Global PV Tracking Bracket Market Growth 2024-2030
PV Tracking Bracket market size was valued at US$ 34300 million in 2023 and is estimated to reach US$ 76970 million by 2030 with a CAGR of 12.2% during the review period.
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According to Publisher’s latest study, the global PV Tracking Bracket market size was valued at US$ 34300 million in 2023. With the growing demand in the downstream market, the PV Tracking Bracket is forecast to have a readjusted size of US$ 76970 million by 2030 with a CAGR of 12.2% during the review period.
Market Overview
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The research report highlights the growth potential of the global PV Tracking Bracket market. PV Tracking Bracket is expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimisation remain crucial for the widespread adoption of PV Tracking Bracket. Market players must invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalise on the immense opportunities presented by the PV Tracking Bracket market.
Key Features:
Market Drivers: Growing Solar Energy Investments: As a result of the world's transition to renewable energy sources to slow down climate change and cut carbon emissions, there is a significant increase in solar power project funding, which is increasing the need for PV tracking brackets.
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Technological Developments: PV tracking systems are becoming more dependable and efficient because to advancements in solar tracking technology, including stronger materials and better tracking algorithms.
Governmental Policies and Incentives: The government's policies, subsidies, and incentives that encourage the use of solar energy are driving the implementation of sophisticated solar tracking systems.
Growing Need for Efficient Energy Solutions: PV tracking systems are becoming more popular than fixed-tilt systems as a result of the desire to maximize energy output and enhance the performance of solar installations.
Falling Prices of Solar PV Systems: As solar panels and associated parts, such as tracking brackets, become more affordable, end users and investors are finding solar energy to be more appealing.
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Extension of Utility-Scale sun Projects: In order to increase energy production efficiency, there is a growing need for PV tracking brackets, especially in areas with strong sun irradiation.
Challenges: High Initial Costs: The market's expansion may be hampered by the high capital expenditure needed for PV tracking systems, especially in smaller-scale projects and residential settings.
Technical Complexity: Widespread adoption of tracking systems is hampered by the complexity of establishing and maintaining them, which calls for specific knowledge and abilities.
Weather-Dependent Performance: In areas with varying climates, the effectiveness of PV tracking systems may be impacted by weather conditions.
Regulatory and Policy Uncertainty: Investors may experience uncertainty due to inconsistent regulatory frameworks and policy changes, which may also have an impact on the installation of solar tracking systems.
Disruptions in the Supply Chain: Production and market expansion may be impacted by supply chain disruptions involving essential components, such as electrical controllers and tracking brackets.
Market Forecasts and Future Outlook: From 2024 to 2030, the global market for PV tracking brackets is anticipated to expand rapidly due to increased solar energy investments, technical developments, and the growing need for cost-effective and environmentally friendly energy solutions. For expansion to continue, issues including high startup costs and ambiguous regulations must be resolved. The market presents numerous chances for integration of energy storage systems, growth into emerging markets, and innovation.
Opportunities: Technological Innovations: PV tracking systems can operate more efficiently and affordably with further research and development in tracking technologies, such as AI-driven tracking algorithms and improved materials.
Entry into Emerging regions: PV tracking bracket producers can see substantial growth by entering emerging regions with strong solar potential and rising energy consumption.
Integration with Energy Storage Systems: PV tracking systems and energy storage systems work together to maximize energy management and boost solar power projects' dependability.
Sustainable Practices: Using recyclable materials and highlighting sustainable production techniques might draw in investors and environmentally conscientious customers.
Strategic Alliances: Establishing alliances with government organizations, EPC contractors, and developers of solar projects can spur innovation and market growth.
Improved Aftermarket Services: Long-term market growth and consumer happiness can be increased by providing full aftermarket services, which include maintenance, repairs, and upgrades.
Market Segmentation:
The PV Tracking Bracket market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value. In terms of type, the Single Axis is the largest segment, with a share of over 87%. In terms of application, the largest application is Ground Power Station, followed by Industrial and Commercial Roof.
1. Segmentation by type
• Single Axis PV Tracking Bracket
• Dual Axis PV Tracking Bracket
2. Segmentation by application
• Industrial and Commercial Roof
• Ground Power Station
Regional Insight: North America: With significant investments in renewable energy, pro-green government regulations, and a strong emphasis on technology innovation, North America dominates the industry. The United States has increased its solar power capacity significantly and is a major contributor.
