Solar PV Mounting Systems Market to witness a high growth by 2024
Date: 2018-09-10   Author: Ronak Bora  Category: #technology

Solar PV Mounting Systems Market to witness a high growth by 2024

According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc., the Solar PV Mounting Systems Market is expected to grow at over 6% and surpass 9 billion by 2024. Stringent government guidelines pertaining to carbon emissions and climate change will propel the installation of solar PV systems, which will augment the industry growth.

Regulations including Renewable Purchase Obligation (RPO) and 2009/28/EC directive creating a need to adopt feasible technologies to generate electricity. Shift of consumer emphasis towards acceptance of renewable energy to reduce greenhouse gas emissions will further enhance the business growth. The EU has set targets for reduction of at least 40% domestic greenhouse gases by 2030 as compared with 1990 levels.

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Solar PV mounting systems market in Germany is set to grow over USD 150 million by 2024. Rising measures towards energy security along with growing adoption of energy efficient systems will complement the business landscape. In January 2016, Government of Germany introduced a law in which construction of new buildings will only be allowed if its energy requirement must be one-fourth of the previous threshold.

Rising demand for standalone electricity system from far flung areas for reliable and uninterrupted supply will stimulate the growth of solar PV mounting systems market. High initial expense towards grid extension will steer the adoption of off-grid clean technologies including solar, which will positively influence the industry landscape.

Introduction of several government initiatives including tax rebates, power purchase agreement, soft loans, and subsidies will further complement the solar PV mounting systems market. In September 2014, government of Chile announced net-metering scheme, which will benefit the individuals to receive credit on utility bills for feeding surplus electricity to the grid.

Ground mounted exceed over 75% of solar PV mounting systems market share in 2016 owing to its high efficiency and facility for inclination & orientation. Ongoing expansion of existing systems along with increasing demand for high capacity PV plants will positively influence the industry growth.

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Rising investments towards energy efficient building structure along with introduction of norms for net zero energy emission building will steer the growth of commercial solar PV mounting systems market during forecast period. Lloyds bank in 2016 announced to finance approximately USD 1 billion for commercial assets to curb greenhouse gas emissions from their real estate properties.

Favorable government scheme including soft loans to encourage utilization of renewable energy and reduction of carbon footprints will augment Canada solar PV mounting systems market. Green building council of Canada introduced net zero carbon building structure in 2016 to limit carbon emissions to 30% by 2030.

Increasing measures to reduce greenhouse gas emissions coupled with rising demand for distributed electricity generation will stimulate the China solar PV mounting systems market. In 2015, Government of China announced to cut carbon emissions per unit of GDP by 60-65% by 2030 when compared with 2005 levels.

Key industry players in solar PV mounting systems market include, Quick Mount PV, Landpower Solar, K2 SYSTEMS, UNIRAC, RBI Solar, Schletter, DPW Solar, SolarWorld, Versolsolar, Mounting Systems, Clenergy, Xiamen Grace Solar Technology, Suyash Metatech, SNS Corporation.

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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.


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