Image credit: Stock

Research firm Technavio forecasts the global fixed tilt solar PV market to record a 9% growth over the next five years.

The market’s incremental growth in terms of revenue is expected to be $1.16 billion during the period.

The year-over-year growth is expected to be 8.02%, with 67% of the growth anticipated to come from the Asia Pacific region.

The dominance of APAC can be attributed to the increase in solar power installations and the presence of financial incentive programmes in China, India, Australia, and Japan.

The supportive government policies and regulations around solar PV will be a key driver of the fixed tilt solar PV market.

Supportive government policies

Governments across the globe are increasingly supporting the adoption of renewable technologies such as solar energy by offering subsidies, incentives, and tax benefits for both consumers and producers.

Several countries are formulating policies for promoting the development of solar technologies while encouraging high investments in renewable technologies.

Furthermore, several governments are also introducing separate policies for different types of solar PV installations.

Therefore, with the rising installation of renewable energy driven PV systems, the demand for fixed tilt solar PV installation will increase considerably in the forthcoming years.

The developments related to solar PV modules will have a positive impact on the market and contribute to its growth significantly over the forecast period.

According to a senior research analyst at Technavio: “There has been an increase in the use of half-cut cell PV modules due to their high efficiency. This design of the solar PV module reduces resistance loss while increasing efficiency when compared to standard solar PV modules. Thus, with the growing adoption of mono PERC, bifacial PV, and half-cut cell PV modules, the demand for fixed tilt solar PV mounting structures will rise during the forecast period.”

Since you’re here, read this magazine article: Why off-grid blooms in middle-income countries