A tracker is used to direct the solar panel towards the sunlight continuously by changing the orientation of the panel corresponding to changing the position of the sun. This help the solar panels to capture the maximum of the sun’s energy throughout the day and increase its power output ratio. The global solar tracker market was estimated to be at 16.53 GW of capacity in 2018. The market is primarily driven by the increasing demand for energy, rising environmental concerns, and awareness coupled with the depleting fossil fuel around the globe.
The rising government initiatives in countries such as United States, India, and China to switch to solar energy are accelerating the demand for solar trackers during the forecast period. For instance, the Indian government is executing major initiatives such as the International Solar Alliance to be leading solar power contributor by 2025. Such initiatives by the Indian government are increasing the demand for solar trackers in the region.
Further, the constant product innovation in solar technology, rising adoption of IoT and Artificial Intelligence are expected to offer new growth opportunities to the solar tracker companies. The solar energy plants are aiming at centralizing the management of solar plants by using newer technologies such as cloud IoT and IoT among others. For instance, NEXTracker Inc. in 2017, a key player introduced TrueCapture a self-adjusting and an intelligent solar tracker. TrueCapture by using its platform is constantly refining the angel of the solar arrays according to the changing weather conditions. Flex’s (the parent company of NEXTracker Inc.) through its IoT platform is connected with TrueCapture.
Segment Overview of Global Solar Tracker Market
- Product Overview, 2015-2025 (USD million) (GW units)
- Single axis
- Dual axis
- Technology Overview, 2015-2025 (GW units)
- Photovoltaic (PV)
- Concentrated photovoltaic (CPV)
- Concentrated solar power (CSP)
- Application Overview, 2015-2025 (GW units)
- Utility
- Non-Utility
- Regional Overview, 2015-2025 (GW units)
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Spain
- Rest of Europe
- Asia Pacific
- India
- Japan
- China
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Chile
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Jordan
- Rest of MEA
- Rest of Middle East and Africa
- North America
Reasons for the study?
- To estimate the market potential in terms of production capacity by the end of 2025
- To understand future growth opportunities of global solar tracker market
- To highlight key government initiatives that are likely to boost solar energy and solar tracker adoption
- To understand latest product developments of the key players
- To study the impactful developments of the key players in the market and to further analyze their strategic initiatives
- To study potential markets such as Asia Pacific, South America and Middle East & Africa
- Understanding the restraints or any threats to the market
What does the report offer?
- Important parameters such as drivers, restraints, and opportunities have been discussed in detail that are likely to impact the market.
- Company profiles of the key players in the market which helped to us understand their strategies, key initiatives, and financial performance and market offerings.
- Analysis of strategic framework and market dynamics
- Government initiatives
- Porter’s five forces analysis
- Value chain analysis
- PESTLE analysis
Who should be this report?
This study is suitable for industry members and stakeholders related to energy sector, who want an in-depth analysis and insight of the market. The report will benefit:
- Players in solar energy market
- Companies in solar tracker market
- Solar energy associations
- Regulatory bodies and government who wish to understand the latest technological developments in the market
- New entrants in the market wanting to understand the market dynamics
- Regional and local governments wanting to install solar tracker projects
- Analysts, educationalists, strategy managers, researchers, and academic institutions looking for insights into the market to determine future strategies and to forecast the market.
- Third party consulting firm
The government regulations & initiatives are playing a vital role in the growth of renewable energy resources and ultimately boosting the demand for solar trackers. For instance, in 2015, the United States Department of Energy in association with the Department of Housing & Urban Development (HUD), the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Agriculture (USDA) coupled with different non-profit organizations, states and communities announced the mission of National Community Solar Partnership. The National Community Solar Partnership aims to provide access to solar energy to nearly 50% of the businesses and households across the nation. Similarly, the Indian government is implementing key initiatives to become a leading solar power contributor by 2025. The most recent one that is projected to have a large impact was in 2018 due to the International Solar Alliance between France and India. One of the aims of the alliance is to offer a subsidy to reduce the financing required for solar power projects and the required technology to facilitate more solar infrastructure by 2030 in India.
Based on the type of product the global solar tracker market is segmented in a single axis and dual axis solar tracker. Single axis solar trackers were valued at USD 2.74 billion and the capacity was 10.84 GW in 2018 in the global solar tracker market. A single-axis tracker moves along the north to south direction along a single axis while dual axis moves both north-south & east-west along two axes. Dual axis solar trackers are costlier than single axis and hence utility sector has widely using single axis making it highest selling solar tracker. Dual axis solar trackers are projected to surge in demand in the global solar tracker market as they offer more power output and are more efficient compared to the single axis.
In application areas, Utility segment accounted to more than 86% share in capacity in the global solar tracker market in 2018. The rising cost of electricity, the utility sector is now shifting to renewable sources such as solar are projected to increase the demand for solar trackers. Further government rules and regulation to reduce carbon emission coupled government initiatives to move to solar energy, the utility sector is projected to widely adopt to solar trackers driving the growth of the global solar tracker market.
On the basis of technology, photovoltaic solar trackers had a market share of more than 70% in 2018 in global solar tracker market. Photovoltaic panels produce electric energy from both direct and diffuse sunlight compared to other types, hence improving the power output ratio. Owing to the above utility sector has widely adopted to photovoltaic panels in solar tracker driving the growth of the global solar tracker market.
In 2018, North America solar tracker size was 9.43 GW capacity units in the global solar tracker market. The structural design of solar tracker has proven itself under hardest climatic changes such as hurricane and snowstorms, hence utility sector in North America has adopted the solar tracker to produce solar energy. Further, Mexico is projected for a strong growth in the region as many new solar plants are being built to power the major cities in Mexico. For instance, in 2017, NEXTracker Inc. a key player in the global solar tracker market announced to build the largest single axis solar tracker in Western Hemisphere. The long-term project will have the capacity of 750GW and will deliver power to Northern Mexico starting its operation in 2018.
Asia-pacific is projected to grow strongly in the global solar tracker market in comparison with other regions. The Asia market is expected to be driven by strategic & ambitious government initiatives coupled with stringent regulations in China, India, Japan, and many other South Asian countries. China and India are expected to establish new and utility-scale solar power plants in the next few years, which will further accelerate the growth of the global solar tracker market.
