Home >> Business >> Global Photovoltaic (PV) Tracker Market worth USD 3,682.2 million & CAGR of 18.63% in 2021

Global Photovoltaic (PV) Tracker Market worth USD 3,682.2 million & CAGR of 18.63% in 2021

Zion Research has published a new report titled “PV Tracker Market for Utility and NonUtility Applications – Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021.” According to the report, global PV Tracker Market was valued at around USD 1,328.2 million in 2015 and is expected to reach USD 3,682.2 million in 2021, growing at a CAGR of 18.63% between 2016 and 2021. Global photovoltaic tracker market’s installed capacity stood at 1,310.7 MW in 2015.

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Photovoltaic (PV) Tracker Market
Photovoltaic (PV) Tracker Market

Photovoltaic (PV) is a method of converting solar energy into utilizable electricity. PVs typically make use of semiconductors that exhibit the photovoltaic effect. More than 80% of PV installations involve the use of tracking systems. Trackers are devices which enable PV modules to remain in the best position to accumulate maximum energy from the sun. These trackers are installed in residential, commercial and utility-scale solar projects. PV tracker value chain consists of raw materials, tracking components, PV tracker manufacturers, distribution and supply channels and end- users.

Solar panels using tracking systems require much more land than the fixed panels. The movement of trackers affects the neighboring panel by creating shadows so they must be spaced appropriately. For instance, a typically fixed system requires land ranging from 1.6 to 2.4 ha/MW while a single axis tracker requires between 1.8 and 3.0 ha/MW. Increased costs of electricity on account of depleting non-renewable sources are expected to boost the market for PV installation systems in households as well as commercially. Thus, growing demand for PV systems, in turn, propels demand for PV trackers.

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 nonutility applications.

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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.

Many manufacturers are expanding their business internationally and seeking more sales opportunities. These manufacturers modify their business strategy and products based on the local latitudes, weather conditions, and the local government framework for feed-in tariffs or subsidies. Due to involvement in the large OCI Solar Power PV project in Texas, Sun Action Trackers emerged as one of the leading dual-axis tracker suppliers in 2015.

Key players operative in this market include Wuxi Hao Solar Technology Co. Ltd., Abengoa Solar, S.A., 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.

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The report segments the global photovoltaic tracker market into:

Global Photovoltaic Tracker Market: Application Segment Analysis

  • Utility
  • Non-utility

Global Photovoltaic Tracker Market: Regional Segment Analysis

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

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