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

Published Date: 26-Jun-2021 Category: Technology & Media Report Format : PDF Pages: 129 Report Code: ZMR-176 Status : Published

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.

Description

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.

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.

Report Scope:

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.

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.

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

  • Chapter No. 1: Introduction
    • 1.1. Report Description
      • 1.1.1. Purpose of the Report
      • 1.1.2. USP & Key Offerings
    • 1.2. Key Benefits for Stakehulders
    • 1.3. Target Audience
    • 1.4. Report Scope
  • Chapter No. 2: Executive Summary
    • 2.1. Key Findings
      • 2.1.1. Top Investment Pockets
        • 2.1.1.1. Market Attractiveness Analysis, By Application
        • 2.1.1.2. Market Attractiveness Analysis, By Region
    • 2.2. Market Snapshot
    • 2.3. Global Photovultaic (PV) Tracker Market, 2016 – 2028 (USD Billion)
    • 2.4. Insights from Primary Respondents
  • Chapter No. 3: COVID 19 Impact Analysis
    • 3.1. Impact Assessment of COVID-19 Pandemic, By Region
      • 3.1.1. North America
      • 3.1.2. Europe
      • 3.1.3. Asia Pacific
      • 3.1.4. Latin America
      • 3.1.5. The Middle-East and Africa
    • 3.2. Quarterly Market Revenue and Forecast by Region 2020 & 2021
    • 3.3. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion)
    • 3.4. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion)
    • 3.5. Key Strategies Undertaken by Companies to Tackle COVID-19
      • 3.5.1. Company Quarterly Revenue Analysis, 2019 & 2020
    • 3.6. Short Term Dynamics
    • 3.7. Long Term Dynamics
  • Chapter No. 4: Photovultaic (PV) Tracker Market – Application Segment Analysis
    • 4.1. Overview
      • 4.1.1. Market Revenue Share, By Application, 2020 & 2028
    • 4.2. Utility
      • 4.2.1. Market Size and Forecast, By Region (USD Billion)
      • 4.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.3. Non-Utility
      • 4.3.1. Market Size and Forecast, By Region (USD Billion)
      • 4.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.3.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 5: Photovultaic (PV) Tracker Market – Region Segment Analysis
    • 5.1. Overview
      • 5.1.1. Global Market Revenue Share, By Region, 2020 & 2028
      • 5.1.2. Global Market Revenue, By Region, 2016 – 2028 (USD Billion)
    • 5.2. North America
      • 5.2.1. North America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 5.2.2. North America Market Revenue, By Application, 2016 – 2028
      • 5.2.5. U.S.
        • 5.2.5.1. U.S. Market Revenue, By Application, 2016 – 2028
      • 5.2.6. Canada
        • 5.2.6.1. Canada Market Revenue, By Application, 2016 – 2028
      • 5.2.7. Mexico
        • 5.2.7.1. Mexico Market Revenue, By Application, 2016 – 2028
    • 5.3. Europe
      • 5.3.1. Europe Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 5.3.2. Europe Market Revenue, By Application, 2016 – 2028
      • 5.3.5. Germany
        • 5.3.5.1. Germany Market Revenue, By Application, 2016 – 2028
      • 5.3.6. France
        • 5.3.6.1. France Market Revenue, By Application, 2016 – 2028
      • 5.3.7. U.K.
        • 5.3.7.1. U.K. Market Revenue, By Application, 2016 – 2028
      • 5.3.8. Italy
        • 5.3.8.1. Italy Market Revenue, By Application, 2016 – 2028
      • 5.3.9. Spain
        • 5.3.9.1. Spain Market Revenue, By Application, 2016 – 2028
      • 5.3.10. Rest of Europe
        • 5.3.10.1. Rest of Europe Market Revenue, By Application, 2016 – 2028
    • 5.4. Asia Pacific
      • 5.4.1. Asia Pacific Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 5.4.2. Asia Pacific Market Revenue, By Application, 2016 – 2028
      • 5.4.5. China
        • 5.4.5.1. China Market Revenue, By Application, 2016 – 2028
      • 5.4.6. Japan
        • 5.4.6.1. Japan Market Revenue, By Application, 2016 – 2028
      • 5.4.7. India
        • 5.4.7.1. India Market Revenue, By Application, 2016 – 2028
      • 5.4.8. South Korea
        • 5.4.8.1. South Korea Market Revenue, By Application, 2016 – 2028
      • 5.4.9. South-East Asia
        • 5.4.9.1. South-East Asia Market Revenue, By Application, 2016 – 2028
      • 5.4.10. Rest of Asia Pacific
        • 5.4.10.1. Rest of Asia Pacific Market Revenue, By Application, 2016 – 2028
    • 5.5. Latin America
      • 5.5.1. Latin America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 5.5.2. Latin America Market Revenue, By Application, 2016 – 2028
      • 5.5.5. Brazil
        • 5.5.5.1. Brazil Market Revenue, By Application, 2016 – 2028
      • 5.5.6. Argentina
        • 5.5.6.1. Argentina Market Revenue, By Application, 2016 – 2028
      • 5.5.7. Rest of Latin America
        • 5.5.7.2. Rest of Latin America Market Revenue, By Application, 2016 – 20285
    • 5.6. The Middle-East and Africa
      • 5.6.1. The Middle-East and Africa Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 5.6.2. The Middle-East and Africa Market Revenue, By Application, 2016 – 2028
      • 5.6.5. GCC Countries
        • 5.6.5.1. GCC Countries Market Revenue, By Application, 2016 – 2028
      • 5.6.6. South Africa
        • 5.6.6.1. South Africa Market Revenue, By Application, 2016 – 2028
      • 5.6.7. Rest of Middle-East Africa
        • 5.6.7.1. Rest of Middle-East Africa Market Revenue, By Application, 2016 – 2028
  • Chapter No. 6: Photovultaic (PV) Tracker Market – Industry Analysis
    • 6.1. Introduction
    • 6.2. Market Drivers
      • 6.2.1. Driving Factor 1 Analysis
      • 6.2.2. Driving Factor 2 Analysis
    • 6.3. Market Restraints
      • 6.3.1. Restraining Factor Analysis
    • 6.4. Market Opportunities
      • 6.4.1. Market Opportunity Analysis
    • 6.5. Porter’s Five Forces Analysis
    • 6.6. PEST Analysis
    • 6.7. Regulatory Landscape
    • 6.8. Technulogy Landscape
    • 6.9. Regional Market Trends
      • 6.9.1. North America
      • 6.9.2. Europe
      • 6.9.3. Asia Pacific
      • 6.9.4. Latin America
      • 6.9.5. The Middle-East and Africa
    • 6.10. Pricing Analysis
    • 6.11. Value Chain Analysis
    • 6.12. Downstream Buyers
    • 6.13. Distributors/Traders List
  • Chapter No. 7: Competitive Landscape
    • 7.1. Company Market Share Analysis – 2019
      • 7.1.1. Global Photovultaic (PV) Tracker Market : Company Market Share, 2019
      • 7.1.2. Global Photovultaic (PV) Tracker Market , Company Market Revenue, 2016 – 2019 (USD Billion)
      • 7.1.3. Global Photovultaic (PV) Tracker Market , Company Y-o-Y Growth, 2017 – 2028 (%)
      • 7.1.4. Global Photovultaic (PV) Tracker Market : Radar Determinant Chart, 2019
    • 7.2. Strategic Developments
      • 7.2.1. Acquisitions & Mergers
      • 7.2.2. New Product Launch
      • 7.2.3. Regional Expansion
    • 7.3. Company Strategic Developments – Heat Map Analysis
  • Chapter No. 8: Company Profiles
    • 8.1. SunPower Corporation
      • 8.1.1. Company Overview
      • 8.1.2. Key Executives
      • 8.1.3. Product Portfulio
      • 8.1.4. Financial Overview
      • 8.1.5. Operating Business Segments
      • 8.1.6. Business Performance
      • 8.1.7. Recent Developments
    • 8.2. SmartTrak Sular Systems Pvt. Ltd.
    • 8.3. Mechatron S.A.,
    • 8.4. Powerway Renewable Energy Company Limited
    • 8.5 Company 5
    • 8.6 Company 6
    • 8.7 Company 7
    • 8.8 Company 8
    • 8.9 Company 9
    • 8.10 Company 10
  • Chapter No. 9: Marketing Strategy Analysis
    • 9.1. Marketing Channel
    • 9.2. Direct Marketing
    • 9.3. Indirect Marketing
    • 9.4. Marketing Channel Development Trends
    • 9.5. Economic/Pulitical Environmental Change
  • Chapter No. 10: Research Methodulogy
    • 10.1. Research Methodulogy
    • 10.2. Phase I - Secondary Research
    • 10.3. Phase II - Data Modeling
      • 10.3.1. Company Share Analysis Model
      • 10.3.2. Revenue Based Modeling
    • 10.4. Phase III - Primary Research
    • 10.5. Research Limitations
      • 10.5.1. Assumptions

