In 2024, the photovoltaic (PV) steel racking industry is experiencing a new round of rapid growth against the backdrop of the global energy transition. As PV installed capacity continues to rise and raw material costs stabilize, the market scale for steel racking, the "skeleton" of PV power plants, has significantly expanded. Meanwhile, technological innovation and policy guidance are jointly driving the industry towards greater efficiency and intelligence.

I. High Industry Prosperity, Steel Racking Market Continues to Expand

PV steel racking is an indispensable support structure for PV power plants, directly affecting power generation efficiency and long-term operational safety. In 2024, thanks to the booming global PV industry, the PV racking market has seen unprecedented opportunities. According to statistics, the Chinese PV racking market reached approximately 21 billion yuan in 2023. With continued growth in PV installations, the Chinese PV racking market is expected to reach 25.3 billion yuan in 2024. A research report by Huabao Securities points out that benefiting from sustained high PV installations and declining raw material prices, industry profitability is expected to improve further. It forecasts that the PV racking market space will reach 86.15 billion yuan and 97.44 billion yuan in 2024 and 2025 respectively.

From a cost structure perspective, raw materials account for the largest share of total PV racking costs, with steel being the most critical component. Data shows that raw material costs account for 72.58% of fixed racking costs and 65.29% of tracking racking costs, with steel and aluminum together accounting for over 50% of raw materials. In the cost structure of tracking racking, steel accounts for the highest share, exceeding 60%. Moreover, prices of steel and aluminum have stabilized since 2023, bringing significant cost improvement opportunities for racking companies.

II. Core Drivers: Robust Demand, Policy Guidance, and Export Growth

Robust Demand — The continuous rise in global PV installed capacity is the core engine driving growth in the steel racking industry. According to CPIA data, global new installed capacity in 2024 reached about 530GW, a year-on-year increase of 35.9%. The emergence of emerging markets such as the Middle East, Latin America, and India has injected strong growth momentum into the PV racking industry.

Policy Guidance — The Chinese government has continued to create a favorable environment for PV racking, especially steel and flexible racking, at the policy level. In May 2024, the National Energy Administration and the National Forestry and Grassland Administration jointly issued a notice, explicitly encouraging the application of large-span flexible PV racking and plug-in steel pile foundations in desert PV sand control projects. This policy direction has directly promoted the rapid popularization of steel racking, especially flexible steel cable structures.

Export Growth — PV racking companies have achieved remarkable results in overseas market expansion. In 2024, Arctech's global shipments climbed to second place worldwide; TrinaTracker maintained sixth place globally; and Xiamen Antai New Energy entered the global top ten for the first time. Global tracking racking shipments increased by 20% year-on-year to 111GW in 2024, surpassing 100GW for the first time. In key regions such as the United States, the Middle East, and Latin America, tracking racking penetration exceeded 80%. In terms of Chinese exports, China's solar racking export value reached US$4.455 billion in 2024. Against the backdrop of rapidly expanding overseas installed capacity, companies actively expanding overseas are expected to capture more overseas market share.

III. Diverse Application Scenarios and Technological Innovation Continue to Broaden the Boundaries of Steel Racking

In large-scale base and distributed PV projects, the construction of mega-PV bases in Gansu, Inner Mongolia, and other regions has placed ultra-large supply requirements on steel racking, with a single project often involving tens of thousands of tons of steel procurement. In terms of tendering, central state-owned enterprise group procurements (such as Huaneng Group's) have set industry benchmarks in 2024, imposing stringent requirements on steel quality, anti-corrosion processes, and environmental standards.

The rise of flexible PV racking (using prestressed steel strands as main load-bearing cables) is a major highlight of 2024. Compared to traditional fixed racking, flexible PV steel cables not only significantly reduce steel consumption per unit but also enable large-span layouts in mountainous areas, fishery-PV complementary projects, wastewater treatment plants, and deserts, adapting to complex terrains. During Super Typhoon Yagi (known locally as "Typhoon No. 11") that hit Hainan in 2024, a fishery-PV complementary project using DAS Solar's flexible racking remained stable and intact, confirming its high safety under extreme wind and rain loads and complex stress conditions. At the capital level, flexible racking companies also received significant investment in 2024. Huiyao Pinshang successfully completed over 100 million yuan in Series A and A+ financing in May 2024, for R&D of flexible PV racking systems and expansion of domestic and international markets.

Tracking racking is another key upgrade direction for the steel racking industry in 2024. Its intelligent tracking algorithm has been proven to increase power generation by an additional 2%-4% for PV plants. Although domestic tracking racking penetration remains below 6% due to cost reasons, far lower than the global average of about 40%, this gap also indicates huge future growth potential. Meanwhile, steel for tracking racking continues to see optimization in strength design and weather resistance, evolving from ordinary structural steel to higher-grade high-strength steel.