Global Photovoltaic (PV) Tracker Market to reach USD 3,682.2 million in 2021: By Solar, Applications, and Geography Segments

Sarasota, FL, Sept. 29, 2016 (GLOBE NEWSWIRE) -- Zion Research has published a new report titled “PV Tracker Market for Utility and NonUtility Applications - Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021”. According to the report, global PV Tracker Market was valued at around USD 1,328.2 million in 2015 and is expected to reach USD 3,682.2 million in 2021, growing at a CAGR of 18.63% between 2016 and 2021. Global photovoltaic tracker market's installed capacity stood at 1,310.7 MW in 2015.

Trackers are devices which enable PV modules to remain in the best position to accumulate maximum energy from the sun. These trackers are installed in residential, commercial and utility-scale solar projects. PV tracker value chain consists of raw materials, tracking components, PV tracker manufacturers, distribution and supply channels and end-users.

Browse through 31 Market Tables and 18 Figures spread over 110 Pages and in-depth TOC on “Photovoltaic (PV) Tracker Market: By Solar, Applications, and Geography Segments”.

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Global PV tracker market was dominated by Europe, which accounted for 38.5% of market share in 2015 due to excessive demand for PV trackers in Spain, Italy, Germany, and Greece. However, Europe is expected to see declining growth over the years to come. The overproduction scenario, slashed FIT rates, cheap solar PV tracker systems produced in Asia Pacific coupled with the elimination of premium government schemes in Spain are some of the factors attributing to the declining market in Europe.

Europe was followed by North America with strong PV tracker demand in the U.S. The growth of the solar PV market in North America was fueled by ambitious plans and proactive attitude of the government for the development of solar PV industry. North America is one of the major solar tracker markets. Additionally; there is the strong regulatory support to fulfill energy requirements through renewable energy resources and high Direct Normal Irradiance (DNI).

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Solar PV system prices in the Asia Pacific region are low due to the strong support from the government that assists in the procurement of subsidized raw materials, supplemented with low labor costs. With the abundance of sunlight, India has tremendous potential to emerge as one of the leaders in solar power generation. India is one of the emerging regions in Asia Pacific as the cumulative installed capacity is expected to increase due to financial incentives. Availability of labor at cheap cost accompanied by strong regulatory support schemes is expected to enable market participants to maintain profitability.

PV market in Latin America is at an early stage but offers a significant opportunity due to its sizable long-term potential and world-leading growth rates. Mexico and Brazil countries each have more than 500 MW of PV under construction. PV market is experiencing rapid growth due to its tremendous potential and continuously decreasing technology costs in the Middle East and Africa. A diverse range of geographic and economic factors in most of the MEA countries make the region both promising and challenging for solar.

Some of the major participants operative in this market are SunPower Corporation, Grupo Clavijo Elt SL, AllEarth Renewables, Inc., Array Technologies, Inc., DEGERenergie GmbH, Wuxi Hao Solar Technology Co. Ltd., Abengoa Solar, S.A., Titan Tracker SL, SmartTrak Solar Systems Pvt. Ltd., Powerway Renewable Energy Co., Ltd., Energia Ercam SL, Mecasolar Espana SL, First Solar, Inc., and Mechatron S.A. among others.

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The report segments the global photovoltaic tracker market into:

Global Photovoltaic Tracker Market: Application Segment Analysis

  • Utility
  • Non-utility

Related Reports:

Global Photovoltaic Tracker Market: Regional Segment Analysis

  • North America
    • U.S.
  • Europe
    • Germany
    • France
    • UK
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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