Solar Pv Tracker Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032

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Market Snapshot

CAGR:8.72
2023
2032

Source: Market Expertz

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Study Period 2019-2032
Base Year 2023
Forcast Year 2023-2032
CAGR 8.72
Energy & Power-companies
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Report Overview

Solar PV Tracker Market Analysis By Application (Utility-Scale, Commercial & Industrial, Residential), By Type (Single-Axis, Dual-Axis), and By Region Forecast to 2032:

The Solar PV Tracker Market is projected to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 6.85% between 2022 and 2032. This growth is expected to result in an estimated increase of USD 9,876.54 million in market size. The expansion of this market is influenced by several key factors, including the increasing adoption of solar energy for power generation, the need for enhanced energy efficiency, and the growing focus on renewable energy sources to combat climate change. Solar PV trackers play a crucial role in optimizing solar panel performance by following the sun's path.

Solar PV Tracker Market Overview:

Drivers:

One of the primary drivers fueling the growth of the Solar PV Tracker Market is the rising demand for solar energy, particularly in utility-scale projects. Solar photovoltaic (PV) trackers significantly improve the energy yield of solar panels by orienting them to capture maximum sunlight throughout the day. This increased efficiency is attractive to utility-scale solar farms and contributes to a higher return on investment.

Furthermore, environmental concerns and the need to reduce greenhouse gas emissions are driving the adoption of renewable energy sources. Solar PV trackers enhance the overall efficiency of solar power generation, making solar energy a more sustainable and attractive option for both residential and commercial applications.

Trends:

An emerging trend in the Solar PV Tracker Market is the use of dual-axis trackers. Dual-axis trackers have the capability to follow the sun's movement not only horizontally but also vertically. This enables solar panels to capture sunlight from various angles, resulting in even higher energy yields. Dual-axis trackers are particularly suitable for regions with variable sun angles throughout the day.

Moreover, advancements in tracking technology, including the integration of artificial intelligence and IoT sensors, are contributing to the optimization of solar panel performance. Smart trackers can adjust panel angles in real-time based on weather conditions and sun positioning, further increasing energy production.

Restraints:

One of the key challenges hindering the growth of the Solar PV Tracker Market is the initial investment cost. While solar PV trackers offer long-term benefits in terms of energy generation, their upfront installation costs can be a barrier for some residential and commercial customers.

Additionally, maintenance and operational costs associated with solar PV trackers can be a restraint. Regular maintenance is essential to ensure proper functioning and longevity, which may pose challenges for some users.

Solar PV Tracker Market Segmentation By Application:

  • Utility-Scale: Utility-scale solar PV tracker installations are expected to witness substantial growth. Large-scale solar farms and power plants benefit significantly from solar trackers to maximize energy generation.
  • Commercial & Industrial: Commercial and industrial facilities are increasingly adopting solar PV trackers to reduce energy costs and enhance sustainability. These systems are suitable for a wide range of applications, including manufacturing plants, warehouses, and commercial buildings.
  • Residential: Residential solar PV tracker installations are growing, driven by homeowners' interest in reducing energy bills and their carbon footprint. These trackers are typically smaller in scale and designed for residential rooftops.

Solar PV Tracker Market Segmentation By Type:

  • Single-Axis: Single-axis solar PV trackers follow the sun's path on one axis (typically east-west). They are cost-effective and offer improved energy generation compared to fixed solar panels.
  • Dual-Axis: Dual-axis solar PV trackers follow the sun's movement on both horizontal and vertical axes. They provide the highest energy yield but come at a higher cost. They are ideal for regions with variable sun angles.

Regional Overview:


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North America is poised to be a key contributor to the global Solar PV Tracker Market, accounting for approximately 35% of the market's growth during the forecast period. The region's focus on renewable energy and policies promoting solar power adoption drive the demand for solar PV trackers.

Europe also plays a significant role in the market, with countries like Germany and Spain leading in solar PV installations. The European Union's commitment to clean energy further supports market growth.

