The global solar PV mounting system market shows a lot of prospects with speculations mounting its worth to cross USD 23,100 mn. This feat is all set to be achieved by the year 2023. Through the course, the market is estimated to grow at a CAGR of 11.56% during the forecasted period between 2018 and 2023. With advancing research and growing implementation methodologies, the market looks highly promising all across the globe. Specifically, the rate of deployment of these systems has grown in the recent past.
It is evident that a huge number of companies functional in the energy domain are making massive investments in the solar domain. This is said to be one of the prime reasons behind the massive prospect of the Solar PV Mounting System Market. Specifically, the demand for sustainable energy is touted to be the prime reason behind the significant scope of the international solar PV mounting system. Witnessing the immensity of the opportunity, companies associated with solar industries have already started the process of expansion. This has significantly created the demand for creative product development as well.
There are many power plants or power-producing companies that are in search of promising solutions for power scarcity issues. This is where the opportunity for a global solar PV mounting system looks highly promising. To be specific, the market looks extremely reliable in developed nations like India and China; those indeed are at a dominating position in the international solar energy domain. Upon analyzing the intrinsic and extrinsic aspects of the market, it can be evident that the market very soon can establish its status in smaller nations as well.
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RBI Solar Inc., Mounting System GmbH, Clenergy, Tata International Ltd., SolarWorld AG, PV Racking, K2 Systems GmbH, Unirac Inc., Xiamen Corigy New Energy Technology Co. Ltd, Land Power Solar Technology Co. Ltd., Schletter Group, Quick Mount PV, Xiamen Universe Solar Tech. Co. Ltd., Xiamen Grace Solar Technology Co. Ltd., and Van der Valk Solar Systems BV are key players of the global solar PV mounting systems market.
By products, the market is segmented into ground mounted, and rooftop. The rooftop mounted segment accounts for the largest share of the market at 52.13% and is expected to grow at a CAGR of 10.14%. Meanwhile, due to growing large-scale projects, the ground-mounted segment is expected to display growth at the highest CAGR of 12.98%. By technology, the market is segmented, into fixed, and tracking. Between these, the fixed segment accounted for the largest market share in the global solar PV mounting systems market with the tracking segment due to growing at the highest CAGR of 13.25% during the assessment period. By end-user, the market is segmented, residential, commercial, and utilities. Among these, the utilities segment accounted for the largest market share and is expected to expand at the most significant CAGR of 12.22% during the forecast period.
The Asia Pacific (APAC) accounts for a majority share of 43.02% of the global solar PV mounting system market and is projected to grow at a CAGR of 11.24% during the forecast period. The APAC has a truly massive population which is consistently growing, as such the demand for cost-efficient power is growing as well. Clean energy sources are increasingly becoming attractive due to growing support for renewable energy deployment in the form of encouraging policies and regulations combined with awareness campaigns. China leads the APAC market in solar photovoltaic cell manufacturing with Japan and India following closely. Increased investments in renewable resources and a naturally sunny climate for a majority of the year have led to the recognition of solar energy as the best alternative to conventional energy sources.
Meanwhile, the Rest of the World is growing at the highest CAGR of XX, with Latin America leading growth for this regional segment. Solar PV systems in Latin America are affordable and are emerging rapidly due to investments being made in countries such as Chile, Mexico, and Brazil. The Middle East & Africa, however, is likely to grow exponentially due to the region being naturally conducive to the adoption of solar power as a majority of the region is a desert and receives long hours of sunlight. Several construction projects which leverage and integrate solar energy are expected to drive the solar PV mounting systems market in the region.
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Table of Contents
Global Solar PV Mounting System Market Definition and Scope
Global Solar PV Mounting System Market Dynamics
Global Solar PV Mounting System Market: Industry Analysis
Global Solar PV Mounting System Market by Method
Global Market by, style
Global Market by, Application
Global Solar PV Mounting System Market, Regional Analysis
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