The fixed tilt solar PV market is growing at a rapid pace. The market growth is majorly attributed to the price decrease driven by falling costs of the overall solar generation systems. Especially, costs of crystalline silicon axis-based tracking panels saw a heady decline over the past couple of years, witnessing multiplying installations.
Fixed tilt solar PV market size is projected to reach USD 1.16 Billion by 2026, with an 11.92% CAGR between 2020 and 2026.
Besides, the rising global energy demand augmenting with the rapid economic growth, urbanization, and industrialization worldwide boosted the demand for fixed tilt solar PVs. PV modules designed and manufactured using commercially proven thin-film cadmium telluride PV cell technology mounted at a fixed tilt with no tracking risks created a huge boom, making up almost half of the solar capacity added in 2019 and the next two years.
What Is Fixed tilt solar PV
Fixed tilt solar PV is an advanced solar panel technology that can easily help to generate more electrical energy. The market is poised to garner exponential traction over the next couple of years. In this regard, Market Research Future (MRFR) asserts that the global fixed tilt solar PV market is set to witness significant growth by 2027, registering an impressive CAGR during the forecast period (2020 -2027).
Fixed Tilt Solar PV Market – Segmentation
The report is segmented into technologies, applications, and regions. The technology segment is sub-segmented into crystalline silicon, thin-film, and others. Of these, the crystalline silicone segment holds the largest market share due to the increasing installation of solar systems in residential sectors across the globe. The application segment is sub-segmented into on-grid and off-grid.
Among these, the on-grid segment holds the largest market share, while the off-grid segment grows at the highest CAGR due to increasing installations in remote areas. At the same time, the thin film segment demonstrates the fastest growth rate due to the decreasing cost and increasing efficiency of the equipment. The region segment is sub-segmented into the Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Fixed Tilt Solar PV Market – Geographical Analysis
The Asia Pacific region dominates the fixed tilt solar PV market, mainly due to the increasing adoption of solar systems in residential setups. Additionally, numerous government initiatives introduced to increase the adoption of solar energy boost the region’s fixed tilt solar PV market size. The strong presence of notable market players in the region, alongside government initiatives to promote renewable energy, also contributes to the fixed tilt solar PV market shares.
The skyrocketing demand for energy, rapid depletion of non-renewable energy sources such as fossil fuels, and scarcity of land are other major fixed tilt solar PV market growth drivers. Furthermore, rapid growth in the utility sector and flourishing solar panel manufacturing facilities in this region influence the fixed tilt solar PV market industry.
Fixed Tilt Solar PV Market – Competitive Landscape
Highly competitive, the fixed tilt solar PV market looks fragmented with the presence of several well-established market players. These players incorporate strategic initiatives to gain a larger competitive advantage, such as acquisition, collaboration, expansion, and technology launches. Market players continually strive for new ways to utilize their expertise and explore opportunities in the new energy industry.
Players leading the global fixed tilt solar PV market include Engie, Canadian Solar, First Solar, Solar FlexRack, Unirac, Trina Solar, JinkoSolar, Yingli Solar, SolarCity Corporation, and Wuxi Suntech Power Co., Ltd, among others.
Industry/ Innovation/ Related News
Aug. 12, 2021 – GameChange Solar (the US), a global leader in fixed-tilt structures and trackers, announced the completion of its Genius Tracker project in India. This 394 MW PV tracker is the largest solar project utilizing single-axis trackers in India. The solar racking solutions provider supplied its single-axis Genius Tracker equipment to this 394 MW PV project by Tata Power in Gujarat. The solar plant is likely to generate an amount of enough electricity to power around 376,000 households.