PV Trackers Market

The global PV Trackers Market is valued at USD 2.1 Billion in 2022 and is projected to reach a value of USD 7.64 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 17.5% between 2023 and 2030.

Premium Insights

The increasing global demand for efficient and sustainable solar energy solutions is a significant market driver for the PV Trackers market. As the world moves towards cleaner energy sources, the demand for PV tracking systems rises because they play a crucial role in optimizing solar installations. PV tracking systems can align solar panels with the sun's path, maximizing energy capture and meeting growing energy needs. Additionally, government initiatives, favorable regulations, and financial incentives promoting renewable energy adoption contribute to the market's growth.

• The continuous advancement of tracking technology, such as smart tracking systems and compatibility with bifacial modules, further drives the PV tracking market, making it a key player in the global shift towards sustainable and efficient solar power generation
• North America generated more than 35.8% of revenue share in 2022
• Asia Pacific is expected to grow at the quickest rate from 2023 to 2030
• Dual-Axis segment accounted for the largest market growth of 51.2% in 2022
• Utility segment accounts for the most significant market share of 84.6% in 2022

Economic Insights

The PV Trackers market is experiencing continuous growth and attracting investments, reflecting a positive economic outlook. This expansion is fueled by the global focus on renewable energy, leading to substantial investments in solar infrastructure. With increasing demand for solar energy, the PV tracking market exhibits resilience and the potential for economic success. Governments and businesses are actively promoting the use of photovoltaic tracking systems, which creates jobs and stimulates the economy as they recognize the long-term advantages of solar power. Alongside technological advancements and the scalability of large-scale solar projects, the PV tracking market plays a crucial role in achieving sustainable and economically viable energy solutions.

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Top Market Trends

• Single-Axis and Dual-Axis Tracking Systems: There is an increase in using both single-axis and dual-axis solar tracking systems. Dual-axis trackers, known for their capability to track the sun's movement both horizontally and vertically, were gaining popularity due to their effectiveness in maximizing energy capture.
• Increased Efficiency and Energy Output: Efforts were consistently being made to improve the effectiveness of PV Trackerss in order to raise energy output. Innovations in the algorithms for tracking, as well as advancements in sensor technologies and control systems, were aimed at maximizing the alignment between solar panels and the sun throughout the day.
• Bifacial Module Compatibility: The popularity of PV Trackerss compatible with bifacial solar modules was increasing. These modules have the ability to collect sunlight from both their front and rear sides, and PV Trackers specifically engineered for them were becoming more common in the market.
• Smart and Connected Tracking Systems: The incorporation of smart technologies and data analytics into PV tracking systems was an emerging trend. By utilizing real-time data and predictive analytics, smart trackers were able to enhance the positioning of solar panels, thus enhancing the overall efficiency of the system.
• Growing Utility-Scale Installations: There was a growing trend in the PV Trackers market as utility-scale solar installations were on the rise. The demand for efficient and reliable tracking systems to maximize energy production was predominantly driven by large-scale solar projects, particularly in areas with abundant solar potential.

Market Segmentation

PV Trackers The global PV Trackers market can be categorized into Type, Application , Region. The PV Trackers market can be categorized into Single-Axis, Dual-Axis based on Type. The PV Trackers market can be categorized into Utility, Non-utility based on Application . The PV Trackers market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Type

Dual-Axis holds the largest share

Dual-Axis plays a crucial role in the PV Trackers market, holding the largest share because dual-axis trackers, which are well-known for their capability to track the sun's movement in both horizontal and vertical directions, are becoming increasingly popular as they are able to greatly enhance the capture of energy throughout the day. This leadership in the field is due to their ability to generate more energy, their compatibility with bifacial solar panels, their adaptability to difficult conditions, and their suitability for use in areas with high solar radiation. Moreover, continuous technological improvements also add to the attractiveness of dual-axis trackers, manifesting a strategic reaction to the rising requirement for effective and high-performing solar tracking solutions in the renewable energy industry.

Based on Application

Utility accounts for largest market share

The largest market share in the PV Trackers market is currently held by utility-scale applications. These applications involve large-scale solar farms and projects that supply power to the grid. The demand for PV Trackerss in these utility-scale settings is driven by their inherent advantages. PV Trackerss are particularly well-suited for utility applications due to their scalability, cost-effectiveness, and efficiency gains.

Based on Region

North America will lead the market

The PV Trackers market in North America has the largest market share due to various factors, such as a strong focus on renewable energy sources, supportive government policies, and a growing emphasis on sustainability. North America has witnessed substantial investments in solar energy projects, especially in the utility-scale sector, resulting in increased demand for efficient PV tracking systems to optimize energy production. The region's favorable regulatory climates, financial incentives, and dedication to reducing carbon emissions all contribute to its prominence in the PV Trackerss market.

Competitive Landscape

The PV Trackers market is highly competitive and constant advancements as companies strategically position themselves to take advantage of the growing demand for solar energy solutions. Leading players are focusing on innovative tracking technology, such as smart and connected systems, to improve system efficiency and energy output. Dual-axis tracking systems are particularly popular, demonstrating a preference for advanced tracking capabilities.

The players in the global PV Trackers market include 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. among others.

Recent Market Developments

• 2023: Spain's Gransolar Group, a renowned solar PV Trackers manufacturer, known as PV Hardware (PVH), has announced its intentions to construct the biggest solar tracker factory globally in Valencia, Spain. By doing so, the company aims to augment its global manufacturing and supply capacity to 25 GW annually.

Segmentation of the Global PV Trackers Market