According to a research, during the forecast period from 2021 to 2028, it is expected that the market size of tracking brackets used in the photovoltaic market will grow at a compound annual growth rate of 16.3%, from $18.9 billion in 2021 to $54.23 billion in 2028.
The increase of CAGR is due to the rapid growth of market demand for tracking bracket. Once the COVID-19 ends, it is expected to return to the level before the outbreak.
The research report also predicts that developing countries' investment in photovoltaic tracking bracket projects of various utility scales is increasing, which will strengthen the important position of photovoltaic systems in the renewable energy portfolio and promote the growth of the tracking bracket power generation market. Despite the outbreak of the COVID-19, global shipments are still rising significantly, prompting relevant manufacturers to focus on expanding their supply chain to meet market demand after the epidemic.
It is expected that environmental degradation, rising fuel prices and increasing public awareness of renewable energy power generation will promote the development of the global tracking bracket market.
The global demand for tracking brackets for photovoltaic systems may be limited by high maintenance requirements, high costs compared with competitors, and more complex than fixed brackets. It is expected that government measures, reducing design complexity and technical research of photovoltaic tracking brackets will promote the development of photovoltaic tracking bracket market.
The growth of photovoltaic market faces the risk of high capital investment and lack of required infrastructure. The initial large investment required to deploy these devices is the main limiting factor in the sales of tracking racks. Another problem hindering investment in power generation and distribution in this industry is the lack of key infrastructure.
Due to the lack of understanding that the tracking bracket has more advantages than the fixed tilted bracket, which has hindered the expansion of markets in Asia-Pacific and Europe.
It is expected that the investment in tracking bracket will be driven by the green energy goals set by countries. Countries around the world are contributing to global carbon emissions reduction by setting their own green energy goals. For example, Brazil hopes to use 42.5% renewable energy power by 2023. The UK government plans to achieve the goal that about half of electricity will come from renewable energy by 2025. Similarly, Germany is also expected to achieve the goal of 65% of electricity from renewable energy by 2030. In Asia, China has set a target of 16% of electricity from renewable energy by 2030. As China increases its investment in photovoltaic systems, renewable energy power generation is expected to account for 26% of the share, and the goal will be achieved early.