Photovoltaic (PV) Tracker Market To Report Impressive Growth, Revenue To Surge To US$ 3,682.2 Mn By 2021 – ZMR Blog
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Photovoltaic (PV) Tracker Market To Report Impressive Growth, Revenue To Surge To US$ 3,682.2 Mn By 2021

With the presence of a large pool of participants, the global photovoltaic (PV) tracker market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). SunPower Corporation, SmartTrak Solar Systems Pvt. Ltd., Mechatron S.A., and Powerway Renewable Energy Company Limited are few of the key vendors of photovoltaic (PV) tracker across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the photovoltaic (PV) tracker market study.

In a major boost to photovoltaic (PV) tracker market, in July 2018, Soltec, a leading manufacturer & supplier of self-powered solar tracker, inaugurated a new research & evaluation unit in Livermore near Calif. The company sources stated that the new establishment referred as Bifacial Tracker Evaluation Center and abbreviated as BiTec will assess the deployment as well control parameter impact on the performance of bifacial tracker over various other solar cell applications.

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In yet another key development witnessed across the industry, in June 2018, Soltec declared that it will provide 90 MW of solar trackers to PV ventures established at Aguascalientes and Guanajuato in Mexico. The business decision will not only add to the company’s revenue, but will also help in expansion of photovoltaic (PV) tracker market size in North America.

Global Photovoltaic (PV) Tracker Market

As estimated in this report, the global photovoltaic (PV) tracker market estimated at US$ 1,328.2 million in 2015. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in this photovoltaic (PV) tracker market is set to reach US$ 3,682.2 million by the end of the forecast period.

Escalating Need To Improve Solar Cell Efficiency To Spur Market’s Growth

“Growing demand from utility scale solar projects and commercial as well as residential sectors are likely to impel the photovoltaic (PV) tracker market surge over the years to come,” says the author of this photovoltaic (PV) tracker market study. Apart from this, the need for enhancing the operational efficiency of the photovoltaic cells through use of tracking systems is slated to expand the scope of the market over the coming years.

The high price associated with solar panel deployment, however, poses a hindrance to the photovoltaic (PV) tracker market expansion.

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Escalating Demand For Solar Trackers to Help Europe Maintain Dominance

Regionally, Europe has been leading the worldwide photovoltaic (PV) tracker market and is anticipated to continue on the dominant position in the years to come, states the photovoltaic (PV) tracker market study. The excessive need of PV trackers in European countries, including Greece, Spain, Germany, and Italy are expected to enhance the dominance of the Europe photovoltaic (PV) tracker market. In addition to this, the hefty number of market players being headquartered in Europe is another significant factor that is supporting this regional photovoltaic (PV) tracker market.

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