The solar pile market is set to grow from $0.41 billion in 2023 to $0.44 billion in 2024, with a CAGR of 9.5%. Factors contributing to this growth include the increasing adoption of solar energy systems, government incentives and subsidies for renewable energy, the expansion of large-scale solar farms, the push for reduced carbon emissions, and heightened consumer awareness of environmental issues.
The solar pile market is expected to grow to $0.64 billion by 2028 with a CAGR of 9.7%. Growth is attributed to increasing solar installation demand, expansion of solar energy policies, renewable energy adoption in emerging regions, and growing solar installations in residential and commercial sectors. Trends include smart technology integration, eco-friendly material development, floating solar systems, pile design innovations, and enhanced system durability.
Major Driver In The Solar Pile Market
The increasing demand for solar energy is expected to propel the growth of the solar panel market. Solar energy, derived from sunlight and converted into electricity or heat, is gaining popularity due to its environmental benefits, decreasing solar technology costs, and the need for renewable energy sources to combat carbon emissions. Solar piles serve as foundational supports in solar panel installations, providing stability and durability by anchoring the panels to the ground, even in rugged terrain. In January 2024, the U.S. Energy Information Administration projected that U.S. solar power generation would rise by 75%, increasing from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh by 2025. As such, the growing demand for solar energy is driving the growth of the solar panel market.
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Solar Pile Market Competitive Landscape
MacLean Power System, TorcSill Foundations, DFI Piling, ScrewFast Foundations Limited, Keller Group plc, Ventura Electrical Hindustan Limited, Cyntech Group, Cantsink, GoliathTech, Foundation Technologies Inc., Helical Anchors Inc., Salasar Engineering, PierTech, Helical Piles Solutions Ltd., Xiamen Kseng Metal Tech Co Ltd., SOEASY (Xiamen) Technology Co. Ltd., Patriot Foundation Systems, Bhuj Polymers Pvt. Ltd., Heli-Pile, Chance Foundation Solutions, V Star Solar Energy, YC Helical Inc.
Key Solar Pile Market Trend
In the solar pile market, companies are developing autonomous solar piling systems to increase efficiency and reduce labor costs. These systems automate the installation of foundation piles in solar farms. In March 2023, Built Robotics, a US-based robotics company, launched the RPD 35, the world’s first fully autonomous solar piling system. The RPD 35 speeds up construction by combining survey, pile distribution, driving, and inspection into one process, allowing a small crew to install piles much faster than traditional methods, using advanced AI and RTK GPS for precise installation.
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Global Solar Pile Market Segmentation
The solar pile market covered in this report is segmented –
1) By Type: Ground-Mounted Piles, Helical Piles Or Screw Piles, Driven Piles
2) By Material: Steel, Aluminum, Other Materials
3) By Application: Utility, Residential, Commercial, Industrial
By Geography:The regions covered in the solar pile market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the solar pile market in 2023. Europe is expected to be the fastest-growing region in the forecast period.
The Solar Pile Global Market Report 2024 furnishes information about the global solar pile market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
