Global PV Trackers Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global PV Trackers Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global PV Trackers market finds that the global PV Trackers market reached a value of USD 8119.48 million in 2022. It’s expected that the market will achieve USD 42086.26 million by 2028, exhibiting a CAGR of 31.55% during the forecast period.

Influence of COVID-19 Outbreak on PV Trackers Industry Development

The impact of the epidemic on the PV Trackers industry is mainly reflected in the supply of raw materials and industry operations. Affected by COVID-19, logistics will be suspended, and the supply of raw materials for PV Trackers will be tight. Production was stagnant, the company's inventory increased, and the production of related enterprises in the severely affected areas was greatly affected. The short-term epidemic has less impact on the supply of raw materials for enterprises, mainly consuming stock materials, and the long-term epidemic will cause incalculable losses.

On the demand side, the epidemic has delayed bidding for PV projects in several countries. For example: Middle East: bidding for the 1.5GW Al-Dhafra PV project in Abu Dhabi has been postponed due to restrictions on public gatherings in the UAE. Portugal: the first solar auction scheduled for late March 2020 will be postponed until the COVID-19 crisis abates, with a capacity of 700MW; Brazil: the bidding of PV projects will be postponed indefinitely, the Ministry of Energy announced in a decision that Brazil will postpone indefinitely the auction of a number of solar projects, including Renewable energy bids (A-4) and non-renewable energy bids (A-6). The move has hit nearly 800 bids for solar projects in the A-4 auction.

The impact of the epidemic on the manufacturing or logistics side has caused the construction of the power station to start later than expected, which may disturb the company's original plan for grid connection. However, the postponed projects are all established projects, therefore, during the epidemic, the demand for PV Trackers will not change much.

Strength

Many governments have been raising awareness about the benefits and requirements of green energy to reduce carbon emissions. PV Trackers are widely used in various applications such as utility and non-utility solar PV plants. Government incentive schemes and feed-in tariff subsidies are expected to drive the market in the coming years. This is expected to be one of the major drivers that are likely to increase sales in the global PV Trackers market.

Large and large key market players have started investing huge amounts of money in this industry. This will also have a positive impact on the global market.

Weakness

Solar PV Trackers are slightly more expensive than fixed trackers due to the more complex technology and the moving parts required to operate them. Also, PV Trackers usually require some routine maintenance, so this will cost more in maintenance as well as time.

PV Trackers are more complex systems than fixed racks. This means that more site preparation is usually required, including additional trenching for wiring and some additional sloping.

Single-axis tracker projects also require additional attention to company stability and financeability. These systems are even more complex when it comes to project financing, so from a financier's perspective, this is seen as a higher risk.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

NEXTracker, Array Technologies, PV Hardware, Soltec and Arctech Solar are the five key players in the global PV Trackers market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global PV Trackers market in the past 5 years.

Nextracker, a Flex company, provides intelligent solar tracker solutions for utility-scale and distributed generation projects that transform PV plant performance with advanced data monitoring and control software and global services.

Array Technologies, Inc. designs and manufactures solar tracking systems. The Company offers solar tracking equipment to utilities, corporations, small businesses, and homeowners. Array Technologies serves customers worldwide.

Segmentation Overview:

Among different product types, Single-Axis segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Utilities segment occupied the biggest share from 2018 to 2022.

Key Companies in the global PV Trackers market covered in Chapter 3:

STi Norland
Sun Action Trackers
PV Hardware
NClave
Solar Steel
Convert Italia
Arctech Solar
SunPower
GameChange Solar
Array Technologies
Soltec
NEXTracker
Ideematec

In Chapter 4 and Chapter 14.2, on the basis of types, the PV Trackers market from 2018 to 2029 is primarily split into:

Single-Axis
Dual-Axis

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the PV Trackers market from 2018 to 2029 covers:

Residential
Commercial
Utilities

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)