GLOBAL PV TRACKING MOUNTS MARKET TO REACH USD 54.23 BILLION BY 2028
According to a study, the market size of tracking brackets for solar 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 of $54.23 billion.
The increase in CAGR is due to the rapidly growing demand for tracking stents, 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, driving the growth of the tracking mount power generation market. Despite the outbreak of the new crown epidemic, 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 solar 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 solar tracking mounts are expected to drive the solar tracking mounts market forward.
The growth of the PV market is at risk of high capital investment and 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 Asia Pacific and Europe is hindered by a lack of awareness of the advantages of tracking stents 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 own 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 solar 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 stent market growth. Additionally, tracking stents tend to better utilize space, and these features, along with the availability of single-axis and dual-axis tracking stents, provide customers with multiple options and are expected to drive global market expansion.
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