Exploring Growth Potential: Global Photovoltaic (PV) Tracker Market Analysis

Photovoltaic panel is a device which converts light into electric potential. PV tracker is a device that increases the energy production by orienting photovoltaic panels toward the sun to harness more sunlight. PV tracker has more advanced technology for mounting photovoltaic panels which hold these panels in a fixed position, when the sun passes to a less-than-optimal angle for maximizing the output. The photovoltaic systems are easy to install, safe and reliable. It helps to deliver safe, affordable and decentralized electrical energy to the residential and commercial organizations.

Global Photovoltaic (PV) Tracker Market Size Analysis

The Global Photovoltaic (PV) Tracker Market was valued at 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. The major drivers of the PV tracker market are rising demand from commercial and residential applications, as well as rising electricity costs. However, more land or space is required than for fixed panels because tracker movements affect neighbouring panels by casting shadows that limit market growth. As a result, if the necessary technical infrastructure is not in place, a large number of PVs may have a negative impact on output. Maintenance of PV trackers is another challenge for residential and commercial organisations. Nonetheless, a government incentive scheme and feed-in-tariffs (FIT) are anticipated to fuel the PV tracker market in the future.

The study provides a decisive view on the PV tracker market by segmenting the market on the basis of product, technology, application, and regional segment. On the basis of product, the PV market is fragmented into dual-axis and single-axis systems. Single axis is less expensive than double axis. Therefore, single axes are widely used for residential and commercial applications. On the basis of technology, the market is bifurcated into photovoltaic (PV), concentrated photovoltaic (CPV), and concentrated solar thermal (CSP). A PV tracker is used to minimise the angle of incidence between a photovoltaic panel and the incoming sunlight. Key application segments of the PV tracker market are utility and non-utility. In 2015, the mobile segment captured the majority of the overall market share.

The major reason for the high demand for PV trackers in the utility segment is their cost-effectiveness as compared to non-utility applications. The PV tracker can be divided into North America, Europe, Asia Pacific, and Middle and East Africa. The PV market is anticipated to grow at the fastest pace in Asia Pacific, mainly in China and India.

Major companies profiled in this study include Sun Power Corporation, Wuxi Hao Solar Technology Co. Ltd., Trina Solar, S.A., AllEarth Renewables, Inc., Array Technologies, Inc., SmartTrak Solar Systems Pvt. Ltd., Suntech power, Sharp corporation, Grupo Clavijo Elt SL, Soitec, Optimum Tracker Titan Tracker SL, Powerway Renewable Energy Co., Ltd., Energia Ercam SL, Mecasola, Yingli solar, Mechatron S.A., and CM Tracker among others.

Browse the full "Photovoltaic (PV) Tracker Market for Utility and NonUtility Applications - Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021" report at https://www.zionmarketresearch.com/report/photovoltaic-pv-tracker-market

PV Tracker Market: Product Segment Analysis

• Single Axis
• Dual Axis

PV Tracker Market: Technology Segment Analysis

• Solar Photovoltaic (PV)
• Concentrated  Photovoltaic (CPV)
• Concentrated Solar Thermal (CSP)

PV Tracker Market: Application Segment Analysis

• Utility
• Non-utility

PV Tracker Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • Germany
  • France
  • UK
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa

Browse press release at https://www.zionmarketresearch.com/news/global-photovoltaic-pv-tracker-market

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