Methodology

Free Analysis

The photovoltaic panel is a device which converts light into electric potential. Photovoltaic panels employ layers of specific materials to generate current and voltage when sunlight is absorbed. Trackers are the devices used to orient photovoltaic panels toward the sun to harness more sunlight. Flat-panel photovoltaic (PV), Concentrated Photovoltaic (CPV) and Concentrated Solar Thermal (CSP) are key technologies where trackers are applied. Trackers have unique functionalities in each application such as minimizing the angle of incidence between the photovoltaic panel and incoming sunlight in PV applications and orienting the optics in CPV and CSP systems.

Rising demand for photovoltaics in commercial and residential organizations has remained the key driver for this industry. Moreover, the need for improving solar cell’s efficiency using tracking systems is expected to drive demand for photovoltaic trackers. However, high cost involved in the installation of solar panels offers the great challenge to the market growth. The solar power generating system includes manufacturing, installation, and maintenance of solar panels and PV trackers.

Global Photovoltaic (PV) Tracker Market

PV trackers are installed in commercial, residential and utility scale solar projects. Utility segment occupied the majority of the PV tracker market and accounted for around 78.6% of the overall share in 2015. The main factor for great demand for PV trackers in utility application is its cost effectiveness since utility applications deal with large scale projects as compared to non utility applications.

The global market was dominated by Europe, which accounted for 38.5% of market share in 2015 due to excessive demand for PV trackers in Spain, Italy, Germany, and Greece. Europe was followed by North America with strong PV tracker demand in the U.S. PV market is experiencing rapid growth due to its tremendous potential and continuously decreasing technology costs in the Middle East and Africa. Asia-Pacific is expected to witness large-scale installations over the forecast period thereby propelling product demand which is expected to enable the region to emerge as a key market over the forecast period.

SunPower and First Solar remained leading module producers in 2015, owing to their large ground-mount utility-scale pipeline. Major players of PV trackers market are AllEarth Renewables, Inc., Array Technologies, Inc., DEGERenergie GmbH, SunPower Corporation, Grupo Clavijo Elt SL, Titan Tracker SL, SmartTrak Solar Systems Pvt. Ltd., Powerway Renewable Energy Co., Ltd., Energia Ercam SL, Mecasolar Espana SL, First Solar, Inc., and Mechatron S.A. among others.


Frequently Asked 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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