DUBLIN--(BUSINESS WIRE)--The "Ground Mounted PV Utility Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.

The global ground mounted PV utility market is expected to grow at a compound annual growth rate of 9.85% over the forecast period to reach a market size of US$9.534 billion in 2026 from US$4.939 billion in 2019.

Companies Mentioned

• Mounting Systems GmbH
• Schletter Group
• Clenergy
• Xiamen Universe Solar Tech. Co. Ltd.
• PV Racking
• SolarWorld AG
• K2 Systems GmbH
• Land Power Solar Technology Co. Ltd.
• Van der Valk Solar Systems BV
• Quick Mount PV
• Xiamen Grace Solar Technology Co. Ltd.
• Xiamen Corigy New Energy Technology Co. Ltd
• RBI Solar Inc.

The market of ground mounted photovoltaic utility market is estimated to grow in the coming years. The growing concerns for the environment and the depletion of natural resources has boosted the demand for renewable sources of energy. The demand for solar energy has therefore been increasing. A grid-connected photovoltaic power system is a solar photovoltaic plant that generates electricity and is connected to the utility grid.

Impact of COVID-19

The ground mounted solar photovoltaic utility market was severely affected by the outbreak of COVID-19. The lockdown restrictions across various countries caused various solar projects to come to a halt. The market witnessed a significant decline in 2020. It is estimated that post COVID, with the revival of the economy around the world the demand for ground mounted solar photovoltaic utility will increase and the market will witness significant growth

Market Dynamics

In the year 2019, the Cabinet Committee on Economic Affairs (CCEA) in India approved a financial support of more than Rs. 46,000 crores by 2022, in order to promote the use of solar energy among farmers and to support the rooftop solar program of the country. With the help of this program the government proposes to add 25.75 GW of solar capacity by 2022. It is promoting the installation of 17.5 lakh standalone solar-powered agricultural pumps, 10 GW worth of decentralized ground mounted and grid-connected renewable power plants

Countries around the world are fighting against the rising global warming and the use of renewable energy plays an important role in the reduction of carbon dioxide emissions. Several countries are revising their energy policies to encourage the installation of solar PV. The growing trend of shift towards renewable energy will boost the demand for ground mounted PV utility. Shell, a major oil and gas company has announced on 11th Feb, 2021 about its plan to spend annually US$ 2 billion to US$ 3 billion on renewable energy and energy solutions in order to help attain a net zero status by the year 2050. The U.S. has recorded a new achievement in case of renewables in the year 2020 by adding a combined 33.6 GW of solar and wind capacity.

Policies like Feed in Tariff program and Power Purchase Agreement will foster growth in the market of ground mounted photovoltaic utility. The fall in the prices of PV components combined with strict renewable energy goals has greatly driven development in the solar photovoltaic mounting systems market. Moreover, a number of initiatives would boost the demand for ground mounted PV utility installations, such as tax rebates, assets and financial leverage, combined with increasing spending from public and private funding institutions. The installation cost of solar PV panels is quite expensive therefore acting as a barrier in the growth of the market

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.4. Industry Value Chain Analysis

5. Ground Mounted PV Utility Market Analysis, By Technology

5.1. Introduction

5.2. Fixed

5.3. Tracking

6. Ground Mounted PV Utility Market Analysis, by End-User

6.1. Introduction

6.2. Residential

6.3. Commercial

6.4. Industrial

6.5. Utility

7. Ground Mounted PV Utility Market Analysis, by Geography

8. Competitive Environment and Analysis

8.1. Major Players and Strategy Analysis

8.2. Emerging Players and Market Lucrativeness

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Vendor Competitiveness Matrix

9. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/cgroj0

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