The global solar tracker market is driven by increasing demand for energy coupled with stringent government regulations and initiatives.
The global solar tracker market capacity is expected to reach 39.33 GW by 2025. The market is growing at a CAGR of 13.8%. Rising awareness about renewable and sustainable sources of energy coupled with growing several government initiatives are projected to drive the growth of the global solar tracker market during the forecast period.
The global solar tracker market study evaluates market demand and scenario over the period from 2015 to 2025. The study highlights the historical data between 2015 and 2017 while 2018 to 2025 as a market forecast. The report studies the global, regional and country level trends and future prospects. The global solar tracker market is segmented by product, technology and application.
The global solar tracker market study analyzes various aspects of the market using value chain analysis, PESTEL analysis, and Porter’s five forces analysis. The report also covers various qualitative aspects of the global solar tracker market such the market drivers, restraint and trends that are likely to drive the growth of the global solar tracker market during the forecast period. Furthermore, the report provides an in-depth analysis of the key players in the market by mapping their product offerings and key initiatives that are projected to impact the market.
The trackers in the solar panels are used to direct the panels towards the sunlight. These trackers are designed to change the panel’s orientation through the day following the sun’s path to capture maximum energy. Thus, solar panels are successfully increasing the power output ratio of the solar panels. Owing to this increased power output, the utility sector has widely adopted the solar tracker which is boosting the growth of the global solar tracker market. Further, favorable government initiatives such as the National Community Solar Partnership in the United States and International Solar Alliance in India are presenting a good growth opportunity for solar energy thus driving the global solar tracker market
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 are cost-effective, thus have surged in demand. Owing to this, single-axis solar trackers are expected to account for more than half of the market share in terms of volume capacity in the global solar tracker market by 2025. Dual axis solar trackers are anticipated to show the fastest growth rate as they achieve maximum power output on account of their two degrees of freedom that acts on axes of rotation allowing it to move through two axes capturing more sunlight.
By technology, photovoltaic solar trackers are estimated to dominate at ~70% share in capacity by 2025 in global solar tracker market. Both direct and diffuse sunlight is taken by photovoltaic solar trackers to produce electric energy, which is increasing its power output. Furthermore, photovoltaic panels are endorsed through government funding and subsidy, this is increasing the demand for photovoltaic panels. For instance, in October 2018 the government of Canada declared a policy for businesses/corporates offering them a full tax exemption for those who have adopted PV solar panels in solar trackers.
Based on the application type, the global solar tracker market is segmented in utility and non-utility sector. The utility sector is estimated to account 33.94 GW capacity in the global solar tracker market by 2025. The ever increasing demand for energy and shortfall in supply has created a gap, which is increasing the cost per unit. Owing to this utility segment is currently shifting to renewable and sustainable sources of energy such as solar which is boosting the demand for tracker in the global solar tracker market.
The Asia Pacific is expected to grow with a CAGR of 17.15%. The growth is projected on account of large scale developments in countries such as India. In India, the government is implementing key initiates such as the Jawaharlal Nehru National Solar Mission, Rooftop scheme and Ujjwal Discom Assurance Yojna to boost solar energy. Further, players such as Nextracker Inc., Mahindra Susten Pvt. Ltd., and Arctech are focused on building utility grade solar planets which driving the growth of the solar tracker market. For example, in 2016, NEXTracker Inc. an important player in the solar tracker market declared that the company had built India’s biggest solar tracker power plant by collaborating with Adani Power Ltd. in the Punjab state with a capacity of 105 GW.
The global solar tracker market is consolidated as major players such as the Nextracker Inc., Array Technologies Inc. and, Soltec Energías Renovables, SL have captured the major of the market share. The players in the global solar tracker are adopting to the partnership as one of their strategy to solidify their market position. For instance in 2016, NEXTracker Inc. a key player partnered with APL Apollo Tubes Ltd a player in the steel market of India. The partnership aimed to cut down the shipment time of piers and steel tubes that form the backbone of the solar trackers by sourcing them locally from APL Apollo Tubes Ltd.
Some of the other key players in the global solar tracker market are SunPower Corporation, Convert Italia SpA, Soltec Renewable SL, Game Change Solar and First Solar Inc.
Segment overview of global solar tracker market
- Product Overview, 2015-2025 (GW units) (USD million)
- 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)
- Regional Overview, 2015-2025 (GW units)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- Rest of Middle East and Africa
- North America
- Company profiles
- Array Technologies, Inc.
- Arctech Solar
- NEXTracker Inc.
- Convert Italia SpA
- Soltec Energías Renovables, SL
- Mahindra Susten Pvt. Ltd.
- SunPower Corporation
- GameChange Solar
- First Solar