Solar PV Mounting Systems Market Size By Technology (Fixed, Tracking), By Product (Ground Mounted, Rooftop), By End-Use (Residential, Commercial & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market

Solar PV Mounting Systems Market Size By Technology (Fixed, Tracking), By Product (Ground Mounted, Rooftop), By End-Use (Residential, Commercial & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2028

The solar PV mounting systems market is likely to observe exponential growth by 2028 owing to increased consumer shift towards sustainable energy systems. Additionally, rising electricity demand, coupled with surging development of systems with increased efficiency and reduced component cost and supportive government policies to curb rising carbon emissions, is anticipated to further drive market expansion through the forecast period.

Notably, solar energy plays a key role in providing clean energy as compared to conventional energy sources that emit greenhouse gases. No toxic fumes are released in the air while using solar panels, which makes them highly sustainable and an important component in the transition towards clean energy production.

Over the years, many countries have widely installed solar PV panels to achieve clean and sustainable energy. To that effect, multiple mounting systems have become available in the market that are lightweight and adaptable for the efficient installation of solar PV systems. Increased investments in the public and private sectors for the deployment of renewable solutions, along with widespread installation of off grid solar solutions throughout developing nations, has played a crucial role in solar PV mounting systems market growth.

Furthermore, major companies have been focusing on expanding their offerings to enhance their market presence, thereby fueling business growth. For instance, in March 2022, Aerocompact, a leading solar energy equipment supplier, introduced the CompactPITCH XT35-VLOW, a quick-mounting hook for PV systems, particularly designed for pitched roofs. The novel device claims to be suitable for Mediterranean roof structures, which are typically constructed with red roof tiles.

The solar PV mounting systems market has been bifurcated on the basis of technology, product, end-use, and region. Based on technology, the market has been classified into fixed and tracking. The tracking segment is primed to expand at a robust pace over 2022-2028 owing to ongoing technological advancements in the sector.

With reference to product, the market has been divided into ground mounted and rooftop. The rooftop segment is poised to reach a sizable valuation by 2028 driven by growing emphasis on the replacement of conventional resources with effective and advanced energy sources.

In terms of end-use, the solar PV mounting systems market has been segregated into commercial & industrial, residential, and utility. By 2028, the utility segment is speculated to observe tremendous growth because of the changing regulatory norms and mandates for solar installations throughout the sector.

From the regional standpoint, the Middle East solar PV mounting systems market is set to register a CAGR of around 2% to reach a sizable revenue by 2028. Meanwhile, the Latin America solar PV mounting systems industry is projected to witness sturdy growth to reach a valuation of over USD 3 billion by 2028.