PV Tracking Bracket Market Size, Share, Growth, and Industry Analysis, By Type (Single Axis PV Tracking Bracket & Dual Axis PV Tracking Bracket), By Application (Industrial and Commercial Roof & Ground Power Station) and Regional Forecast to 2032

PV TRACKING BRACKET MARKET REPORT OVERVIEW

The global PV Tracking Bracket Market size was USD 49731.51 million in 2024 and the market is projected to touch USD 105184.8  million by 2032, exhibiting a CAGR of 11.3% during the forecast period.

This Tracking Bracket is a rather complex part that is intended to help increase the effectiveness of photovoltaic (PV) solar panels by making them rotate during the day following the Solar path. The uniqueness of this bracket system enables the tilt of the solar panels to suit the climate hence increase in energy that is being captured than that of the fixed bracket type systems. Made of strong materials to enable the structure to be installed in different weather conditions, this Tracking Bracket can fit any existing solar system. Its tracking technology allows top performances with low impact requiring from it; thus, the system is appropriate for residential and commercial solar power plants. 

COVID-19 Impact: Market Growth Restrained due to Supply Chain Disruptions 

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 had negative effects on this market. More specifically, the disruptions in the supply chain resulted in delays in the manufacturing and delivery of critical components, so the projects were extended. Also, the turbulence of the stock market and unrealized revenues led to the suspension or abandonment of solar projects in some organizations. Export restrictions and general workforce shortages impacted on-site installations, while continued lockdowns restricted movement, impacting repairs and maintenance activities. 

LATEST TRENDS

"Rising Use of Modern Automation Techniques and Artificial Intelligence Tracking Systems to Propel the Market Growth"

The upcoming developments in this market include the rising use of modern automation techniques and artificial intelligence tracking systems. This calls for innovations in the adjustment of solar panels, where there is a preference for the use of dual-axis tracking that helps to adjust both tilt and orientation. Also, there is an escalating trend in the market for lightweight and modular bracket designs that would ease installation and be cheaper. Another important category includes sustainable and eco-friendly materials; this tendency can be explained by the general interest in the use of green technologies. 

PV TRACKING BRACKET MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Single Axis PV Tracking Bracket & Dual Axis PV Tracking Bracket

• Single Axis PV Tracking Bracket: In a single-axis PV tracking bracket, three kinds of tracking methods are used, namely, east-west tracking, north-south tracking, and east-west plus north-south tracking. Pivots on a single degree of freedom frequently involve an east-to West or north-to-south orientation. Normally cheaper to implement than the dual-axis systems. Easy and less complex in design and installation. 
• Dual Axis PV Tracking Bracket: An integrated design of the frame and brace that adjusts the position of a solar panel in two directions. It tilts and swivels, meaning it tilts side to side and can also be adjusted to change direction. A much higher initial investment that is proportional to the complexity of the structure. Something more complex and very sensitive to the precise manipulation in terms of installation and maintenance. 

By Application

Based on application the market can be categorized into Industrial and Commercial Roof & Ground Power Station

• Industrial and commercial roofs: To be set on the customer's roof tops of industrial and commercial buildings. Accommodate the maximum number of solar energy systems on the limited roof areas. Inflated to achieve the energy necessary for industrial and commercial usage. 
• Ground Power Station: Big specimens in fields of over fifty hectares. There is plenty of room; hence, large solar panel arrays can be installed. Intended to provide large amounts of electricity, sometimes directly onto the grid. 

DRIVING FACTORS

"Increasing Demand for Renewable Energy to Expand the Market"

One of the key driving factors of PV Tracking Bracket Market growth is Increasing Demand for Renewable Energy. Today, there is a widely increasing concern all over the world to cut down carbon dioxide emissions and other greenhouse gases and combat climate change actively. All these have highly boosted the shift towards renewable energy sources. Among the power sources, the most popular today is solar and wind power because they are clean and are becoming increasingly cheap. 

 "Technological Advancements in Solar Tracking Systems to Advance the Market"

Due to technological advancements in this industry, especially in automation, AI, and IoT integration, there has been efficient and higher tracking of the systems. These improvements consequently create increased efficiency, a lower cost of running the machines, and increased popularity. 

RESTRAINING FACTOR

"High Initial Costs to Pose Potential Impediments on this Market"

The major limitation is that the purchase cost of these tracking brackets, particularly those with dual axes, is relatively high and is mostly required to be paid upfront. These costs do not only include the cost of this new tracking equipment but also the fees necessary for it to be built and calibrated, as well as the cost of a new piece of land or structure. To many future users, especially in rural areas or in small-scale applications, the up-front costs are often very high, and thus the systems are still not widely used even though they offer high long-term efficiency and low energy consumption in the long run.  

PV TRACKING BRACKET MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America To Dominate The Market Due To Its Well-Developed Technology Sector"

North America has emerged as the most dominant region in the PV Tracking Bracket Market share mainly because of its well-developed technology sector, favourable policies by the government and strong investment in renewable energy. Out of all the countries of the world, the US has developed a mature solar market with robust research and development in solar tracking solutions. Solar energy has been promoted by incentives like; Solar Investment Tax Credit, Solar Subsidy, and Renewable Portfolio Standards or RPS. In the same token, a large number of utility-scale solar projects and higher adoption of smart grid further augment the need for effective solar systems such as these tracking brackets, and so on, which continues to make North America the leading consumer of them.

KEY INDUSTRY PLAYERS

"Key Players Transforming the PV Tracking Bracket Market through Research and Development "

Some of the prominent stakeholders with a major impact on this market include: many key players in the industrial chain still invest in research and development departments, introducing new tracking technologies to the industry to enhance market development. Some companies that have attained industrial benchmarking are Array Technologies, NEXTracker, and Soltec, as they enhance the efficiency, reliability, and cost of the product in the market. They avail themselves of the market and expand it through a broad distribution network and many partnerships. In addition to that, these players undertake massive projects and partnerships with governments and other institutional bodies, thus contributing to market development. They also help in increasing market confidence and adoption rates due to their ability to provide all-rounded solutions relating to their customer base.

List of Market Players Profiled

• Nextracker (U.S.)
• Array Technologies (U.S.)
• Arctech Solar (China)
• Soltec (Spain)
• JiangSu Zhenjiang New Energy Equipment Co., Ltd. (China)

INDUSTRIAL DEVELOPMENT

2024: NEXTracker has trackers with attached sensors that enable panel tilt changes with respect to wind speed and direction. This feature has shown that in addition to the direct irradiation on the front side of the panel, there is also reflected irradiation on the rear of bifacial panels.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global PV Tracking Bracket Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.