According to the FMI report, the demand for solar panel mounting structures in India is poised to expand at an impressive CAGR of 11.3% over the forecast period from 2023 to 2033. By the end of 2023, the market is projected to reach USD 249.0 million, and it is expected to soar to USD 727.3 million by 2033.
The rapid adoption of solar energy solutions across India is fueling this robust growth. As the nation progresses towards sustainable energy goals and carbon neutrality, the need for efficient and durable solar panel mounting structures is becoming increasingly critical. The mounting structures play a pivotal role in ensuring the performance, stability, and lifespan of solar panel installations, making them an indispensable component of solar power systems.
Sustainability Drives Industry Transformation
India’s growing sustainability movement is a key driver behind the evolution of the solar panel mounting structure market. As the nation ramps up its renewable energy capacity to meet ambitious climate commitments, the solar industry is leading the charge toward greener and more responsible manufacturing practices. FMI’s analysis highlights that manufacturers are aligning with sustainability goals by focusing on eco-friendly solutions, including the use of recyclable and low-impact materials in their production processes.
“In line with the global shift towards sustainable energy solutions, the Indian solar panel mounting structure industry is responding to climate challenges by prioritizing environmentally conscious designs,” stated an FMI spokesperson. “The adoption of recyclable materials and innovative designs is transforming the way solar mounting systems are manufactured and deployed, ensuring minimal environmental impact.”
Growing Solar Energy Adoption Boosts Demand
India’s solar power industry has been experiencing exponential growth over the past decade, driven by government initiatives such as the National Solar Mission and policies aimed at increasing renewable energy capacity. As of 2023, India has become one of the largest solar energy markets globally, significantly boosting the demand for mounting structures. FMI’s analysis projects that increasing investments in large-scale solar projects, residential rooftop systems, and commercial solar installations will drive substantial demand for solar panel mounting structures.
Mounting structures are essential for the deployment of both ground-mounted and rooftop solar panels. They are designed to secure solar panels at an optimal angle to maximize energy generation while ensuring structural integrity and resistance to harsh weather conditions. The adoption of advanced mounting systems is expected to further accelerate as the industry embraces innovative materials and technologies.
Key Trends and Innovations
FMI’s report sheds light on several emerging trends in India’s solar panel mounting structure market:
- Lightweight and Corrosion-resistant Materials – Manufacturers are increasingly adopting aluminum and galvanized steel to enhance the durability and longevity of mounting structures, especially in areas prone to high humidity or corrosive environments.
- Pre-assembled Solutions – The demand for pre-assembled and modular mounting structures is on the rise, reducing installation time and costs for solar project developers.
- Adaptability for Diverse Applications – Innovations in mounting systems are enabling their deployment across diverse terrains, including uneven landscapes and urban rooftops, ensuring flexibility and scalability.
Government Support and Policies
The Indian government’s policies and incentives for renewable energy adoption are instrumental in fostering the growth of the solar panel mounting structure market. Supportive measures, such as subsidies for rooftop solar installations and tax incentives for clean energy projects, are encouraging businesses and households to invest in solar power solutions. These favorable policies are expected to create lucrative opportunities for manufacturers and suppliers in the mounting structure industry.
Key Players in the Industry:
JSW Steel; Pennar Industries; Gauges International; Nuevosol Energy Pvt. Ltd; Vikram Solar; Loom Solar Pvt. Ltd; RenewSys India Pvt. Ltd; Emvee Solar Systems Pvt. Ltd.; Waaree Energies Ltd; Metalkraft; Ravano Green Power Ltd.; JACKSON Group; Strolar; IIT Solar Power Pvt. Ltd.; SunShell Power.
Market Segmentation Analysis:
By Product Type:
- Rooftop
- Ground Mounted
- Carport Mounting Structure
- Others
By Material Type:
- Aluminum
- Steel
- Others
By Technology:
- Fixed
- Tracking
By End-use:
- Residential
- Commercial
- Offices
- Recreational Areas
- Educational Institution
- Hospitality
- Healthcare Facilities
- Others
- Industrial
- Government & Public Facilities
- Others
By Sales Channel:
- B2B
- B2C
By Country:
- North India
- South India
- North East India
- West India
Access Report Details for More In-Depth Information!
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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