Solar Racking Market Size, Share, Opportunities, And Trends By Type (Ground Mounts, Rooftop Mounts), By Material (Aluminum, Stainless Steel, Others), By End User, (Residential, Industrial/Commercial), And By Geography - Forecasts From 2023 To 2028

Solar racking refers to the structure or framework that supports solar panels and keeps them in place. Solar panels are typically installed on rooftops, ground-mounted structures, or even on water bodies such as lakes and ponds. Solar racking is an important component of a solar energy system because it ensures that the solar panels are mounted securely and at the correct angle to capture the maximum amount of sunlight. The solar racking market is propelled by various factors such as the surging demand for renewable energy, favorable government incentives, continuous technological advancements, and growing construction and development activities, among others.

Increased residential construction and solar power usage in residential buildings are key driving factors in the growth of the solar racking market.

The growth of residential construction leads to an increase in the number of homes that are equipped with solar panels for energy generation. These panels require solar racking systems to be mounted on the roof or ground. Data from the U.S. Census Bureau indicates that there has been a 1% increase in new residential constructions in the United States of America between 2022 and 2023. Around 1,247 residential buildings were constructed in 2022 and this number increased to 1,406 in 2023, as per the same source. Data from Eurostat indicate that around 5.5% of the overall GDP in Europe was generated from the residential construction sector in 2021. According to the same source, residential construction in Germany amounted to around 7.60% of the country’s GDP in 2022 and 4.80% of Italy’s GDP was generated from the residential construction industry in 2021. The volume of residential construction activity in France increased by 10.5% in 2021, as reported by the European Construction Industry Federation. Moreover, according to data from the U.S. Energy Information Administration (EIA), there was a 34% increase in residential solar power installations from 2.9 gigawatts in 2020 to 3.9 gigawatts in 2021. Similarly, the federal states in Germany are requiring the installation of solar panels on the roofs of both residential and commercial buildings. Thus, the growth rate of residential constructions and initiatives taken to make solar panels mandatory in these buildings are driving the market growth of solar racking systems.

The solar racking market is expected to experience growth as a result of the increasing generation of solar power.

Solar racking is an essential component of a solar power system as it provides the necessary support and structure for the solar panels. As the demand for solar power continues to grow, the demand for solar racking systems also increases. For instance, data from the International Energy Agency shows that global solar power generation increased from 679.0 TWh (Terawatt hours) in 2019 to 1002.9 TWh in 2021 and is expected to reach around 7413.9 TWh in 2030. The same source also indicates that the share of solar power in the global cumulative power capacity increased from 8.1% in 2019 to 12.8% in 2022 and is expected to reach 22.2% by 2027. IEA data also indicates that the solar power capacity in residential buildings has increased from 74.7 GW (Gigawatts) to 145.4 GW between 2019 and 2021. Likewise, in the commercial and industrial sectors, the capacity has increased from 177.4 GW to 238.0 GW during the same period.  According to data from the International Renewable Energy Agency (IRENA), China holds the largest solar capacity in the world, estimated at around 392 GW as of 2022. The United States of America follows with a capacity of 135.7 GW. Japan, Germany, and India also have a substantial solar capacity, according to the same source.

The Asia-Pacific region is expected to show the maximum growth of the solar racking market in the coming years.

The growth of the solar racking market in this region can be attributed to several factors, including the high adoption of solar energy in countries such as China, Japan, and India, favorable government policies and incentives, and the increasing demand for renewable energy sources. For instance, data from the Energy Information Administration (EIA) shows that China’s solar power capacity increased from 224 TWh in 2019 to 327 TWh in 2021. During the same period, Japan and India also experienced similar growth with their solar capacities increasing from 69.38 TWh to 88.70 TWh and 46.27 TWh to 68.31 TWh, respectively. In addition, various programs and schemes have been launched by the Indian government to encourage the production of solar power in the country. These initiatives include the Solar Park Scheme, VGF Schemes, CPSU Scheme, Bundling Scheme, and Grid Connected Solar Rooftop Scheme, among others. In December 2022, a new regulation was passed by the local assembly of the Japanese capital, stating that all new houses built in Tokyo after April 2025 must have solar power panels installed to reduce household carbon emissions. Similarly, the solar power project in William Creek, South Australia, is setting a remarkable precedent. The town is powered entirely by solar energy, making it one of the rare places on earth to rely completely on renewable energy. Thus, the increase in solar power generation and government initiatives to promote the adoption of solar energy as a form of power generation is expected to contribute to the growth of the solar racking systems market in the Asia Pacific region.

Market Key Developments

• In January 2023, GameChange Solar, a company specializing in fixed-tilt racking and tracker equipment, launched the 1P-2Row Genius Tracker, which comes standard with preassembled components.
• In July 2021, OMCO Solar completed the shipping of 1 GW worth of solar racking products

Solar Racking Market Scope:

 

Report Metric	Details
Growth Rate	CAGR during the forecast period
Base Year	2021
Forecast Period	2023 – 2028
Forecast Unit (Value)	USD Billion
Segments Covered	Type, Material, End User, and Geography
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered	RBI Solar Inc., Schletter, SolarFlex LLC, Soltec, Unirac Inc., K2 System GmbH, Clenergy, JinkoSolar Holding Company, Versolsolar Hangzhou Co., Esdec
Customization Scope	Free report customization with purchase

 

Segmentation

• By Type
  • Ground Mounts
  • Rooftop Mounts
• By Material
  • Aluminum
  • Stainless Steel
  • Others
• By End User
  • Residential
  • Industrial/Commercial
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Suadi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Market Opportunities

4.4. Porter’s Five Force Analysis

4.4.1. Bargaining Power of Suppliers

4.4.2. Bargaining Power of Buyers

4.4.3. Threat of New Entrants

4.4.4. Threat of Substitutes

4.4.5. Competitive Rivalry in the Industry

4.5. Industry Value Chain Analysis

5. SOLAR RACKING MARKET ANALYSIS, BY TYPE

5.1. Introduction

5.2. Ground Mounts

5.3. Rooftop Mounts

6. SOLAR RACKING MARKET ANALYSIS, BY MATERIAL 

6.1. Introduction

6.2. Aluminum

6.3. Stainless Steel

6.4. Others

7. SOLAR RACKING MARKET ANALYSIS, BY END-USER

7.1. Introduction

7.2. Residential

7.3. Industrial/Commercial

8. SOLAR RACKING MARKET ANALYSIS, BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1.  Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. Germany

8.4.2. UK

8.4.3. France

8.4.4. Spain

8.4.5. Others

8.5. Middle East and Africa

8.5.1. Suadi Arabia

8.5.2. UAE

8.5.3. Others

8.6. Asia Pacific

8.6.1. China

8.6.2. Japan

8.6.3. South Korea

8.6.4. India

8.6.5. Australia

8.6.6. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES

10.1. RBI Solar Inc.

10.2. Schletter

10.3. SolarFlex LLC

10.4. Soltec

10.5. Unirac Inc.

10.6. K2 System GmbH

10.7. Clenergy

10.8. JinkoSolar Holding Company

10.9. Versolsolar Hangzhou Co. 

10.10. Esdec

RBI Solar Inc.

Schletter

SolarFlex LLC

Soltec

Unirac Inc.

K2 System GmbH

Clenergy

JinkoSolar Holding Company

Versolsolar Hangzhou Co.

Esdec