Solar Tracker Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Technology (Photovoltaic and Concentrated solar power); Type (Single axis and Dual axis); Application (Utility and Non-utility); and Region/Country
The global solar tracker market is experiencing significant growth due to increasing environmental concerns over carbon emission, policy support from governments to adopt renewable technologies, and rise in energy demand along with their inherent thermal storage capacity. Typically, a solar tracking system adjusts the face of the solar panel or reflective surfaces to follow the movement of the Sun.. Solar trackers are increasingly used in both utility and residential and commercial-grade solar panels due to improved and more efficient solar trapping technology. Furthermore, major players are focusing on developing technologically advance products. For instance, in October 2021, Arctech Solar Holding Co. Ltd. and BIPV solutions provider, announced the global launch of its latest horizontal single-axis solar tracking system SkyLine II, the first 1P (one-in-portrait) tracker designed with pentagonal torque tube and synchronous multi-point drive mechanism. As per the company, Due to the design, SkyLine II utilizes the fewest posts per MW in the industry (180 posts/MW), which consequently decreases Engineering Procurement Construction ‘s cost by about 2%.
Thus, global solar tracker market is expected to register a CAGR of around 15% over the period of 2021-2027. This is mainly due to factors such as environmental pollution, rising price of fuels, and growing awareness among people toward clean energy are expected to drive the growth of the global solar tracker market. Solar Trackers are used to keep solar collectors/solar panels oriented directly towards the sun as it moves through the sky every day. Solar Trackers can increase the output of Solar Panels by 20-30% which improves the economics of the solar panel project. In addition to this, the changing government policies, and awareness about the benefits of sustainable energy is also influencing the market growth. If 8,500 GW of solar energy can be produced, this will generate more than 25% of the electricity requirement by 2050 and mitigate 4.9 Gt of CO2 emissions. Furthermore, with the increasing demand for electricity and low maintenance cost of solar panels, they are cheaper in the long run which makes them a good investment in private households. In the long run one can save up to US$ 43,735 on electricity by using solar panels for 20 years. Apart from this, the efficiency of solar panels has also significantly increased over time.
Valmont Industries Inc., NEXTracker Inc., Array Technologies Inc., PV Hardware Solutions SLU, Arctech Solar Holding Co. Ltd., Soltec Energias Renovables SL, Nclave Renewable SL, Ideematec Deutschland GmbH, Gonvarri Industries, and GameChange Solar. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Technology, concentrated solar power (CSP) category to witness significant growth during the forecast period”
Based on technology, the market is divided into photovoltaic and concentrated solar power (CSP). CSP is expected to witness significant growth during the forecast period. Furthermore, concentrating solar power (CSP) plants help develop existing local industries and fulfilling renewable energy goals. Together with the potential for niche applications like absorption chilling, CSP becomes a rational choice in tackling the energy crisis. With its increased power generation capacity, the market is projected to garner significant growth over the years to come. Another major advantage that CSP has over solar PV is its storage capabilities. With CSP, engines have high heating capacities, allowing the heat transfer fluid to retain heat for a long period. Also, other factor such as the declining cost of CSP components, is further expected to drive the market during the forecast period.
“Amongst Type, Single axis solar tracker dominated the global market in 2020”
Based on type, the global solar tracker market is categorized into single axis and dual axis. In 2020, single axis accounted for the majority share in the market. This is mainly due to the factors such as single-axis has a longer lifespan than dual-axis trackers and are cheaper than dual-axis trackers because they have a simple mechanism and operate at a low cost. Single-axis trackers have a single degree of flexibility that serves as an axis of rotation, which is generally aligned along a North-South path. In addition, major renewable energy companies are installing the single axis tracker in solar power plants across regions. For instance, in April 2022, Tata Power arm Tata Power Renewables has commissioned a 300 MW solar plant in Gujarat, India with single-axis solar tracker system. It is India’s largest single-axis solar tracker system. The project will generate 774 MUs annually. Along with this, it will reduce approximately 704340 MT/year of carbon emission. The installation entails 873012 numbers of Monocrystalline PV Modules.
“Amongst Application, Utility to leas market growth during the forecast period”
Based on application, the market is categorized into utility and non-utility. The utility segment is expected to lead the market due to rising solar grid integrations that have become common in many countries. A utility-scale solar facility is one which generates solar power and feeds it into the grid, supplying a utility with energy. Furthermore, solar deployment has skyrocketed in recent years due to factors such as increased energy requirements, increased availability of incentives, lower costs coupled with improved technology and continuous rise in investment for ambitious climate targets. Thus, as the world aims to reduce its reliance on fossil fuels amid the energy transition, several major economies are now looking to ramp up their share of solar power. For instance, Bhadla Solar Park (India) was commissioned in March 2020 with an installed capacity of 2.25GW and it spans 14,000 acres.
“APAC to witness significant growth during the forecast period”
Asia-Pacific is expected to show the highest CAGR growth in the solar tracker market. Factors such as rising environmental concerns and government policies for incentives and tax benefits for solar panel installation, high cost of grid expansion are expected to be major drivers driving the market. Also, advancement in technology leading to cost reduction and increase in efficiency have been a major factor for the growth of Asia-Pacific market. For instance, solar cells prices have reduced nearly 65% between 2010 and 2019. Most of the countries in Asia-Pacific have less per capita electricity consumption than Europe and America which gives a good room for renewable energy growth. Moreover, commercial and industrial sectors are increasingly interested in distributed solar power generation due to the numerous economic benefits and consistent source of energy that eliminates downtime and equipment damage caused by voltage fluctuations in traditional power grids.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Solar Tracker Market|
|2.2.||Research Methodology of the Solar Tracker Market|
|2.5.||Main Objective of the Solar Tracker Market Study|
|5||GLOBAL SOLAR TRACKER MARKET COVID-19 IMPACT|
|6||GLOBAL SOLAR TRACKER MARKET REVENUE (USD BN), 2019-2027F|
|7.2.||Concentrated Solar Power|
|10.1.3.||Rest of North America|
|10.2.5.||Rest of Europe|
|10.3.5.||Rest of Asia-Pacific|
|10.4.||Rest of World|
|12||SOLAR TRACKER MARKET OPPORTUNITIES|
|13||SOLAR TRACKER MARKET TRENDS|
|14||POLICY & REGULATORY FRAMEWORK|
|15.1.||Demand Side Analysis|
|15.2.||Supply Side Analysis|
|16||VALUE CHAIN ANALYSIS|
|17.1.1.||Porter’s Five Forces Analysis|
|18.1.||Valmont Industries Inc.|
|18.3.||Array Technologies, Inc.|
|18.4.||PV Hardware Solutions SLU|
|18.5.||Arctech Solar Holding Co. Ltd|
|18.6.||Soltec Energias Renovables SL|
|18.7.||Nclave Renewable SL|
|18.8.||Ideematec Deutschland GmbH|
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global solar tracker market were the three major steps undertaken to create and analyze the adoption of solar tracker in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global solar tracker market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of Solar Tracker market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the solar tracker market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, technology, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of solar tracker market. Further, we conducted factor analysis using dependent and independent variables such as various application and type of solar tracker. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the solar tracker market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global solar tracker market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of solar tracker market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global solar tracker market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global solar tracker market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, technology, and application in the global solar tracker market.
The main objective of the Global Solar Tracker Market Study
The current & future market trends of global solar tracker market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Solar Tracker market in terms of Volume (KW). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, technology, and application
- Define and analysis of the regulatory framework for the solar tracker market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the solar tracker market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
- Company profiles of the Solar Tracker market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry