Among several factors that are expected to surge the global solar PV tracker market, the increase in installations of solar power systems across the globe is anticipated as the major factor that can propel the growth of the market. Solar PV trackers are being widely desired across different countries to meet their growing energy requirement due to advantages, such as feed-in-tariff rates and low prices, offered by them. Solar PV tracker system are largely replacing conventional power generation sources. These factors are observed to provide thrust to the global market of solar PV tracker market.
An extra efficiency of 15% to 30% extra can be added by solar trackers to operations. This is also supporting the growing rate of solar PV system installations. A study conducted by Market Research Future (MRFR), on the worldwide solar PV system market, reveals reliable insight in the market that can assist investors make concrete decisions. As per MRFR analysis, the “Solar PV Tracker Market” report reveals that the market is expected to thrive at about 18% CAGR across the evaluation period (2017 to 2023).
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On the contrary, the high installation and maintenance price can hinder the market growth. However, in recent times, people are inclining towards better and effective solutions, and are considering costing criteria as secondary. One time investment in return of better and long-term solutions are observed to work well with people. This is expected to counter the dip in the growth curve of the market. Another factor that is expected to deter the global expansion of the solar PV tracker market is solar PV system’s proneness to operational failures.
The solar PV tracker market is assessed by tracking system type, power generation type, end-use industries, and tracking control systems type.
By dive system, the market is split into active and passive. By power generation type, the market is segmented into solar PV, CSP, and concentrated solar thermal. The CSP segment is the most discussed one. Hence, its further study is segmented into linear Fresnel, power towers, and dish or engine type. Concentrated solar thermal systems are gaining popularity as they are effectively settling domestic water heating and steam generation requirements. By tracking systems type, the market is sectioned into single axis, fixed tilt, and dual axis tracking systems. The dual axis tracking systems segment is expected to gain high traction for the global solar PV tracker market due to their high utility. Active tracking systems are being used widely installed that is likely to propel the market.
The rapid expansion of the energy industry in the Asia Pacific is expected to generate numerous growth opportunities for the solar PV tracker market. The depletion of natural energy resource fossil fuels, such as oil and coal, is creating tremendous need to generate alternative source of energy, thereby gaining traction for the regional solar PV system market. In North America, the market is expected to experience fast-pace expansion. Technological developments in the region are backing the growth of the North America market. The increase in installation of solar PV systems is expected to boost the growth of the market. In Europe, the existence of robust infrastructure is expected to support the growth of the solar PV tracker market.
MRFR profiles major players functioning in the global solar PV tracker market. They are; Convert Italia (Italy), Arctech Solar (India), First Solar (U.S.), Exosun (U.S.), Ideematec (Germany), SunLink (U.S.), Grupo Clavijo (Spain), NClave (Spain), Mahindra Susten (India), PV Hardware (U.S.), NEXTracker (U.S.), Solar Steel(Spain), Scorpius Trackers (India), Sun Action Trackers (U.S.), STi Norland (Spain), Soltec(U.S.), and SunPower (U.S.).
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