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Key Emerging Trends in the Solar PV Mounting Systems Market
DEMAND FOR MOUNTING STRUCTURES DUE TO THE RISING NUMBER OF SOLAR PROJECTS The adoption and advancement of renewable energy sources has grown immensely, with solar panels being among the most adopted form of renewable energy. Attributing to this, the rising number of solar projects are estimated to be primary driving factor for the growth in demand for Photovoltaic mounting systems. The rising demand for solar capacity increases the need for hardware structural components. Moreover, solar mounting structures offer structural support to these panels. The need for increasing solar power generation capacity leads to a rise in the number of solar power plant construction in various nations. Mounting structures play an essential role in ensuring the capacity and efficiency of the solar PV modules as the solar cell’s temperature and sunlight captivity are dependent on them. With an increase in large-scale solar projects, the focus is on ground-mounted PV mounting systems. In January 2022, the key player, Billionaire Gautam Adani's logistics-to-energy conglomerate, established a new subsidiary, ANIL, to undertake projects of green hydrogen, wind turbine manufacturing, and generation of low carbon electricity, batteries, and solar modules as it seeks to become the world's largest renewable energy company and manufacture the very less expensive hydrogen. In collaboration with EleapsSdn. Bhd., The 5 MWp, & Antah Solar Sdn. Bhd., Canadian Solar announced the start of the largest commercial and industrial ("C&I") construction project in Malaysia. The project, which spans approximately 26,000 m2, is located in Penang, Malaysia. This strategy possesses the potential to improve the company's global brand image. Furthermore, companies may be able to reduce production costs, time consumption, improve product quality, and meet organizational goals by implementing technologically advanced production techniques. Moreover, in remote areas and residential power generation applications, small-scale PV installations are in high demand for rooftop solar mounting structures. The commercial and agricultural spaces are also contributing to the demand for rooftop mounting structures, with many projects pipelined in Europe and Asia-Pacific. Solar PV mounting system manufacturers thus have an opportunity to expand business markets in such markets. According to a survey, on an average of every 5 minutes, a new solar project is initiated. China and several countries in Asia are making efforts to construct the largest solar power plants in the world to meet the growing electricity demand. As of 2018, China and India were the largest nations in the world in terms of the development of large-scale solar plants. In 2020, Japan ranked third in the world, behind China and United States, in solar capacity and generated around 5% of the country’s electricity generation. In 2020, the country had 67 GW capacity for solar PV, and under the Long-term Energy Supply and Demand Outlook for FY 2030, the Ministry of Economy, Trade, and Industry of Japan is aiming to increase the share of renewable energy share to 24% by 2030, which is expected to increase the solar PV market in the country. Factors such as upcoming solar PV projects, supportive government policies, and declining costs of solar PV modules and associated systems are expected to drive the solar PV market in the region during the forecast period. The under-construction and planned solar facility projects boost the demand for solar PV mounting systems, as they function as structural support for the solar PV mounting system in power generation. Thus, the demand for mounting structures due to the rising number of solar projects is expected to drive the growth of the global solar PV mounting systems market during the forecast period. SCHEMES TO PROMOTE THE INSTALLATION OF SOLAR PV MOUNTING SYSTEMS Nations are tapping renewable energy sources to generate electricity so as to cut down carbon emissions and promote energy efficiency. Also, solar energy is observed as a potential and economic source to curb emissions and promote clean energy. Thus, various governments are offering subsidies and incentives to manufacture solar mounting structures and install them on a large scale to accelerate solar projects. China has become the largest solar energy generator attracting more projects through its new FIT rate offered by National Development and Reform. Commission (NDRC), which aims to further cut down on-grid tariffs in some parts of the country. The solar PV installations are attributed to all such measures taken for expanding solar production in the nations to enhance the solar PV mounting systems market. For instance, the off-grid & decentralized solar applications and Jawaharlal Nehru National Solar Mission in India allow easy permission and minimal documentation and technical specifications of quality standards specified by MNRE from time to time. A significant contribution of solar projects comes from commercial and residential buildings, which require rooftop solar mounting systems. One of the key factors driving growth in the solar PV mounting systems market is the supportive government policies. The use of alternative energy sources is necessary to reduce greenhouse gas (GHG) emissions. Various governments across the world support the adoption of solar PV systems by providing incentives, subsidies, and tax benefits to producers and consumers. In the US, the investment tax credit (ITC) is an important federal policy developed to support the adoption of solar PV energy in the country. According to the new legislation passed in December 2020, the ITC provides a 26% tax credit for solar PV systems to be installed during 2020-2022 and 22% for systems to be installed in 2023. Many countries are formulating policies to promote the development and adoption of solar power technologies. One such notable example is the FiT policy, which is formulated to encourage investments in renewable energy technologies. Many end-users such as industries and automotive are embracing alternative forms of energy and are slowly discarding power generation using fossil fuels. The growing penetration of solar PV, with the supportive government policies, will add to the deployment of solar PV mounting systems. The Department of Communications, Climate Action and Environment (DCCAE) of Ireland has considered a new renewable electricity support scheme, under which the government proposed the design support scheme for rooftop solar. The proposed support scheme for residential rooftop solar PV includes: Generation tariff: USD 0.10 – 0.12 (EUR 0.09 -0.10) Export tariff: USD 0.077 (EUR 0.066) Installed Capacity (MW, 2030): 150 China has become one of the largest solar energy generators in the world and is attracting several investors through its new Feed-in-Tariff (FIT) rate offered by the National Development and Reform Commission (NDRC), which aims to further cut down the on-grid tariffs in some parts of the country. New FIT rates have declined to USD 0.005/kWh, which is equivalent to CNY 0.55/kWh. Such measures to expand solar power production are expected to boost the demand for solar PV systems and, consequently, drive the growth of the solar PV mounting systems market during the forecast period. Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Growing trend of building-integrated PV systemsKey Market DynamicsDemand for mounting structures due to the rising number of solar projects Schemes to promote the installation of solar PV mounting systems |
| Market Dynamics | Demand for mounting structures due to the rising number of solar projects Schemes to promote the installation of solar PV mounting systems |
Solar PV Mounting Systems Market Highlights:
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