Solar PV Tracker Market Customer Landscape:

The Solar PV Tracker Market report encompasses the customer adoption lifecycle, ranging from early adopters to mainstream users. It delves into adoption rates across different regions based on penetration and includes key purchase criteria and price sensitivity drivers to assist companies in formulating effective growth strategies.

Major Solar PV Tracker Market Companies:

Companies in the Solar PV Tracker Market are employing diverse strategies such as partnerships, mergers, acquisitions, geographic expansion, and product/service launches to strengthen their market presence.

Example companies include:

  1. First Solar, Inc.: First Solar offers a range of solar PV tracking solutions for utility-scale projects. Their advanced trackers are designed to maximize energy yield and reduce installation and maintenance costs.
  2. Array Technologies, Inc.: Array Technologies is a leading provider of solar tracking solutions. Their trackers are known for their durability and adaptability to various environmental conditions.
  3. NEXTracker, Inc.: NEXTracker specializes in single-axis and dual-axis solar trackers. They focus on smart tracking technology to improve solar panel performance.

The competitive landscape analysis in the report provides insights into 20 key market players, including:

  • Soltec
  • Arctech Solar
  • Abengoa Solar
  • Mahindra Susten Pvt. Ltd.
  • Convert Italia S.p.A.
  • PV Hardware
  • Scorpius Trackers Pvt. Ltd.
  • Solar Steel
  • Sun Action Trackers
  • STi Norland

Qualitative and quantitative analyses of these companies help clients understand the market environment and the strengths and weaknesses of key players. Companies are categorized based on focus, dominance, and strength.

Segment Overview:

The Solar PV Tracker Market report forecasts revenue growth at global, regional, and country levels and offers an analysis of trends and growth opportunities from 2019 to 2032.

  • Application Outlook (USD Million, 2019 - 2032):
    • Utility-Scale
    • Commercial & Industrial
    • Residential
  • Type Outlook (USD Million, 2019 - 2032):
    • Single-Axis
    • Dual-Axis
  • Geography Outlook (USD Million, 2019 - 2032):
    • North America
      • United States
      • Canada
    • Europe
      • United Kingdom
      • Germany
      • Spain
      • Rest of Europe
    • Asia-Pacific
      • China
      • India
      • Japan
      • Rest of Asia-Pacific
    • Latin America
      • Brazil
      • Mexico
    • Middle East & Africa
      • United Arab Emirates
      • South Africa
      • Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL SOLAR PV TRACKER MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. SOLAR PV TRACKER MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Solar PV Tracker Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

    4.5.1. Power Of Suppliers

    4.5.2. Power Of Buyers

    4.5.3. Threat Of Substitutes

    4.5.4. Threat Of New Entrants

    4.5.5. Competitive Rivalry

Chapter 5. SOLAR PV TRACKER MARKET BY Tracking Type INSIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2. Fixed-Tilt

    5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3. Single Axis

    5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.4. Dual-Axis

    5.4.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.4.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. SOLAR PV TRACKER MARKET BY Drive Systems INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2. Active Systems

    6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3. Passive Systems

    6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. SOLAR PV TRACKER MARKET REGIONAL OUTLOOK

7.1. Solar PV Tracker Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

    7.2.1. North America Solar PV Tracker Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.2. North America Solar PV Tracker Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.3. North America Solar PV Tracker Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.4. North America Solar PV Tracker Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

    7.2.5.1. U.S. Solar PV Tracker Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.5.2. U.S. Solar PV Tracker Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.5.3. U.S. Solar PV Tracker Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.5.4. U.S. Solar PV Tracker Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

    7.2.6.1. Canada Solar PV Tracker Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.6.2. Canada Solar PV Tracker Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.6.3. Canada Solar PV Tracker Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.6.4. Canada Solar PV Tracker Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

    7.3.1. Europe Solar PV Tracker Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.2. Europe Solar PV Tracker Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.3. Europe Solar PV Tracker Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.4. Europe Solar PV Tracker Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

