Photovoltaic Mounting Systems Market revenue to hit USD 123 Million by 2036, says Research Nester

Photovoltaic Mounting Systems Market revenue to hit USD 123 Million by 2036, says Research Nester

May 24, 2024

New York, Feb. 21, 2024 (GLOBE NEWSWIRE) -- The global photovoltaic mounting systems market size is slated to expand at ~17% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 123 million by the end of 2036, up from a revenue of ~USD 22 million in the year 2023.The progression in the size of the market growth is attributed to the growing requirement for energy worldwide for various needs. The consumption of energy in the industrial[MK1]  sector is estimated to rise from 5% to 30% from 2022 to 2050 as of 2023 in the U.S.


Moreover, the expansion of photovoltaic mounting systems is credited to the rise in the rate of population worldwide and the escalating energy demand across the globe. The increasing population is projected to raise the electricity demand by 0.8% according to studies[MK2]  in 2022. Depending on the population and energy consumption various countries have different energy generation needs.


Expanding investment in sustainable sources is driving the Growth of the Photovoltaic Mounting Systems Market


Expansion of investment in the generation of sustainable energy from natural resources and research on renewable energy generation is intended to drive market growth. Further, the concern of people about soaring carbon emissions is likely to have a positive impact on the growth of the market. The worldwide carbon emission from energy[MK3]  combustion and industrial processes increased from 1% or 320 metric tons (Mt) to about 37 gigatons of carbon (Gt) in 2022.


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Photovoltaic Mounting Systems Market: Regional Overview


Increasing Generation of Solar Electricity and Investment to Build a Sustainable Environment is Propagating the Market Growth in the Asia Pacific Region


The Asia Pacific region photovoltaic mounting systems market is calculated to register a revenue share of 45% by the end of 2036. The growing number of solar electricity generation projects in the region in the forecast period owing to the multiplying ratio of electric vehicles is expected to fuel the market growth. The electricity consumption in the United States is determined to increase from less than 0.5 quads in 2022 to more than 0.6[MK4]  quads to 1.2 quads in the transportation sector in 2050 which contributes to nearly 1000% to 2000% surge in all the cases.


Enhancing Support from the European Government and the Presence of Strong Industries in Germany is Estimated to Hike the Market Expansion in the European Region


The European region market of photovoltaic mounting systems is projected to secure a sustainable market share during the forecast period on account of an increasing number of government policies and programs to promote green energy. The European Nation formed a Solar PV Industry Alliance to design a strong link between consumers and producers of solar panels. The presence of many solar panel industries in Germany is also predicted to hike the market growth in the coming years. The European Solar PV Industry Alliance set a target of reaching over 28 gigawatts[MK5]  of solar PV manufacturing capacity per year by the end of 2025 in Europe.


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