PV Trackers Market
PV Trackers Market Global Industry Assessment & Forecast
- By Product Fixed-tilt, Single-Axis, Dual-Axis
- By Application Residential, Commercial, Public Charging, Others
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||8.74 Billion|
|Revenue 2028:||22.11 Billion|
|Revenue CAGR (2021 - 2028):||12.3|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
The global PV Trackers market was valued at USD 8.74 Billion in 2020 and is projected to reach USD 22.11 Billion by 2028, growing at a CAGR of 12.3% from 2021 to 2028.
|Historical Data (Actual Data)||2016-2020|
|Base Year Data||2020|
|Current Year Date||2021|
|Projected year data||2021-2028|
|Annual Market Size (2028)||22.11 Billion|
|Annual Market Size (2021)|
|CAGR (2021 - 2028)||12.3%|
Overview and Description
A solar tracker enhances the production capacity of the solar panel system by aligning the solar panel along with the direction of sunlight. T
The global PV Trackers market is segmented based on products, applications, regions, and countries. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 with forecast from 2021 to 2028.
COVID-19 Impact Analysis
COVID-19 pandemic led to government of numerous countries across the globe to impose strict lockdown restrictions during the preliminary stages. In 2021, numerous countries faced the adverse effects of the pandemic due to the outbreak of second wave, which also led governments to again impose lockdown measures. Business shutdowns, partial business operations, and travel restrictions have led to challenges in supply chain and in turn production. However, it is expected that reopening of trade activities, the market will witness steady growth in the demand in the coming years. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.
The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:
o Impact Assessment of COVID-19 Pandemic
o Pre & Post COVID-19 Market Size
o Qualitative analysis on the short term & long term impact of COVID-19 on the market
o The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.
The increasing adoption of renewable sources for power generation in order to reduce carbon emissions is expected to fuel the growth of the PV trackers market in the years to come.
The upcoming advancements related to solar PV tracking systems along with supportive government policies and efforts to reduce reliance on fossil fuel-based power are expected to further drive the PV tracker market.
The high initial investments and lack of required infrastructure is expected to hamper the growth of the PV tracker market over the forecast period.
Global PV Trackers Market Report Scope
|Market Size Provided for Years||2016-2028|
|Market Size Provided In Terms Of||Revenue & Volume|
|Segments Covered||Product, Application|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Companies Covered||Convert Italia, Solar Steel, STi Norland, SunLink, NEXTracker, Arctech Solar, First Solar, Scorpius Trackers, SunPower, PV Hardware, Ideematec, Mahindra Susten, Grupo Clavijo, NClave, Soltec, Sun Action Trackers, Exosun.|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and Asia Pacific, company market share analysis, and COVID-19 impact analysis|
Global PV Trackers Market: Product Segment Analysis
Global PV Trackers Market: Application Segment Analysis
- Public Charging
Regional Analysis: Preview
Based on region, the global PV Trackers market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region led the market with the largest share in 2020. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea.
The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global PV Trackers market are Convert Italia, Solar Steel, STi Norland, SunLink, NEXTracker, Arctech Solar, First Solar, Scorpius Trackers, SunPower, PV Hardware, Ideematec, Mahindra Susten, Grupo Clavijo, NClave, Soltec, Sun Action Trackers, Exosun.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.
Market Size, 2021 (USD Billion)
Global PV Trackers Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
Key Highlights – Global PV Trackers Market
- Global PV Trackers Market is projected to reach USD 22.11 Billion by 2028
- Asia Pacific held the highest share of the PV Trackers market
- Fixed-tilt held the largest share of the product segment in the PV Trackers market
- Commercial held the major share of the application segment in the PV Trackers market
Frequently Asked Question
What is the global demand for PV Trackers in terms of revenue?
The global PV Trackers valued at 8.74 Billion in 2020 and is expected to reach 22.11 Billion in 2028 growing at a CAGR of 12.3%.
Which are the prominent players in the market?
The prominent players in the market are Convert Italia, Solar Steel, STi Norland, SunLink, NEXTracker, Arctech Solar, First Solar, Scorpius Trackers, SunPower, PV Hardware, Ideematec, Mahindra Susten, Grupo Clavijo, NClave, Soltec, Sun Action Trackers, Exosun..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 12.3% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
The driving factors of the PV Trackers include
- The increasing adoption of renewable sources for power generation in order to reduce carbon emissions is expected to fuel the growth of the PV trackers market in the years to come.
- The upcoming advancements related to solar PV tracking systems along with supportive government policies and efforts to reduce reliance on fossil fuel-based power are expected to further drive the PV tracker market.
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the PV Trackers in 2020.