    7.3.5.1. Germany Solar PV Tracker Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.5.2. Germany Solar PV Tracker Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.5.3. Germany Solar PV Tracker Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.5.4. Germany Solar PV Tracker Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

    7.3.6.1. France Solar PV Tracker Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.6.2. France Solar PV Tracker Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.6.3. France Solar PV Tracker Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.6.4. France Solar PV Tracker Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

    7.3.7.1. U.K. Solar PV Tracker Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.7.2. U.K. Solar PV Tracker Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.7.3. U.K. Solar PV Tracker Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.7.4. U.K. Solar PV Tracker Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

    7.4.1. Asia Pacific Solar PV Tracker Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.2. Asia Pacific Solar PV Tracker Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.3. Asia Pacific Solar PV Tracker Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.4. Asia Pacific Solar PV Tracker Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

 7.4.5. CHINA

     7.4.5.1. China Solar PV Tracker Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.5.2. China Solar PV Tracker Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.5.3. China Solar PV Tracker Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.5.4. China Solar PV Tracker Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

     7.4.6.1. India Solar PV Tracker Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.6.2. India Solar PV Tracker Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.6.3. India Solar PV Tracker Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.6.4. India Solar PV Tracker Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

     7.4.7.1. Japan Solar PV Tracker Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.7.2. Japan Solar PV Tracker Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.7.3. Japan Solar PV Tracker Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.7.4. Japan Solar PV Tracker Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

    7.4.8.1. Australia Solar PV Tracker Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.8.2. Australia Solar PV Tracker Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.8.3. Australia Solar PV Tracker Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.8.4. Australia Solar PV Tracker Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

    7.5.1. Mea Solar PV Tracker Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.5.2. Mea Solar PV Tracker Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.5.3. Mea Solar PV Tracker Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.5.4. Mea Solar PV Tracker Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

     7.6.1. Latin America Solar PV Tracker Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.6.2. Latin America Solar PV Tracker Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.6.3. Latin America Solar PV Tracker Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.6.4. Latin America Solar PV Tracker Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

    7.6.5. Latin America Solar PV Tracker Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

    8.2.1. New Product Launches

    8.2.2. Investment & Expansion

    8.2.3. Acquisitions

    8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

     8.3.1. North American Suppliers

     8.3.2. European Suppliers

     8.3.3. Asia-Pacific Suppliers

     8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1. Arctech Solar (India)

    9.1.1. Company Overview

    9.1.2. Financial Performance

    9.1.3. Product Insights

    9.1.4. Strategic Initiatives

9.2. Convert Italia (Italy)

    9.2.1. Company Overview

    9.2.2. Financial Performance

    9.2.3. Product Insights

    9.2.4. Strategic Initiatives

9.3. Exosun (U.S.)

    9.3.1. Company Overview

    9.3.2. Financial Performance

    9.3.3. Product Insights

    9.3.4. Strategic Initiatives

9.4. First Solar (U.S.)

    9.4.1. Company Overview

    9.4.2. Financial Performance

    9.4.3. Product Insights

    9.4.4. Strategic Initiatives

9.5. Grupo Clavijo (Spain)

    9.5.1. Company Overview

    9.5.2. Financial Performance

    9.5.3. Product Insights

    9.5.4. Strategic Initiatives

9.6. Ideematec (Germany)

    9.6.1. Company Overview

    9.6.2. Financial Performance

    9.6.3. Product Insights

    9.6.4. Strategic Initiatives

9.7. Mahindra Susten (India)

    9.7.1. Company Overview

    9.7.2. Financial Performance

    9.7.3. Product Insights

    9.7.4. Strategic Initiatives

9.8. NClave (Spain)

    9.8.1. Company Overview

    9.8.2. Financial Performance

    9.8.3. Product Insights

    9.8.4. Strategic Initiatives

9.9. NEXTracker (U.S.)

    9.9.1. Company Overview

    9.9.2. Financial Performance

    9.9.3. Product Insights

    9.9.4. Strategic Initiatives

9.10. PV Hardware (U.S.)

    9.10.1. Company Overview

    9.10.2. Financial Performance

    9.10.3. Product Insights

    9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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