The residential solar PV mounting systems market is poised to attain a CAGR of 2% by 2028 due to the continuous technological advancement coupled with growing consumer inclination towards the acceptance of solar PV systems because of reduced electricity.
Selbyville, Delaware, April 21, 2022 (GLOBE NEWSWIRE) --
The solar PV mounting systems market size is expected to record a valuation of USD 21 billion by 2028, according to the most recent study by Global Market Insights Inc. The market growth is driven by the rising demand for sustainable energy resources along with stringent government norms and policies to support the solar energy adoption.
Stringent government targets for the installation of solar PV systems in line with robust utility scale investments will further augment the market expansion. Increasing demand for electricity across the developing economies including nations across Asia Pacific region along with rising installation of distributed and off grid solar power will spur the industry landscape.
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The solar PV mounting systems market for rooftop systems is anticipated to witness significant gains on account of the easy installation, coupled with the durability to offer high load capacity across domestic, commercial & industrial applications. Growing investments across utilities along with rising demand toward the replacement of traditional systems with sustainable solar PV systems will accelerate the product penetration. Moreover, low maintenance cost in line with the benefit of no additional space requirement for its installation will boost the product demand.
Residential solar PV mounting systems market is projected to observe a 2% growth rate till 2028. Continuous technological advancement coupled with growing consumer inclination towards the acceptance of solar PV systems owing to reduced electricity bills will foster the industry scenario. Furthermore, favorable government incentives toward the usage of solar systems along with declining component costs of solar PV modules is set to sway the industry trend.
Europe solar PV mounting systems market is estimated to showcase substantial growth due to surging requirement for renewable power sources along with continuous research and development activities towards enhanced energy output.
The major players operating in the market include RBI Solar Inc., Schletter, Jinko Solar, Mounting Systems, UNIRAC Inc., K2 Systems GmbH, ESDEC B.V., Xiamen Grace Solar New Energy Technology Co., Ltd., Versolsolar Hangzhou Co., Ltd., Clenergy, SNS Corporation, Nextracker Inc., Array Technologies, Inc.., SunPower Corporation, Soltec, Arctech, First Solar, Convert Italia, PVHardware, STI Norland, GameChange Solar, Gonvarri Industries, ArcelorMittal, IDEEMATEC, and Aerocompact.