Market Overview
The report published on the solar PV tracker market by Market Research Future (MRFR), sheds light on the influence of coronavirus on the market and other factors that impact the market dynamics. As per MRFR study, the world Covid-19 Impact on Solar PV Tracker Market can rise at 18% CAGR in the study period (2017 to 2023). The rise of the solar PV tracker market can be credited to the rise in the installation of solar power systems in different regions.
The growing desirability of solar PV trackers to meet the rise in energy requirement can promote the adoption of the solar PV tracker market across the globe. Advantages offered by solar PV tracker, such as improved feed-in-tariff rates and cost cutting can promote the expansion of the market. The rapid replacement of conventional power generation sources by solar PV tracker system can impel the expansion of the market. Solar PV tracker offers extra efficiency of about 15% to 30% in operations. This can improve the impetus of the world solar PV tracker market.
On the downside, the high installation price and maintenance expense can limit the expansion of the market. In recent times, the growing preference for effective solutions over considering the expense criteria while making purchase decision can counter the market slow-down in the years to come.
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Key Players
The key players of global Solar PV Tracker Market are Arctech Solar (India), Convert Italia (Italy), Exosun (U.S.), First Solar (U.S.), Grupo Clavijo (Spain), Ideematec (Germany), Mahindra Susten (India), NClave (Spain), NEXTracker (U.S.), PV Hardware (U.S), Scorpius Trackers (India), Solar Steel(Spain), Soltec(U.S.), STi Norland (Spain), Sun Action Trackers (U.S.), SunLink (U.S.), and SunPower (U.S.) among others.
Market Segmentation
The segment study of the solar PV tracker market is based on power generation type, tracking control systems type, end-use industries, and tracking system type.
The dive system based segments of solar PV tracker market are active and passive. The power generation type based solar PV tracker market segments are concentrated solar thermal, solar PV, and CSP. The CSP segment can gain high traction for the market. The CSP segments are dish or engine type, linear Fresnel, and power towers. Concentrated solar thermal systems are observed to experience high desirability due to its efficacy in settling domestic water heating and in the generation of steam requirements. The tracking systems type based, solar PV tracker market segments are dual axis tracking systems, single axis, and fixed tilt. The dual axis tracking systems segment can dominate the market in the assessment period, as applications of dual axis tracking systems rise. The large scale installation of active tracking systems can propel the solar PV tracker market.
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Regional Analysis
The flourishing energy industry in the Asia Pacific is expected to generate numerous growth opportunities for the solar PV tracker market. The decline in natural energy resources, such as oil and coal, and other fossil fuel is generating tremendous growth scope, as the need for alternative source of energy increases. The increase in solar PV systems demand in the APAC region can support the expansion of the market here. In the North America region, the solar PV market is likely to experience a fast-pace expansion in the years to come. Technological advances in this region are likely to back the rise of the solar PV tracker market in North America. The high installations of solar PV systems can promote the expansion of the market in the region. In Europe, the expansion of the solar PV tracker can be attribute to the presence of robust energy supporting infrastructure in the region.
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