The solar PV tracker market is poised to grow by 102.11 GW during 2020-2024, progressing at a CAGR of over 39% during the forecast period. Request free sample pages
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Technavio has announced its latest market research report titled global solar PV tracker market 2020-2024 (Graphic: Business Wire)
Read the 120-page report with TOC on “Solar PV Tracker Market Analysis Report by Technology (solar PV and CSP), Product (single-axis trackers and dual-axis trackers), and Geography (North America, APAC, Europe, South America and MEA), and the Segment Forecasts, 2020-2024”.
The market is driven by the rise in investments in renewable energy. In addition, the declining cost of solar energy is anticipated to boost the growth of the solar PV tracker market.
The share of renewable power generation was approximately one-fourth of the global power generation in recent years. As per the US Energy Information Administration estimates, renewables are expected to contribute 28.15% to the global net electricity production by 2030. Moreover, low carbon emissions from renewable sources and the competitive cost of producing electricity have led to increased investments in renewable energy globally. For instance, in November 2019, India announced the target of achieving 175 GW of installed clean energy capacity by March 2022. In September 2018, China’s National Development & Reform Commission set a target to increase the renewable energy target from 20% to 35% by 2030. Furthermore, governments are encouraging the use of renewable energy by offering various incentives, grants, FiTs, and others. Thus, the rise in investment in renewable energy is expected to drive the growth of the market during the forecast period.
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Major Five Solar PV Tracker Companies:
Arctech Solar Holding Co. Ltd.
Arctech Solar Holding Co. Ltd. has business operations under two segments, such as tracker and mounting structure. The company offers a wide range of solar PV trackers such as Skyline Tracking System, SkySmart Tracking System, Arctracker Pro, Arctracker Pro with tilted modules and Tilt single axis tracker.
Convert Italia SpA.
Convert Italia SpA. operates its business through two segments, namely tracker TRJ and services. The company offers solar PV trackers such as single axis tracker, which have multiple features such as bearing transmission, modular structure, driven gear, and control board.
First Solar Inc.
First Solar Inc. has business operations under two segments, such as modules and systems. The company offers a wide range of solar PV trackers for single-axis tracking.
Heliogen Inc. operates its business through various segments, such as HelioMax, HelioHeat, and HelioFuel. The company offers a wide range of solar PV trackers under the brand, HelioMax.
Mahindra Susten Pvt. Ltd.
Mahindra Susten Pvt. Ltd. has its business operations under four segments, such as independent power producer, utility scale solar, distributed solar, and small rooftop. The company offers wide range of single axis tracker for solar PVs.
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Solar PV Tracker Technology Outlook (Revenue, USD Billion, 2020-2024)
- Solar PV
Solar PV Tracker Product Outlook (Revenue, USD Billion, 2020-2024)
- Single-axis trackers
- Dual-axis trackers
Solar PV Tracker Regional Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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