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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, CSP), Product (Single-axis trackers and Dual-axis trackers), Geographic segmentation (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.
Government bodies are offering various incentives, grants, FiTs, and other benefits to encourage the adoption of renewable energy sources. This is because it involves low carbon emissions and the competitive cost in producing electricity. Consequently, investments are being made in renewable energy sources such as solar PV across the world. 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. Thus, the rising investments in renewable energy are expected to drive the growth of the market during the forecast period.
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Major Five Solar PV Tracker Market Companies:
Arctech Solar Holding Co. Ltd.
Arctech Solar Holding Co. Ltd. has business operations under two segments, which are 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 comprising of 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 business operations under four segments: independent power producer, utility scale solar, distributed solar, and small rooftop. The company offers a wide range of single axis trackers for solar PVs.
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Solar PV Tracker Market Technology Outlook (Revenue, USD Billion, 2020-2024)
- Solar PV
Solar PV Tracker Market Product Outlook (Revenue, USD Billion, 2020-2024)
- Single-axis trackers
- Dual-axis trackers
Solar PV Tracker Market Geographic Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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