The value of the solar PV mounting systems market is expected thrive from its current $9.9 billion valuation to more than $16 billion by 2026. The reports are produced by market research firm Global Market Insights.
The reports indicates that the global clean energy demand surge is expected to bolster the growth of the solar PV mounting systems market. Furthermore, the PV technology is gaining popularity among the economies that are looking to bolster their clean energy ambitions, especially in Europe. The output of PV electricity reached around 127 TWh in Europe in 2018.
The region is expected to witness more photovoltaics installed in the households as people are looking for a sustainable energy alternative. The demand for solar PV mounting systems is expected to thrive in the region because of rapid economic growth, more employment and establishment of new industries.
Africa is also witnessing the surge in demand for solar energy. The Middle Eastern solar PV mounting systems industry is attracting private investors through its thriving regulatory focus for the development of high-capacity PV projects.
The solar PV technology has become one of the competitive forms of power generation across the Gulf region. The reports are produced by the International Renewable Energy Agency (Irena). The body in 2019 said that GCC economies including the Emirates and the Kingdom of Saudi Arabia are planning to establish 7 GW of novel power generation capacity from clean energy sources in the future.
Global economies are betting on clean energy investments for a sustainable future.