Solar PV Mounting Systems Market size is set to exceed USD 9 billion by 2024, according to a new research report.
Strict government norms pertaining to climate change and greenhouse gas emissions will thrust the installation of photovoltaic systems, which will stimulate the solar PV mounting systems market. Regulations including 2009/28/EC directive and renewable purchase obligation creating a need to adopt sustainable technologies to generate electricity.
Shift of consumer focus towards adoption of clean energy to reduce carbon emissions will further complement the industry landscape. The European Union has set a target to fulfil at least 20% of its energy requirement from renewable sources by 2020.
Germany solar PV mounting systems market is set to exceed USD 150 million by 2024. Increasing adoption of energy efficient systems coupled with growing measures towards energy security will complement the business outlook.
In Germany from January 2016, construction of new buildings was only permitted if its primary energy requirement must be lower than 25 % of the previous threshold.
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Increasing demand for off-grid electricity from remote areas for uninterrupted and reliable supply will steer the growth of solar PV mounting systems market share. High initial investment towards grid extension will encourage the adoption of off grid renewable technologies including solar, which will further complement the industry outlook.
In April 2017, The African Development Bank (AfDB) announced to invest USD 12 billion over next 5 years in its new electrification program.
Government initiatives including Power Purchase Agreement (PPA), soft loans, subsidies, and tax rebates will further augment the solar PV mounting systems market share. In September 2014, government of Chile introduced a net-metering scheme, which will help beneficiaries to receive credit on their utility bills for feeding excess electricity to the grid.
Ground mounted in 2016 accounted for over 75% of solar PV mounting systems market share. High efficiency and facility for inclination & orientation are some of the salient features which makes its adoption preferable over other available counterparts.
Rising demand for large capacity photovoltaic plants along with ongoing expansion of existing systems will further stimulate the product demand.
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Introduction of net zero emission building regulation along with increasing investments towards energy efficient building infrastructure will favor the commercial solar PV mounting systems market by 2024. In 2016, Lloyds bank announced to invest around USD 1000 million for commercial property to curb carbon emissions from their real estate assets.
Favorable government initiatives including tax rebates to promote renewable energy utilization and to reduce harmful emissions will foster Canada solar PV mounting systems market growth. In 2016, Canada Green Building Council (CaGBC) introduced zero carbon building framework to curb emissions to 30% by 2030.
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