Europe: Europe is next, with nations like Germany, Spain, and Italy leading the way in the use of solar energy. The need for sophisticated PV tracking systems is being driven by the region's emphasis on sustainability and energy efficiency.
Asia-Pacific: As a result of its quick industrialization, rising solar energy investments, and supportive government policies, this area is predicted to develop at the fastest rate. Japan, China, and India are important markets with significant room for expansion.
Latin America: The region's market is expanding gradually due to rising investments in renewable energy projects, high solar irradiation, and economic development. The two largest markets are Mexico and Brazil.
Middle East and Africa: Due to economic diversification, a wealth of solar resources, and large investments in solar infrastructure, the Middle East and Africa region offers growth prospects. Key markets with significant solar energy ambitions are the United Arab Emirates and Saudi Arabia.
Europe is the largest consumer market for PV Tracking Bracket, accounting for about 33%, followed by North America and India.
1. Americas
• United States
• Canada
• Mexico
• Brazil
2. APAC
• China
• Japan
• Korea
• Southeast Asia
• India
• Australia
3. Europe
• Germany
• France
• UK
• Italy
• Russia
4. Middle East & Africa
• Egypt
• South Africa
• Israel
• Turkey
• GCC Countries
Competitive Landscape: The main global PV Tracking Bracket players include Nextracker, Array Technologies, Arctech Solar, Soltec, etc. The top four PV Tracking Bracket players account for approximately 54% of the total market.
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
• Nextracker
• Array Technologies
• Arctech Solar
• Soltec
• Jiangsu Zhenjiang NewEnergy Equipment Co., Ltd.
• Trina Solar
• FTC Solar
• Convert Italia
• GameChange Solar
• Gibraltar Industries
• Ideematec
• ATEC Energy&Environment Co., LTD.
• ArcelorMittal (Exosun)
• Akcome
• Versolsolar Hangzhou Co., Ltd.
• Suzhou KINGSUN Solar Technology Co., Ltd.
• Jsolar
• Clenergy
• Jiangsu Guoqiang (Holdings) Group
Table of Contents
1 Scope of the Report
1.1 Market Introduction
1.2 Years Considered
1.3 Research Objectives
1.4 Market Research Methodology
1.5 Research Process and Data Source
1.6 Economic Indicators
1.7 Currency Considered
1.8 Market Estimation Caveats
2 Executive Summary
2.1 World Market Overview
2.1.1 Global PV Tracking Bracket Annual Sales 2019-2030
2.1.2 World Current & Future Analysis for PV Tracking Bracket by Geographic Region, 2019, 2023 & 2030
2.1.3 World Current & Future Analysis for PV Tracking Bracket by Country/Region, 2019, 2023 & 2030
2.2 PV Tracking Bracket Segment by Type
2.2.1 Single Axis PV Tracking Bracket
2.2.2 Dual Axis PV Tracking Bracket
2.3 PV Tracking Bracket Sales by Type
2.3.1 Global PV Tracking Bracket Sales Market Share by Type (2019-2024)
2.3.2 Global PV Tracking Bracket Revenue and Market Share by Type (2019-2024)
2.3.3 Global PV Tracking Bracket Sale Price by Type (2019-2024)
2.4 PV Tracking Bracket Segment by Application
2.4.1 Industrial and Commercial Roof
2.4.2 Ground Power Station
2.5 PV Tracking Bracket Sales by Application
2.5.1 Global PV Tracking Bracket Sale Market Share by Application (2019-2024)
2.5.2 Global PV Tracking Bracket Revenue and Market Share by Application (2019-2024)
2.5.3 Global PV Tracking Bracket Sale Price by Application (2019-2024)
3 Global PV Tracking Bracket by Company
3.1 Global PV Tracking Bracket Breakdown Data by Company
3.1.1 Global PV Tracking Bracket Annual Sales by Company (2019-2024)
3.1.2 Global PV Tracking Bracket Sales Market Share by Company (2019-2024)
3.2 Global PV Tracking Bracket Annual Revenue by Company (2019-2024)
3.2.1 Global PV Tracking Bracket Revenue by Company (2019-2024)
3.2.2 Global PV Tracking Bracket Revenue Market Share by Company (2019-2024)
3.3 Global PV Tracking Bracket Sale Price by Company
3.4 Key Manufacturers PV Tracking Bracket Producing Area Distribution, Sales Area, Product Type
3.4.1 Key Manufacturers PV Tracking Bracket Product Location Distribution
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