NEW YORK, May 31, 2023 /PRNewswire/ -- The global solar PV tracker market size is estimated to grow by USD 9,704.31 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 18.1%. However, the growth momentum will be progressing during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 32%. The American solar power tracker market is projected to grow steadily during the forecast period owing to additional solar power capacity and increased investment in solar power systems. The United States, Canada, and Brazil, among other countries, have contributed significantly to the growth of the photovoltaic tracker market in the region. According to the IEA, Mexico installed 2.4GW of utility-scale solar capacity in 2019, making it the second-largest market in the region. Solar power in the country has grown rapidly due to falling module prices and government-supportive policies such as the elimination of 15% tariffs on imports of solar PV modules. 

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• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
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Global solar PV tracker market - segmentation assessment
Segment overview
Technavio has segmented the market based on Product (Single axis tracker and Dual axis tracker), Technology (Solar PV and CSP), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

The single-axis tracker segment was worth USD 3,739.06 million in 2017 and continued to grow through 2021. One of the main advantages of these trackers is that the sun can move across the sky, increasing the amount of energy produced by the panels. This improves the overall efficiency and economics of solar power generation. Additionally, single-axis trackers are becoming more affordable and easier to install, and are growing in popularity.

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Global solar PV tracker market – Market Dynamics
Key factor driving market growth
Rise in investment in renewable energy: Low CO2 emissions from renewable sources and competitive power generation costs are driving increased investment in renewable energy around the world. India, for example, announced in November 2019 a target of 175 GW of installed clean energy capacity by March 2022. In September 2018, China's National Development and Reform Commission set a goal of increasing the share of renewable energy from 20% to 35% by 2030. Similarly, in June 2018, the EU also set a target of 32% renewable energy generation by 2030.

Leading trends influencing the market 

Increasing conversion efficiency of solar PVs: Solar power converts about 15% of the sunlight that hits the panel into electricity. Technology is constantly evolving, but the conversion rate of solar power cannot be compared with the amount of energy produced by burning fossil fuels.
Furthermore, the type of solar power installed plays an important role in the amount of solar energy that is converted into electricity. The most efficient PVs are made from single crystal silicon. This type of PV provides about 15% energy conversion. Polycrystalline silicon panels have efficiencies as high as 12-15%, while amorphous silicon panels (used in thin film technology) have efficiencies of 6-8%.
For instance, SunPower is focusing on improving the efficiency of solar panels. The conversion rate for E-series panels for SunPower is around 20.5%. Panasonic also announced his three new PV modules, the N320K, N315K and N310K, to complement Panasonic's existing residential solar modules. According to the company, the conversion efficiency of the new model is 19.1%.

Major challenges hindering the market growth

Intermittency in solar power generation: Solar energy competes with other energy sources such as wind, hydropower, and fossil fuels. The use of wind energy for power generation is on the rise, with 7,588 MW of capacity added and USD 11 billion invested in 2018, according to the US Department of Energy. In 2018, wind power contributed 22% of total renewable energy consumption, while solar energy accounted for only 8% of total energy consumption.
A drop in global oil prices has made natural gas the preferred fuel for power plants: The average global crude oil price fell from USD 76.41/barrel in October 2018 to USD 61.72/barrel in December 2019. U.S. shale gas exploration is on the rise, reaching a record high. Middle Eastern countries with vast oil and gas reserves have not cut production out of fear of losing market share. These two factors continue to drive oil and gas prices down. Therefore, falling global oil prices are expected to have a negative impact on the demand for photovoltaic systems during the forecast period.

Insights on market drivers, trends, & challenges, historic period (2017 to 2021) and forecast period (2023 to 2027)- Request a sample report!

What are the key data covered in this Solar PV Tracker Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Solar PV Tracker Market between 2023 and 2027
• Precise estimation of the size of the Solar PV Tracker Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Solar PV Tracker Market industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Solar PV Tracker Market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Technology
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global solar pv tracker market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on global solar pv tracker market 2017 - 2021 ($ million)

• 4.2 Product Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.3 Technology Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Technology Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments 
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Single axis tracker - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Single axis tracker - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Single axis tracker - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Single axis tracker - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Single axis tracker - Year-over-year growth 2022-2027 (%)

• 6.4 Dual axis tracker - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Dual axis tracker - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Dual axis tracker - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Dual axis tracker - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Dual axis tracker - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Product 
• Exhibit 42: Market opportunity by Product ($ million)
• Exhibit 43: Data Table on Market opportunity by Product ($ million)

7 Market Segmentation by Technology

• 7.1 Market segments 
• Exhibit 44: Chart on Technology - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Technology - Market share 2022-2027 (%)

• 7.2 Comparison by Technology 
• Exhibit 46: Chart on Comparison by Technology
• Exhibit 47: Data Table on Comparison by Technology

• 7.3 Solar PV - Market size and forecast 2022-2027
• Exhibit 48: Chart on Solar PV - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Solar PV - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Solar PV - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Solar PV - Year-over-year growth 2022-2027 (%)

