Photovoltaic (PV) Tracker Market Size, Share, Growth, Trends, and Forecast 2032

Photovoltaic (PV) Tracker Market Insights

According to Zion Market Research, the global Photovoltaic (PV) Tracker Market was worth USD 1.78 Billion in 2023. The market is forecast to reach USD 6.38 Billion by 2032, growing at a compound annual growth rate (CAGR) of 15.2% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Photovoltaic (PV) Tracker Market industry over the next decade.

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Photovoltaic (PV) Tracker Market: Overview

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.

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.

Photovoltaic (PV) Tracker Market: 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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Photovoltaic (PV) Tracker Market: 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.

Photovoltaic (PV) Tracker Market: 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.

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Photovoltaic (PV) Tracker Market: Competitive Landscape

The key companies operating in the Photovoltaic (PV) Tracker market include

• SunPower Corporation
• SmartTrak Solar Systems Pvt. Ltd.
• Mechatron S.A.
• Powerway Renewable Energy Company Limited 
• among others.

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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