Photovoltaic Tracking Bracket Market Report Overview
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The global photovoltaic tracking bracket market size expanded rapidly in 2022. As per our research, the market is expected to generate substantial revenue by 2031, exhibiting a high CAGR during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the photovoltaic tracking bracket market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
A photovoltaic (PV) tracking bracket is a device used in solar energy systems to maximize the amount of sunlight that reaches solar panels. It is designed to move the solar panels throughout the day to follow the movement of the sun and ensure that the solar panels are always facing directly towards the sun.
The PV tracking bracket consists of a frame that supports the solar panel and a motorized system that adjusts the angle of the solar panel. The motorized system is typically controlled by a computer that calculates the position of the sun in the sky based on the time of day and the location of the solar panel. There are two main types of PV tracking brackets: single-axis and dual-axis. Single axis tracking brackets move the solar panel in one direction, either east to west or north to south, depending on the orientation of the solar panel. Dual axis tracking brackets move the solar panel in both directions, allowing for more precise tracking of the sun's movement throughout the day.
COVID-19 Impact: The Disruption of the Supply Chain Had an Effect on Market Growth
The COVID-19 pandemic has had both positive and negative impacts on the photovoltaic tracking bracket industry. The pandemic has disrupted global supply chains, leading to shortages in the availability of some components needed to manufacture photovoltaic tracking brackets. Additionally, the economic impact of the pandemic has caused some companies to delay or cancel their investment in solar energy systems, which has also affected the demand for photovoltaic tracking brackets.
LATEST TRENDS
"Increasing Demand for Bifacial Solar Panels Will Propel Market Growth"
Bifacial solar panels are the latest trend in photovoltaic tracking brackets. Unlike traditional solar panels, which only generate electricity from one side, bifacial solar panels generate electricity from both sides, which allows them to capture more sunlight and generate more electricity. Bifacial solar panels are designed to work with photovoltaic tracking brackets, as the tracking brackets can adjust the angle of the solar panel to maximize the amount of sunlight it receives from both sides. This makes bifacial solar panels a perfect fit for solar energy systems that use photovoltaic tracking brackets.
Photovoltaic Tracking Bracket Market Segmentation
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- By Type Analysis
By type, the photovoltaic tracking bracket market is segmented into two-row component tracking and single-row component tracking.
The single-row component tracking segment will dominate the photovoltaic tracking bracket market in the coming years.
- By Application Analysis
Based on applications, the photovoltaic tracking bracket markets are commercial, residential, and industrial.
The industrial use segment will lead the global share through 2028.
DRIVING FACTORS
"Increasing Demand for Clean Energy Will Boost the Market Growth "
The increasing demand for clean energy sources, such as solar energy, is one of the primary driving factors for the photovoltaic tracking bracket market. As more individuals and businesses look to reduce their carbon footprint and energy costs, the demand for solar energy systems that use photovoltaic tracking brackets is expected to continue to grow.
"Advancements in Technology will Fuel Market Growth "
Advancements in technology have made photovoltaic tracking brackets more efficient, reliable, and cost-effective. For example, the use of advanced sensors and computer algorithms has made it possible to track the sun's movement with greater accuracy, which can improve the efficiency of solar energy systems that use photovoltaic tracking brackets. Governments around the world are introducing incentives and policies to encourage the adoption of solar energy systems.
RESTRAINING FACTORS
"High Initial Costs and Limited Availability Will Hinder Market Growth "
The photovoltaic tracking bracket market is the high initial cost of installation. Compared to traditional solar energy systems, systems that use photovoltaic tracking brackets can be more expensive to install, which can make them less attractive to consumers who are on a tight budget. Photovoltaic tracking brackets are a relatively new technology, and their availability can be limited in certain regions. This can make it difficult for consumers to find installers and suppliers, which can slow down the adoption of solar energy systems that use photovoltaic tracking brackets.
Photovoltaic Tracking Bracket Market Regional Insights
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"North America to Grow at the Highest Photovoltaic Tracking Bracket Market Share During the Forecast Period "
The North American region is a major market for photovoltaic tracking brackets, with the United States being the largest contributor to the market. The region has seen significant growth in solar energy installations, driven by government incentives, increasing awareness of climate change, and the need to reduce carbon emissions.
Europe is another significant market for photovoltaic tracking brackets, with countries like Germany and Spain leading the way in solar energy installations. The region has strong government support for renewable energy, which has helped to drive the growth of the photovoltaic tracking bracket market.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- NEXTracker (U.S.)
- GSC (China)
- FTC (U.S.)
- Arctech Solar (China)
- Huge Energy (China)
- Schletter Solar (Germany)
- Unirac (U.S.)
- Clenergy (China)
- Akcome (China)
- K2 Systems (Germany)
- Versolsolar(China)
- Renusol (Germany)
- Van der Valk Solar Systems (Netherland)
- JZNEE (China)
- GRENGY (France)
- Esdec (Nertherland)
- Xiamen Mibet New Energy (China)
- Suzhou Akcome Metal Technology (China)
- Nexttracker
- Jiangsu LEAD Aluminum Industry
REPORT COVERAGE
The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services, or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes several other factors that have contributed to recent photovoltaic tracking bracket market growth in some regions.
Frequently Asked Questions
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What are the key factors driving the photovoltaic tracking bracket market?
Increasing demand for clean energy is the driving factor of the photovoltaic tracking bracket market.
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What is the leading region in the photovoltaic tracking bracket market?
North America is the leading region for the photovoltaic tracking bracket market.
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What are the key players in the photovoltaic tracking bracket market?
NEXTracker, GSC, FTC, Arctech Solar, Huge Energy, Schletter Solar, Unirac are some of the leading players in the photovoltaic tracking bracket market.
