Photovoltaic Tracking System Market Scope
PV solar trackers adjust the direction that a solar panel is facing according to the position of the Sun in the sky. By keeping the panel perpendicular to the Sun, more sunlight strikes the solar panel, less light is reflected, and more energy is absorbed. photovoltaic systems, trackers are used to minimizing the angle of incidence between the incoming sunlight and a photovoltaic panel, Solar trackers are devices used to orient photovoltaic panels, reflectors, lenses, or other optical devices toward the sun. Trackers aligns the collection system to maximize energy production.
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|Key Companies Profiled||Maxeon Solar Technologies (Singapore), Canadian Solar Inc (Canada), SMA Solar Technology (Germany), JinkoSolar Holding Co. (China), SunPower Corporation (United States), Sharp Solar (Japan), Solaredge Technologies Inc (Israel), First Solar Inc (United States), Kyocera Solar (United States), Enphase Energy Inc (United States) and LONGi Green Technology Co. Ltd (China)|
Photovoltaic Tracking System is a fragmented market due to the presence of a large number of established competitors. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. Photovoltaic Tracking systems produce the required electricity that is stored in the batteries and used when required. The companies are also planning strategic activities like partnerships, collaboration, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Maxeon Solar Technologies (Singapore), Canadian Solar Inc (Canada), SMA Solar Technology (Germany), JinkoSolar Holding Co. (China), SunPower Corporation (United States), Sharp Solar (Japan), Solaredge Technologies Inc (Israel), First Solar Inc (United States), Kyocera Solar (United States), Enphase Energy Inc (United States) and LONGi Green Technology Co. Ltd (China) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Photovoltaic Tracking System market by Type , by Application (Residential and Commercial) and Region with country level break-up.
On the basis of geography, the market of Photovoltaic Tracking System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2022.
Market Leaders and their expansionary development strategiesIn November 2020, Nova Source Power Services acquired First Solarís Australian operations and maintenance (O&M) business, adding approximately 500MW of PV projects to its fleet in the process Nova Source is a portfolio company of private equity firm Clair Vest and OMERS Private Equity, which manages investments on behalf of Canadian pension fund OMERS and recently acquired a minority stake in the O&M provider.
In June 2022, SMA announces a doubling of production capacity by 2024 from the current level of 21 GW to almost 40 GW by 2024. By doing so, the company is looking to not only benefit as effectively as possible from the forecast growth of the renewable energy sector but also strengthen its Germany-based operations SMAís portfolio contains a wide range of efficient PV and battery inverters, holistic system solutions for PV and battery-storage systems of all power classes segment.
Influencing Trend:Increasing household electricity bills brought on by the pandemic, power outages, and low financing costs.
Market Growth Drivers:Increased solar power installations around the world
Challenges:The solar power will not run when there's a power outage. and The high initial costs of installing panels.
Restraints:High maintenance costs can restrict the growth of the solar PV tracker market in the near future.
Opportunities:Emergence of artificial intelligence and machine learning
Key Target AudienceRetailers, wholesalers, distributors, Government and private laboratories, Raw material Suppliers, Solar tracker companies, Research and Development (R&D) companies, Market research and consulting service providers, Government Agencies, End User Industry and Others