Solar PV Tracker Market Size, Share, Growth, And Industry Analysis, By Type (Solar Photovoltaic (PV), Concentrated Solar Power (CSP), By Application (Utility, Commercial, Residential), Regional Forecast By 2031

Solar PV Tracker Market Report Overview

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The global Solar PV Tracker Market size was valued at USD 1344.28 million in 2021 & the market is expected to reach USD 5408.9 million by 2031, exhibiting a CAGR expansion of 14.94% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the Solar PV Tracker 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.

To get the most productive results one should move in the correct direction and to get the most productive results from the solar panels, solar PV tracker is used. It makes sure that the solar panel absorbs the most sunlight by placing at correct direction. This ensures the maximum output provided. Another good thing about the installation of the Solar PV tracker is that the cost of production is reduced by nearly 20 to 30 percent. The world is running today but everyone wants to save and solar PV tracker helps in saving the money and also reduces the emission of greenhouse gases in the environment. 

People today want to make their lives more sorted and smooth. The Solar PV Tracker Market is growing because the trend of saving electricity bill is been there which is fostering the market. The positive influence in the market is because solar PV trackers are simply a solution for several issues. The Solar PV Tracker Market was affected by the pandemic but post-pandemic there has been an increase in its demand. This is primarily because of the inclination of industries towards using it due to favorable government regulations.

COVID-19 Impact: FACED A NEGATIVE TREND DUE TO FALL IN PRODUCTION 

There was not a single sector that was unaffected by COVID-19. The Solar PV Tracker Market was disturbed as well. The COVID-19 pandemic did affect the production process of solar PV trackers. Everyone rushed to their homes and hence there was a deficiency of labor. Along with insufficient labor supply, the regulations were also not encouraging.  As a consequence, there was a fall in demand as well during the pandemic. 

Latest Trends

"RISE IN THE NUMBER OF INSTALLATIONS OF SOLAR PV TO MINIMIZE ELECTRICITY BILLS"

Nowadays, everything is becoming more expensive, and the expenditure of the people has increased more than the increase in their income. This calls for a way through which people can save even after fulfilling their needs. In such a race to save, Solar PV installation is an easy alternative. This makes it easier to save money. The usage of solar alternatives reduces greenhouse emissions in the environment and hence it is an eco-friendly option as well. The recent rise in demand for solar PV installations has boosted the solar PV tracker market as well. The Solar PV Tracker Market is as dynamic as any other market. In the market, there is everyday development to add more benefits to it.  

Solar PV Tracker Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Solar Photovoltaic (PV) and Concentrated Solar Power (CSP).

 In terms of services, Solar Photovoltaic (PV) is the largest segment, as it holds the maximum share of the market.

• By Application Analysis

Based on application, the market can be divided into Utility, Commercial, & Residential.

Driving Factors

"THE RISING DEMAND FOR ECO FRIENDLY PRODUCTS HAS INCREASED THE DEMAND IN THE MARKET "

The Solar PV Tracker Market has witnessed massive growth because of several factors but the prime factor promoting the Solar PV Tracker Market growth involves the rising demand for solar products. There is a new trend in the market to adopt the usage of eco - friendly products to control the greenhouse gas emissions in the environment. The shift to using such products is due to the spread of awareness about the harmful effects of products used in the production process. 

"FAVORABLE GOVERNMENT REGULATION INFLUENCES THE DEMAND IN THE MARKET"

The developing nations are focusing on meeting the increasing the demand for the power but through renewable resources. This in turn has led to an increase in the number of adoption of solar PV trackers. The government in encouraging the adoption of environment friendly devices in the production process of the industries and hence has laid beneficiary regulations for the adoption of solar PV trackers as well Hence there is a positive impact on the Solar PV Tracker Market growth. 

Restraining Factors

"THE INCREASED PRICES HAVE LED TO A DECLINING TREND IN THE MARKET "

It is quite a known fact that the installation price of solar PV trackers is a little more expensive than normal alternatives. The first burden comes as the installation charges of the solar PV trackers and it does not end there because then comes the high maintenance charges as well. Such high expenditure restrains the solar PV tracker market growth. Even when there is an improvement in the standard of living of people and the increased profit margins of the industries, they sometimes do not find it worth spending more on solar PV trackers.  

Solar PV Tracker Market Regional Insights

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"NORTH-AMERICA REGION DOMINATES THE MARKET DUE TO THE ABUNDANCE OF CUSTOMERS OF THE TRACKER IN THIS REGION "

North-America region holds the dominant Solar PV Tracker Market share in the global market. This is because of various factors. One of the primary factors is that this region has an abundance of customers of solar PV trackers. For more than half of the big projects that required solar energy as an input, the solar PV tracker was used. Also, industrialists of this region are inclined to it because of the several cost-effective benefits it comes with.  Also, companies in this region have brought solar PV trackers to increase their goodwill in the market as it is an environment-friendly initiative. 

Key Industry Players

"KEY PLAYERS FOCUS ON INNOVATIONS AND COLLABORATIONS "

The key players have noted the shift from harmful to environment products and therefore they have started working on the development of solar PV trackers that can utilize the solar energy in a productive way which can save their cost of production. The increasing will of producers to save more on their production process has influenced the companies to collaborate to produce at a large scale to earn more revenue as well as dominance in the market.    

LIST OF TOP SOLAR PV TRACKER COMPANIES

• GameChange Solar
• First Solar
• Soltec
• Array Technologies
• Haosolar
• Arctech
• SunLink
• Mahindra Susten
• SunPower
• Solar FlexRack
• Exosun
• Abengoa
• AllEarth Renewables
• NEXTracker
• Edisun Microgrids
• Convert Italia
• Sun Action Trackers
• Scorpius Trackers

Report Coverage

The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc.

Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.