Solar Panel Mounting Structures Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing installation of solar panels to Drive the Growth in the Europe Region
The solar panel mounting structures market in Europe region is estimated to garner the largest revenue by the end of 2036. Installing solar panels has become increasingly popular across Europe as government subsidies and incentives became available. Europe’s annual progress report for solar power states that “The EU-28 added 42 GW of solar in 2022, an increase of 48% from the 29 GW that was installed in 2021.” “Germany remained the country in the EU installing the most solar annually, adding 7.8 GW in 2022. It was followed by Spain (7.6 GW) and then Poland (4.9 GW), Netherlands (4.1 GW) and France (2.3 GW). Furthermore, the increasing cost of traditional energy sources has also encouraged people to switch to renewable energy sources such as solar energy. Additionally, the European region has an ideal climate for solar energy production, with long hours of sunshine and high solar irradiation. This, combined with the increasing availability of reliable solar technologies, has fueled the growth of the solar panel mounting structures market in the region.
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The Increasing Demand For Renewable Energy Sources to Drive the Growth in the North America Region
The North American solar panel mounting structures market is estimated to garner the largest revenue by the end of 2036. This is because solar panel mounting structures are now becoming increasingly popular in the US due to the increasing demand for renewable energy sources. Additionally, increasing industrialization and urbanization is also increasing pressure on electricity suppliers and will also result in increasing production of solar panel mounting structures. The total U.S. electricity consumption (4. 07 trillion kWh) was the highest in our history and was 14 times the amount in 1950. The cost of solar panel mounting structures has also tumbled in recent years, making these more accessible to a wider range of consumers. As demand for renewable energy sources continues to increase the industry will continue to grow.
Solar Panel Mounting Structures Segmentation by Product
- Rooftop
- Ground Mounted
The rooftop segment is anticipated to hold the largest revenue by the end of 2036. Rooftops are a readily available and cost-effective source of space for solar panels. Rooftops are often located in areas with high solar radiation, making them ideal for solar panel installation. Additionally, the growing demand from customers for renewable sources of energy and the incentives that national governments offer for putting solar panels on homes have produced a steep rise in residential solar installation projects topping private residences. For example, the American Residential Renewable Energy Tax Credit allows house owners to take a tax deduction worth as much as 26 percent of the expenditure to set up a solar energy system on their roof. Meanwhile, the Commercial Renewable Energy Tax Credit permits companies to subtract up to 10% of the costs associated with installing solar panels on business buildings from their tax obligations.
Solar Panel Mounting Structures Segmentation by End User
- Residential
- Commercial
- Industrial
The residential segment is anticipated to hold the largest revenue by the end of 2036. One of the main reasons is the increasing demand for renewable energy sources, particularly in residential areas. The benefits of solar energy, lower electric bills, and a reduced carbon footprint, are compelling more and more homeowners to invest. In 2023, 3.6 million US homes had solar panels, IEA estimates that by 2030, 100 million households would rely on rooftop solar PV. Costs have continued to shrink, so installations are increasingly within reach of a typical homeowner.
A few of the well-known indsutry leaders in the solar panel mounting structures market that are profiled by Research Nester are TotalEnergies SE, DSD Renewables, UNIRAC, Inc., Schletter Inc., Mounting Solar-Kit Private Limited, and other key market players.
Recent Development in the Solar Panel Mounting Structures Market
- July 2023 TotalEnergies officially opened the largest solar power plant in Ile-de-France and a battery energy storage system at the Grandpuits location on Thursday. The projects are part of a plan from TotalEnergies to convert the Grandpuits refinery into a multi-energy, one that is carbon-neutral and reliant on renewably generated power. The Grandpuits solar project produces 31 gigawatt-hours (GWh) of renewable electricity each year.
- April 2023 Six Flags Entertainment Corporation, the world's largest regional theme park company and the largest operator of waterparks in North America, Solar Optimum and DSD Renewables announced the installation of a 12.37-megawatt (MW) solar carport and 14.08-MWh energy storage system at Six Flags Magic Mountain in Los Angeles.
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