Expanding Solar PV Tracker Market
The solar PV tracker market is poised to experience a substantial upswing, with an anticipated increase of USD 9.7 billion between 2022 and 2027. According to Technavio, this growth will be characterized by a Compound Annual Growth Rate (CAGR) of 18.1% during the forecast period.
North America is positioned as a key contributor, accounting for 32% of the market growth. The United States, Canada, and Brazil are significant players fostering the expansion of the solar PV tracker market in the region.
Market Landscape and Competition
The solar PV tracker market exhibits fragmentation due to the presence of numerous global and regional players. It encompasses category-focused, industry-focused, and diversified vendors, creating a competitive landscape.
Major companies influencing the market include 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.
Offerings and Solutions
- Abengoa SA: Specializing in single-axis trackers, Abengoa SA provides solutions for various electricity generation sectors, including wind farms, solar thermal, and photovoltaic plants.
- All Earth Renewables: Known for dual-axis solar trackers, this company contributes to the market’s diversity in tracker offerings.
Market Segmentation
The single-axis tracker segment is set to witness significant growth during the forecast period. Single-axis trackers, with their unique ability to follow the sun’s movement, enhance energy generation capacity by precisely aligning solar panels.
North America’s 32% contribution to global market growth highlights its significance. Factors such as the U.S., Canada, and Brazil’s involvement contribute significantly to the solar PV tracker market’s expansion in the region.
Revolutionizing the Solar Industry
The Solar PV Tracker market is driving innovation in solar energy capture through advanced tracking technologies, including single-axis and dual-axis trackers. These systems optimize solar power generation by precisely aligning solar panels with the sun’s movement throughout the day.
Integrated with solar tracking controllers, motors, sensors, and software, these trackers play a pivotal role in utility-scale and distributed solar projects. The mechanism, including actuators and algorithms, ensures optimal performance in solar module deployment and maintenance.
In conclusion, the Solar PV Tracker market’s growth signifies a transformative shift in the solar industry, fostering efficiency and sustainability in renewable energy generation.
Source：prnewswire.com
