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NEW YORK , Jan. 15, 2024 /PRNewswire/ -- The solar PV tracker market is expected to grow by USD 9.7 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 18.1% during the forecast period. North America will account for 32% of the market growth. The market share growth by the single axis tracker segment will be significant during the forecast period. Sustainable Development
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Solar PV Tracker Market 2023-2027: Company Analysis
The solar PV tracker market is fragmented due to the presence of many global and regional players. The market comprises category-focused, industry-focused, and diversified vendors. The global off-grid solar PV tracker market is expected to grow rapidly during the forecast period due to the Rise in investments in renewable energy. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the market's competitive landscape and offers information on several market companies. Abengoa SA, All Earth Renewables, ArcelorMittal, Arctech Solar Holding Co Ltd, Array Technologies Inc., First Solar Inc., Flex Ltd., GameChange Solar, Grupo Gransolar SL, Hanwha Corp., Haosolar Co. Ltd., IDEEMATEC Germany GmbH, Mahindra and Mahindra Ltd., NOV Inc., Scorpius Trackers Pvt. Ltd., Soltec Energias Renovables SL, Sun Action Trackers, SunPower Corp., Trina Solar Co. Ltd., and Valmont Industries Inc.
Major Companies and Key offering:
Abengoa SA: The company offers solar PV tracker such as single axis tracker. Also, the company offers solutions for the electricity generation sector with open cycle technologies, combined cycles, cogeneration, wind farms, solar thermal and photovoltaic plants, and biomass plants.
All Earth Renewables: The company offers solar PV tracker such as dual axis solar tracker.
Solar PV Tracker Market 2023-2027: Segmentation Analysis
The market share growth by the single axis tracker segment is significant during the forecast period. Single-axis trackers possess a singular axis of rotation, typically aligned in the North-South direction. The primary benefit of these trackers lies in their ability to follow the sun's movement across the sky, thereby enhancing the energy generation capacity of the solar panels.
North America accounts for 32% to the growth of the global market during the forecast period. The US, Canada , and Brazil , among other countries, contribute significantly to the growth of the solar PV tracker market in the region. Hence, such factors are driving the market growth in North America .
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Imperative Insights on the following aspects:
The Solar PV Tracker market is revolutionizing the solar industry by enhancing the efficiency of photovoltaic tracking systems. Utilizing advanced solar tracking technology, including single-axis and dual-axis trackers, these systems optimize solar energy capture. Integrated with solar tracking controllers, motors, sensors, and software, they precisely align solar panels towards the sun throughout the day. This sun tracking system boosts solar power generation, making it a pivotal component in both utility-scale and distributed solar projects. The tracker's mechanism, including actuators and algorithms, is crucial for concentrated solar power (CSP) and standard solar arrays. With an emphasis on energy efficiency, the Solar PV Tracker market addresses the growing demand for renewable energy, ensuring optimal performance in solar module deployment, tracker installation, and maintenance.
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Drivers, Challenges, & Trends
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com
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