Solar photovoltaic mounting system market: ushering in a glorious era of US$496.7 billion!

Jan 25, 2024

According to the latest report from Market Research Future, the global solar photovoltaic mounting system market value is expected to reach US$49.678 billion by 2030, with a compound annual growth rate (CAGR) of 11.56%.

The report highlights the growing demand for solar energy as a clean and renewable energy source, which has been driving the solar photovoltaic installation systems market. The growing focus on reducing greenhouse gas emissions and generating electricity from sustainable resources is also boosting the market growth.

The report also noted that falling solar panel costs and advances in solar PV mounting system design and installation technology have made solar energy more affordable and attractive to consumers. This, in turn, has led to increased deployment of solar PV systems, further driving the demand for installed systems.

The utility segment is expected to dominate the market due to large-scale deployment of solar PV systems by utility companies to meet the growing power demand. The residential and commercial segments are also expected to witness significant growth due to the increasing adoption of solar energy in residential and commercial applications.

Geographically, Asia Pacific is expected to lead the market, with China, India, and Japan being the major contributors to growth in the region. Rapid industrialization and urbanization in these countries, coupled with government incentives and preferential policies for solar energy, are expected to drive the demand for solar PV mounting systems in the region.

The North American and European markets are also expected to grow significantly, driven by rising investment in solar energy projects and development of smart cities and sustainable infrastructure.

However, the report also highlights some of the challenges facing the market, such as the intermittency of solar energy and the high initial investment required for solar PV systems. Despite these challenges, the market is expected to continue its growth trajectory, supported by ongoing R&D activities aimed at improving the efficiency and reliability of solar photovoltaic systems.

In summary, the global solar photovoltaic mounting systems market is set to witness significant growth in the coming years, driven by the increasing popularity of solar energy and a favorable regulatory environment. The market value is expected to reach US$49.678 billion by 2030, with a compound annual growth rate of 11.56%, highlighting the huge potential of solar photovoltaic mounting systems to meet the world's energy needs in a sustainable and environmentally friendly manner.

Hot Tags : solar system solar mounting system solar PV mounting

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Solar photovoltaic mounting system market: ushering in a glorious era of US$496.7 billion!