Global Photovoltaic (PV) Tracker Market: Increasing Demand For PV Trackers To Spur Market Growth – ZMR Blog
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Global Photovoltaic (PV) Tracker Market: Increasing Demand For PV Trackers To Spur Market Growth

As per the report, the worldwide PV Tracker Market was esteemed at about USD 1,328.2 Million in 2015 and is anticipated to attain USD 3,682.2 Million in 2021, developing at a CAGR of 18.63% between 2016 and 2021. The installed capacity of worldwide photovoltaic tracker market reached 1,310.7 MW in 2015.

Photovoltaic (PV) is a technique for transforming solar energy into usable electricity. Typically, PVs use semiconductors that show the photovoltaic effect. Over 80% of PV setting up consists of using the tracking systems. The trackers are tools that allow the PV modules to stay in the best arrangement to collect maximum power from the sun. The trackers are set up in commercial, residential, and utility-scale solar schemes. The PV tracker value chain includes tracking components, raw materials, end-users, and PV tracker manufacturers, supply channels, & distribution.

Solar panels making use of tracking systems need much more space compared to the fixed panels. The motion of trackers has an effect on the adjacent panel by producing shadows so they should be spaced aptly. For example, a characteristically fixed system needs space spanning from 1.6 ha/MW to 2.4 ha/MW, whereas a single axis tracker needs between 1.8 ha/MW and 3.0 ha/MW. The elevated price of electricity as a result depleting non-renewable resources is anticipated to perk up the PV installation systems commercially and in households. In turn, the rising requirement for PV systems will spur the growth of the PV tracker market.

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PV trackers are set up in the residential, utility-scale, and commercial solar schemes. The utility segment accounted for the most of the PV tracker market and marked about 78.6% share in the overall market in 2015. The cost-effectiveness of the PV trackers is the key reason for its elevated stipulate in the utility application as the utility applications handle large-scale projects in comparison to nonutility applications.

The worldwide market was ruled by Europe that market 38.5% share of the market in 2015 as a result of the high requirement for PV trackers in Italy, Spain, Greece, and Germany. Europe was trailed by North America with elevated PV tracker requirement in the U.S. Also, the market is witnessing a swift growth owing to its remarkable potential and constantly declining technology prices in Africa and the Middle East.

Several manufacturers are enlarging their business globally and looking for more sales opportunities. These producers amend their business products and approach on the basis of the weather conditions, local latitudes, and the local government framework for subsidies or feed-in tariffs. Sun Action Trackers, owing to participation in the huge OCI Solar Power PV assignment in Texas, surfaced as one of the prominent dual-axis tracker providers in 2015.

Few prominent players in the PV tracker market consist of Abengoa Solar, Wuxi Hao Solar Technology Co. Ltd., AllEarth Renewables, Inc., S.A., DEGERenergie GmbH, Array Technologies, Inc., Grupo Clavijo Elt SL, SunPower Corporation, SmartTrak Solar Systems Pvt. Ltd., Titan Tracker SL, Energia Ercam SL, Powerway Renewable Energy Co., Ltd., First Solar, Inc., Mechatron S.A., and Mecasolar Espana SL, among others.

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