Asia-Pacific Solar PV Mounting Systems Market
Asia-Pacific Solar Photovoltaic (PV) Mounting Systems Market Size More than Doubles to Reach USD 16.1 billion by 2029
Published | 16 March 2023
Asia-Pacific solar photovoltaic (PV) mounting systems market is flourishing because of growing adoption of technology advancements and increasing demand across end users.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Asia-Pacific solar photovoltaic mounting systems market size at USD 7.66 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Asia-Pacific solar photovoltaic (PV) mounting systems market size to grow at a significant CAGR of 11.32% reaching a value of USD 16.12 billion by 2029. Major growth drivers for Asia-Pacific solar photovoltaic mounting systems market include highly versatile, lightweight, durable, easy to install, and with low development and constriction qualities. Likewise, the region has had consistent economic growth and rising levels of urbanization. Governments are making efforts to provide energy security for their countries, with a growing emphasis on sustainable energy. Long-pending needs for affordable energy, particularly among South East Asian nations, have taken center stage. The emphasis is now on creating alternative environmentally friendly energy options that will assure the region's long-term growth and development. According to the International Energy Agency (IEA), renewable energy will account for roughly 40% of installed capacity. According to the Institute for Energy Economics and Financial Analysis and the IEA, energy needs are expected to rise by up to 80%, with the economies of the Association of Southeast Asian Nations (ASEAN) expected to triple, accompanied by an additional 25% increase in population, which is expected to reach 760 million. Also, the ongoing construction of high-capacity ground-mounted projects has raised demand for solar photovoltaic (PV) mounting systems, which are recognized as an essential component of a given photovoltaic structure. However, price volatility is anticipated to restrain the overall market growth.
Asia-Pacific Solar Photovoltaic (PV) Mounting Systems Market – Overview
Solar PV mounting systems also make reference to solar module racking. Mounting systems are utilized to secure solar panels in the desired locations. Aluminum, chrome steel, iron, combination, and plastics are widely used in the manufacture of solar PV mounting systems. These systems provide a key slant edge and introduction to solar boards, ensuring that the greatest of solar vitality is frequently captured. The vitality so captured is transformed into power. Solar PV mounting solutions are undoubtedly the most significant area for growth and thus the most competitive solar products on the market. The market's solar PV mounting solutions are extremely adjustable, lightweight, durable, easy to install, and have low development and constriction features. Photovoltaics, also known as PV, is a mathematical process for generating electric power by using solar cells that effectively transfer energy from the sun via the PV phenomenon. Solar cells are combined to form solar panels, which are subsequently mounted on rooftops, the ground, lakes, or dams. Photovoltaic modules are mounted on surfaces such as the ground, facades, buildings, and roofs using PV mounting systems. The materials employed in these systems are typically climate-dependent.
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Impact of COVID-19 on Asia-Pacific Solar Photovoltaic (PV) Mounting Systems Market
COVID-19 had a detrimental impact on solar photovoltaic mounting system market across Asia-Pacific region. It has disrupted global supply chains, which has led to delays and shortages of solar PV mounting systems. This has affected both the production and installation of solar PV systems in the Asia-Pacific region. Several solar panel manufacturers and component suppliers in China and other parts of Asia were forced to shut down or reduce operations during the early stages of the pandemic, which led to shortages of certain components and increased prices. Another impact of pandemic has been the delay or cancellation of some solar power projects in the Asia Pacific region. However, the pandemic has also spurred interest in renewable energy and the transition to a low-carbon economy. Governments in the Asia Pacific region have recognized the importance of investing in renewable energy as part of their economic recovery plans, and many have introduced incentives and subsidies to support the growth of the solar PV industry. Additionally, the pandemic has highlighted the importance of energy security and resilience, which has increased the demand for distributed solar PV systems and energy storage solutions.
Asia-Pacific Solar Photovoltaic (PV) Mounting Systems Market – By Technology
Based on technology, Asia-Pacific solar photovoltaic mounting systems market is split into Fixed and Tracking segments. The fixed segment holds a higher market share in the Asia-Pacific region. Fixed mounting systems are more commonly used in the region due to their lower cost and simpler installation process compared to tracking systems. Fixed mounting systems are mounted in a fixed position and cannot track the movement of the sun throughout the day, which can limit their energy output.
Major players operating in Asia-Pacific solar photovoltaic mounting systems market include Schletter, Unirac Inc., Solaris Technology Industry, Inc., K2 Systems GmbH, Quick Mount PV, Land Power Solar Technology Co. Ltd., RBI Solar Inc, and Mounting System. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Asia-Pacific Solar Photovoltaic Mounting Systems Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Asia-Pacific Solar Photovoltaic Mounting Systems Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Asia-Pacific Solar Photovoltaic (PV) Mounting Systems Market - By Product (Rooftop Mounted, Ground Mounted); By Technology (Fixed, Tracking); By Application (Residential, Commercial, Industrial, Utilities); By Country (China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Philippines, Vietnam, Rest of APAC), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: March 2023
High demand across end users and growing advancements in technology are projected to propel the expansion of Asia-Pacific solar photovoltaic mounting systems market during the forecast period between 2023 and 2029.
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