Solar Tracker Market: Current Analysis and Forecast (2021-2027)

Solar Tracker Market: Current Analysis and Forecast (2021-2027)

The 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.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.

Based on application, the market is bifurcated into utility and non-utility. Among these, non-utility segment to witness significant growth during the forecast period. The increasing adoption of solar PV systems in the non-utility areas (commercial and residential sector) is primarily driven by expected savings in electricity costs, the need for an alternative source of electricity, and the desire to mitigate climate change risk.

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.