PV Trackers Market

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.

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 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.

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.

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

• 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