Photovoltaic (PV) Tracker Market to Expand Their Businesses $3,682.2 mn in 2021

Photovoltaic (PV) Tracker Market to Expand Their Businesses $3,682.2 mn in 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.

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.

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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.

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 non utility applications.

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. Asia-Pacific is expected to witness large-scale installations over the forecast period thereby propelling product demand which is expected to enable the region to emerge as a key market over the forecast period.

SunPower and First Solar remained leading module producers in 2015, owing to their large ground-mount utility-scale pipeline. Major players of PV trackers market are 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.