Solar mounting tools, also known as solar module racking, are used to attach solar panels to surfaces like roofs or the ground. Solar panels can typically be retrofitted onto roofs or into the structure of buildings using rooftop solar racking. The expanding population, along with other environmental concerns, is putting pressure on the limited energy supplies, which is likely to drive increased demand for rooftop solar racking for residential solar panel installation throughout the forecast period. According to the International Energy Association Renewable energy sources will have the fastest increase in the electrical industry, increasing from 24% in 2017 to roughly 30% in 2023, which will increase the demand for solar panels in residential and industrial usage and thus will boost the rooftop solar racking market growth at a rapid pace.
The increasing residential usage is expected to boost the market growth.
The energy demand is expected to rise due to several important causes, including a growing population, which has accelerated energy demand and has increased rooftop solar panel installation, especially in residential buildings. According to IEA, The United States experienced rapid growth in residential rooftop solar installed capacity, particularly in the fourth quarter of 2021, when the residential rooftop segment added 1,156 MW and additionally finished more than 500,000 home projects with rooftop solar by 2021. Also, as per the same source, residential solar installations grew 30% year over year in 2021, the highest annual growth rate since 2015. In May 2022, The European Commission's president announced that residents would have to put rooftop solar for new residential structures by 2029. Furthermore, the European Commission raised its 2030 renewable energy goal from 40% to 45%. This shows that rising energy consumption and solar energy investments in residential buildings will boost the rooftop solar racking market growth during the forecasted period.
The rising power generation using solar energy will boost the market growth
The government's decision to switch from coal and other fossil fuels to solar energy to conserve natural resources will increase the demand for solar panel installation in industrial energy production, which will drive the growth of the rooftop solar racking market. According to IEA, Solar PV power generation grew by a record 179 TWh in 2021, representing a 22% increase over 2020. As per the same source, the solar PV power capacity in the commercial and industrial sectors has increased from 208.7 GW in 2020 to 238 GW IN 2021. Solar energy had been used to generate more electricity for many years now and there is a definite need for new generating capacity all over the world to satisfy the replacement of outdated fossil fuel systems due to the growing demand for energy in many countries. This can be achieved using rooftop solar PV installation which will boost the overall market growth during the forecasted period
During the forecast period, Asia Pacific is expected to dominate the market
In recent years, Asia-Pacific has been the main market for rooftop solar racking installations. Almost all the world's biggest solar photovoltaic (PV) manufacturing companies and facilities are in China. In January 2023, according to the National Energy Administration In 2022, China added over 87 GW of new solar power, a growth of more than 60% from 2021. Rooftop solar alone contributed about 65 percent or 55 GW. In July 2022, according to the Ministry of New and Renewable Energy of India, the prime minister of India launched the National Portal for Rooftop Solar to boost rooftop solar installation to meet the growing energy demand. Rising investment by the government will boost the rooftop solar racking market at a rapid pace during the forecasted period.
Market Key Developments.
In March 2023, Antaisolar, the top supplier of PV mounting systems recently signed a 23MW supply agreement with WELSPUN INDIA LIMITED, committing to provide its classic slew-drive single-axis independent tracking system.
In January 2023, GameChange Solar, a manufacturer of fixed-tilt racking and tracker equipment, revealed the release of the 1P-2Row Genius Tracker, which includes preassembled components.
Segmentation