Global Solar Tracker Market is expected to foresee significant growth. APAC to lead the growth!

Global Solar Tracker Market is expected to register a CAGR of around 15% over the period of 2021-2027. 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 ahs also significantly increased over time.

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At the end of 2019, there were a cumulative of 648 GW of PV installed compared to 527 GW installed in 2018. Roughly 20% of the installed PVs were in residential rooftops, 20% in commercial buildings (hotels and malls) and 60% utility plants connected to the grid. Use of solar PVs has increased tremendously in last several years and has become the most influential in the last few years. Utility market is also the most cost-efficient as land, labor and material costs can spread over huge quantities. Electricity generated by solar energy is at its peak during the day when it is required the most. The lower growth rate in 2018 was mainly due to China where installations fell from 53 gigawatts in 2017 to 45 gigawatts in 2018 because of re-evaluation of the annual solar fund in China. The recent pressure by government organization and environment scientists is encouraging the industry growth.

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Based on technology, the solar tracker market is classified into photovoltaic and concentrated solar power. Amongst technology, the photovoltaic category accounted for significant share in the market. The tracking functionality in standard photovoltaic trackers is used to minimize the angle of incidence between incoming light and the photovoltaic panel. This increases the amount of energy gathered from the direct component of the incoming sunlight. Furthermore, rising investments in various utility-scale projects across the developing nations will increase the share of solar in the renewable energy mix, which is expected to drive the market.

Based on type, the market is categorized into single axis and dual axis. Among these, single axis tracker accounted for the major share in in the market in 2020. This is mainly attributed to the increased investor awareness and need to maximize power output in a competitive market. Single-axis solar trackers are becoming increasingly popular in the market due to their low cost and lower design complexity when compared to dual-axis trackers.

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For a better understanding of the market adoption of solar tracker industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific is expected to witness highest CAGR during the forecast period on account of growing solar power installations in developing countries like China and India.

Some of the major players operating in the market include 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.

Global Solar Tracker Market Segmentation

Market Insight, by Technology

• Photovoltaic
• Concentrated Solar Power

Market Insight, by Type

• Single Axis
• Dual Axis

Market Insight, by Application

• Utility
• Non-utility

Market Insight, by Region

• North America
  • United States
  • Canada
  • Rest of North America
• Europe
  • Germany
  • Italy
  • United Kingdom
  • France
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of World

Top Company Profiles

• 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
  • GameChange Solar