Solar Frames Market Size, Share & Industry Analysis, By Panel Type ( Monocrystalline, Polycrystalline, Thin Film ), By Application ( Residential, Commercial, Utility ) and regional Forecast, 2024-2032

The energy is vital for the economic progress of the world. Fossil fuel dominated energy demand over the last century. However, the enormous consumption of conventional fuel caused deterioration of the environment and increased GHG emissions. In a bid to revive environment progress, many countries and international organizations are emphasizing the need for renewable energy. Solar power is one of the most reliable and clean energy sources which grew across the world to meet the rising demand for energy. Solar frames are an essential component in solar installation, which protects the internal equipment from thermal and mechanical tension while, on the contrary, it also provides mounting attachment points. The expansion of solar installation and the favorable government set to propel industry growth.

The solar frames market is segmented based on panel type and application. Panel type is further divided into monocrystalline, polycrystalline, and thin-film. Monocrystalline is projected to dominate the industry analysis owing to large scale preference in residential and commercial solar installation. Frames are required for solar installation in residential, commercial, and utility applications.

The paradigm shift towards the adoption of clean energy technology to mitigate the rising GHG emission is set to encourage the installation of solar power. Moreover, the international community and government institutions across the world are working together to promote renewables. The rapidly decreasing prices of solar over the last decade owing to advancements in technology likely to inflate solar installation around the world. These factors set to drive the solar frames market.

Frameless solar modules are one of the best alternative available in the market as it does not require grounding. Further, it has a stronger safety feature and aesthetic value for customers. On the contrary, solar frames require frequent maintenance, which likey to inhibits the growth of the market.

Key Players Covered:

Some of the prominent companies in the world for solar frames are Jinko Solar Co., Ltd., JA Solar, Trina Solar, Canadian Solar Inc., First Solar, SunPower Corporation, Tata Power Solar Systems Limited, 

• Hanwha Q CELLS America Inc., Yingli Solar, and Lumos Solar.

Regional Analysis:

The solar frames market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The solar power is booming in North America due to shifting trends towards embracing clean energy technologies. Solar Energy Industries Association states that the U.S. installed 2.6gigawatts (GW) of solar PV capacity in the third quarter of 2019 to reach 71.3GW of total installed capacity to power 13.5 million American homes. The cost to install solar has dropped by more than 70% over the last decade leading to the expansion of the industry. Following this trend, the market size of the solar frames likely to inflate in the upcoming year. Solar has been growing at a rapid pace in Europe owing to the paradigm shift towards renewable energy sources to mitigate the increasing carbon emissions. SolarPower Europe claimed that the European Union achieved a 100% increase in solar installation in the region. A total of 16.7GW of installation added in Europe in 2019, which represents a 104% increase over the 8.2GW added in 2018. The growth is attributed to solar cost competitiveness, approaching deadlines for a member state to meet their binding national 2020 renewable energy targets. All these factors are anticipated to fuel the growth of the industry. China is one of the leading nations in the world for solar installation that expected to drive the market in the Asia Pacific. Similarly, the growing installation of solar PV in African countries for mega electrification projects and consistent investment in renewable energy might drive the demand for solar frames in MEA. 

Segmentation

Key Industry Developments

• In October 2019, Virginia signed a pact for the procurement of 420MW solar & wind power contracts to power U.S. state government agencies and institutions. Apex Clean Energy will provide 75MW of onshore wind power and 345MW of solar projects. The agreement is a part of state policy to reach a 100% clean energy standard by 2050 with a 30% interim target in 2030.


• In August 2019, Tesla recently launched rental plans for its solar panels in a bid to push sinking solar business. The rental options are available in six states viz. Arizona, California, Connecticut, Massachusetts, New Jersey, and New Mexico. The rental cost is around USD50/month, with no upfront installation or long-term contract.


• In February 2019, Risen Energy signed an agreement with DTEK Renewables for Ukraine’s largest solar power station. Risen Energy will provide all the modules required for the 240MWac Pokrovskaya SPP project.