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Global PV Tracking Mounts Market to Reach USD 54.23 Billion by 2028

2022-08-04

According to a study, the market size of tracking brackets for the photovoltaic market is expected to grow at a CAGR of 16.3% during the forecast period from 2021 to 2028, from USD 18.9 billion in 2021 to 2028 to $54.23 billion.

 

The increase in CAGR is due to the rapidly growing demand for tracking brackets, which is expected to return to pre-pandemic levels once the COVID-19 pandemic is over.



The research report also expects increasing investment in various utility-scale PV tracking mount projects in developing countries, which will strengthen the importance of PV systems in the renewable energy mix, and drive the growth of the tracking mount power generation market. Despite the outbreak of COVID-19, global shipments have continued to climb significantly, prompting relevant manufacturers to focus on expanding their supply networks to meet post-pandemic market demand.

 

Environmental degradation, rising fuel prices, and increasing public awareness of renewable energy generation are expected to propel the global tracking bracket market forward.

 

The global demand for tracking mounts for photovoltaic systems may be limited by high maintenance requirements, high cost compared to competitors, and more complexity than fixed mounts. Government initiatives, reduction in design complexity, and technical research on photovoltaic tracking mounts are expected to drive the photovoltaic tracking mounts market forward.

 

The growth of the PV market is at risk of high capital investment and a lack of required infrastructure. The initial huge investment required to deploy these devices is a major limiting factor in selling tracking mounts. Another problem holding back investment in power generation and distribution in the industry is the lack of critical infrastructure.

 

Expansion in markets such as the Asia Pacific and Europe is hindered by a lack of awareness of the advantages of tracking brackets over fixed tilt devices.

 

Investment in tracking brackets is expected to be driven by green energy targets set by countries. Countries around the world are contributing to the global reduction of carbon emissions by setting their green energy targets. Brazil, for example, wants to use 42.5% of its electricity from renewable sources by 2023.

 

The UK government plans to achieve a goal of generating about half of its electricity from renewable energy by 2025. Likewise, Germany is on track to achieve its goal of generating 65 percent of its electricity from renewable sources by 2030.

 

In Asia, China has set a goal of generating 16% of its electricity from renewable sources by 2030. As China increases investment in photovoltaic systems, it is expected that renewable energy generation will account for 26% of the share, which will be achieved earlier.

 

The research report also anticipates that increasing operational efficiency will boost the tracking bracket market growth. In addition, tracking brackets tend to better utilize space. These features, along with the availability of single-axis and dual-axis tracking brackets, provide customers with multiple options and are expected to drive global market expansion.

 

key Points

 

(1)Single-axis tracking brackets are expected to grow at a rate of 7% per year from now to 2028 due to improved uniformity and longer operating life. The key aspects to improving the industry are increased efficiency, lower costs, and easy operation.

 

(2)Service providers in the photovoltaic industry are focusing on developing innovative products with higher power generation, environmental compatibility, and unit optimization to increase product penetration.

 

(3)Tracking brackets in the North American power generation market are expected to grow at a CAGR of 5% from 2022 to 2028 due to the large-scale integration of clean energy into the energy mix. Fiscal incentives, U.S. federal tax credits and leverage programs, and changing grid-connection requirements for renewable energy will drive the U.S. PV market.



 
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