Tuesday 20 April 2021

Solar PV mounting systems market to grow at 10% CAGR

DUBAI, February 28, 2021

The solar PV mounting systems market is set to grow from its current market value of more than $9.9 billion to over $16 billion by 2026, gaining remarkable traction over the 2020 to 2026 period.
According to a recent study from market research firm Global Market Insights, the solar PV mounting systems market is projected to gain massive growth momentum owing to the rising demand for clean and sustainable energy and increasing urbanisation.
Photovoltaics or PV is a method that is used to generate electric power using solar cells that effectively convert energy from the sun by PV effect. The solar cells are assembled into solar panels, and are then installed on the rooftops, ground, or on lakes or dams.
PV mounting systems are utilised to mount Photovoltaic modules on surfaces like the ground, facades, building, roofs. The material used for these systems is usually climate dependent. For example, for setting up a plant near a coastal area, in that case all the structural components shall be made of galvanised steel or aluminum since it is highly resistant to corrosion.
The solar PV mounting systems market is bifurcated in terms of technology, product, end-use, and regional landscape.
From a regional frame of reference, favorable regulatory scenario along with supportive renewable energy targets across the European nations will proliferate the industry growth across Europe. The Europe solar market is anticipated to grow at a tremendous rate over the coming years, making solar capacity a foundation of the region’s clean energy transition.
Photovoltaic technology is one of the most extensively used clean energy generation technologies across the world and YOY (year on year) the technology is becoming a bigger part of the energy mix of Europe. In fact, in 2018, the output of PV electricity reached around 127 TWh, further amounting up to 3.9% of the gross electricity output of EU.
Going forward, the region is likely to witness continued growth, majorly due to self- consumption as well as increasing rooftop photovoltaics installation in the region. This would further result in faster economic growth and more job opportunities, allowing the industry to build tremendous growth momentum. These factors will thus drive the demand for solar PV mounting systems across Europe.
The introduction of numerous incentives and other regulatory measures to encourage the adoption of sustainable technologies is raising deployment of decentralised scale PV mounting systems across Africa.
Growing regulatory focus to develop high capacity PV projects through PPP models is attracting significant private investments across the Middle East solar PV mounting systems industry. As per reports by Irena (International Renewable Energy Agency), solar PV
technology has now become one of the highly competitive form of power generation across the Gulf region.
In 2019, Irena stated that GCC (Gulf Cooperation Council) countries including Saudi Arabia and UAE had plans of installing nearly 7 GW of novel power generation capacity from renewable sources in the upcoming year. 
The region has further set an ambitious goal to be achieved by 2030, which will result in substantial economic benefits and new job opportunities across the region, augmenting industry outlook. -- Tradearabia News Service


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