• 7.4 CSP - Market size and forecast 2022-2027
• Exhibit 52: Chart on CSP - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on CSP - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on CSP - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on CSP - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Technology 
• Exhibit 56: Market opportunity by Technology ($ million)
• Exhibit 57: Data Table on Market opportunity by Technology ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 63: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 67: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027
• Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 75: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 83: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 India - Market size and forecast 2022-2027
• Exhibit 91: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027
• Exhibit 95: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 Spain - Market size and forecast 2022-2027
• Exhibit 99: Chart on Spain - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Spain - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Spain - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Spain - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ million)
• Exhibit 104: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 Abengoa SA 
• Exhibit 111: Abengoa SA - Overview
• Exhibit 112: Abengoa SA - Product / Service
• Exhibit 113: Abengoa SA - Key news
• Exhibit 114: Abengoa SA - Key offerings

• 12.4 All Earth Renewables 
• Exhibit 115: All Earth Renewables - Overview
• Exhibit 116: All Earth Renewables - Product / Service
• Exhibit 117: All Earth Renewables - Key offerings

• 12.5 ArcelorMittal 
• Exhibit 118: ArcelorMittal - Overview
• Exhibit 119: ArcelorMittal - Business segments
• Exhibit 120: ArcelorMittal - Key news
• Exhibit 121: ArcelorMittal - Key offerings
• Exhibit 122: ArcelorMittal - Segment focus

• 12.6 Arctech Solar Holding Co Ltd 
• Exhibit 123: Arctech Solar Holding Co Ltd - Overview
• Exhibit 124: Arctech Solar Holding Co Ltd - Product / Service
• Exhibit 125: Arctech Solar Holding Co Ltd - Key offerings

• 12.7 Array Technologies Inc. 
• Exhibit 126: Array Technologies Inc. - Overview
• Exhibit 127: Array Technologies Inc. - Product / Service
• Exhibit 128: Array Technologies Inc. - Key offerings

• 12.8 First Solar Inc. 
• Exhibit 129: First Solar Inc. - Overview
• Exhibit 130: First Solar Inc. - Business segments
• Exhibit 131: First Solar Inc. - Key offerings
• Exhibit 132: First Solar Inc. - Segment focus

• 12.9 Flex Ltd. 
• Exhibit 133: Flex Ltd. - Overview
• Exhibit 134: Flex Ltd. - Business segments
• Exhibit 135: Flex Ltd. - Key news
• Exhibit 136: Flex Ltd. - Key offerings
• Exhibit 137: Flex Ltd. - Segment focus

• 12.10 Grupo Gransolar SL 
• Exhibit 138: Grupo Gransolar SL - Overview
• Exhibit 139: Grupo Gransolar SL - Product / Service
• Exhibit 140: Grupo Gransolar SL - Key offerings

• 12.11 IDEEMATEC Germany GmbH 
• Exhibit 141: IDEEMATEC Germany GmbH - Overview
• Exhibit 142: IDEEMATEC Germany GmbH - Product / Service
• Exhibit 143: IDEEMATEC Germany GmbH - Key offerings

• 12.12 Mahindra and Mahindra Ltd. 
• Exhibit 144: Mahindra and Mahindra Ltd. - Overview
• Exhibit 145: Mahindra and Mahindra Ltd. - Business segments
• Exhibit 146: Mahindra and Mahindra Ltd. - Key news
• Exhibit 147: Mahindra and Mahindra Ltd. - Key offerings
• Exhibit 148: Mahindra and Mahindra Ltd. - Segment focus

• 12.13 NOV Inc. 
• Exhibit 149: NOV Inc. - Overview
• Exhibit 150: NOV Inc. - Business segments
• Exhibit 151: NOV Inc. - Key offerings
• Exhibit 152: NOV Inc. - Segment focus

• 12.14 Soltec Energias Renovables SL 
• Exhibit 153: Soltec Energias Renovables SL - Overview
• Exhibit 154: Soltec Energias Renovables SL - Product / Service
• Exhibit 155: Soltec Energias Renovables SL - Key offerings

• 12.15 SunPower Corp. 
• Exhibit 156: SunPower Corp. - Overview
• Exhibit 157: SunPower Corp. - Product / Service
• Exhibit 158: SunPower Corp. - Key news
• Exhibit 159: SunPower Corp. - Key offerings

• 12.16 Trina Solar Co. Ltd. 
• Exhibit 160: Trina Solar Co. Ltd. - Overview
• Exhibit 161: Trina Solar Co. Ltd. - Business segments
• Exhibit 162: Trina Solar Co. Ltd. - Key offerings
• Exhibit 163: Trina Solar Co. Ltd. - Segment focus

• 12.17 Valmont Industries Inc. 
• Exhibit 164: Valmont Industries Inc. - Overview
• Exhibit 165: Valmont Industries Inc. - Business segments
• Exhibit 166: Valmont Industries Inc. - Key news
• Exhibit 167: Valmont Industries Inc. - Key offerings
• Exhibit 168: Valmont Industries Inc. - Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 169: Inclusions checklist
• Exhibit 170: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 171: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 172: Research methodology
• Exhibit 173: Validation techniques employed for market sizing
• Exhibit 174: Information sources

• 13.5 List of abbreviations 
• Exhibit 175: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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