Photovoltaic (PV) Tracker Market Size, Share, Growth, Trends, and Forecast 2030

Photovoltaic (PV) Tracker Market

Photovoltaic (PV) Tracker Market: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends, And Forecast, 2020 – 2028

Category: Technology & Media Report Format : PDF Pages: 129 Report Code: ZMR-176 Published Date: Jun-2021 Status : Published
Market Size in 2020 Market Forecast in 2028 CAGR (in %) Base Year
USD 3289.8 million USD 6728.5 million 9% 2020

Photovoltaic (PV) Tracker Market

Photovoltaic (PV) Tracker Market Overview

The Global Photovoltaic (PV) Tracker Market was accounted for USD 3289.8 Million in 2020 and is expected to reach USD 6728.5 Million by 2028, growing at a CAGR of around 9% between 2021 and 2028.

With the presence of an outsized pool of participants,; the worldwide photovoltaic (PV) tracker market is displaying a highly competitive business landscape. The majority of the players are focusing aggressively on innovation, also as on including advanced technologies in their existing products. Over the approaching years, they're also expected to require partnerships and mergers, and acquisitions as their key strategy for business development.

In a major boost to the photovoltaic (PV) tracker market, in July 2018, Soltec, a number one manufacturer & supplier of the self-powered solar tracker, inaugurated a replacement research & evaluation unit in Livermore near Calif. The corporate sources stated that the new establishment referred as Bifacial Tracker Evaluation Center and abbreviated as BiTec will assess the deployment also control parameter impact on the performance of bifacial tracker over various other photovoltaic cell applications.

Within the recent past, PV technology has gained wide adoption across various industries on account of surging investments by the private players alongside declining component cost. Manufacturers operating across the solar PV industry are constantly that specializes in achieving product optimization, enhanced power output, and environmental compatibility, which successively will stimulate market growth.

COVID-19 Impact Analysis

The global economy took a severe hard hit by the outbreak of the COVID-19 pandemic which also features a subsequent impact on the industry. Complete lockdown measures by the respective governments during the first half of 2020 haven't only eased ongoing PV projects but also impacted the worldwide tracker imports. Although things have improved a touch after the lifting from lockdowns and starter of vaccines in various countries. it's been anticipated that by the mid of 2021 the industry will achieve its previous rate of growth with government various measures to enhance their respective economic structure.

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Growth Factors

Growing investments towards renewable energy technologies coupled with rising electricity demand will flourish the PV market. Solar Photovoltaic (PV) technology was the most important segment in 2018. The compatibility of PV cells with standard photovoltaic module technologies is that the major reason for the most important market share of solar PV technology. The rising cost of electricity due to the supply-demand gap will further augment the utilization of solar PV in utility and non-utility applications. The use of trackers on PV modules requires fewer design regulations in comparison to mirrors, lenses, and Fresnel collectors on the concentrated solar energy (CSP) and concentrated photovoltaic (CPV) technology trackers. These features will boost demand for trackers in solar PV technology over the forecast period.

Global Photovoltaic (PV) Tracker Market: Report Scope:

Report Attributes Report Details
Report Name Photovoltaic (PV) Tracker Market
Market Size in 2020 USD 3289.8 Million
Market Forecast in 2028 USD 6728.5 Million
Compound Annual Growth Rate CAGR of 9%
Number of Pages 188
Forecast Units Value (USD Million), and Volume (Units)
Key Companies Covered SunPower Corporation, SmartTrak Solar Systems Pvt. Ltd., Mechatron S.A., and Powerway Renewable Energy Company Limited and among others.
Segments Covered By Product Type, By Application, End User And By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latian America, Middle East and Africa (MEA)
Countries Covered North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
Base Year 2020
Historical Year 2015 to 2019
Forecast Year 2021 - 2028
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Segment Analysis Preview

Based on application, growing demand from utility-scale solar projects and commercial also as residential sectors are likely to impel the photovoltaic tracker market surge over the years to return. Aside from this, the necessity for enhancing the operational efficiency of the photovoltaic cells through the use of tracking systems is slated to expand the scope of the market over the coming years. The high price related to solar array deployment, however, poses a hindrance to the PV tracker market expansion.

Regional Segment Analysis Preview

Regionally, Europe has been leading the worldwide photovoltaic (PV) tracker market and is anticipated to continue on the dominant position within the years to return. The excessive need for PV trackers in European countries, including Greece, Spain, Germany, and Italy is expected to reinforce the dominance of the European photovoltaic (PV) tracker market. additionally, to the present, the hefty number of market players being headquartered in Europe is another significant factor that's supporting this regional photovoltaic (PV) tracker market.

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Key Market Players & Competitive Landscape

The key companies operating in the Photovoltaic (PV) Tracker market include SunPower Corporation, SmartTrak Solar Systems Pvt. Ltd., Mechatron S.A., and Powerway Renewable Energy Company Limited and among others.

Photovoltaic (PV) Tracker Market by RegionRequest Free Sample

The global Photovoltaic (PV) Tracker Market is segmented as follows:

By Application

  • Utility
  • Non-utility

By Region

  • North America

    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

Free Analysis

FrequentlyAsked Questions

The global Photovoltaic (PV) Tracker Market was valued at USD 3289.8 million in 2020.

The global Photovoltaic (PV) Tracker Market is expected to reach USD 6728.5 million by 2028, growing at a CAGR of 9% between 2021 to 2028.

Some of the key factors driving the global Photovoltaic (PV) Tracker Market growth are rapid urbanization, declining cost of solar energy and rising concerns over energy conservation is propelling demand for Photovoltaic (PV) Tracker.

Europe region held a substantial share of the Photovoltaic (PV) Tracker Market in 2020.

The key companies operating in the Photovoltaic (PV) Tracker market include SunPower Corporation, SmartTrak Solar Systems Pvt. Ltd., Mechatron S.A., and Powerway Renewable Energy Company Limited, among others, are few of the key vendors of photovoltaic (PV) tracker across the world.

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