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Solar Tracker Market

Solar Tracker Market Forecasts to 2028 – Global Analysis By Type (Active Solar Tracker, Passive Solar Tracker), Movement (Single Axis, Dual Axis), Application (Residential, Commercial, Industrial), and By Geography

5.0 (60 reviews)
Published: October 2021 ID: SMRC21059
5.0 (60 reviews)
Published: October 2021 ID: SMRC21059

This report covers the impact of COVID-19 on this global market

According to Stratistics MRC, the Global Solar Tracker Market is accounted for $16.07 billion in 2020 and is expected to reach $58.79 billion by 2028 growing at a CAGR of 17.6% during the forecast period. Growing awareness about green energy and renewable sources to generate power, rising electricity demand, and growing focus on utility scale projects are the major factors propelling the market growth. However, initial requirement of heavy capital investments and lack of required infrastructure are hampering the market growth.

A solar tracker refers to the device used for orienting a solar panel or solar reflector toward the sun to harness additional sunlight. Based on the design and tracking mechanism, some of the commonly used variants include active, passive, single-axis and dual-axis trackers. The trackers are attached to the solar panels to alter their position in sync with the sun irrespective of the weather conditions. This ensures that the solar modules are correctly positioned to gather maximum solar energy and to improve the overall efficiency of the solar panels.

Based on movement, the single axis segment is estimated to have a lucrative growth due to its high reliability index, lower cost, and longer lifespan. They are specifically aligned across the north meridian and can be positioned across the cardinal direction with the help of advanced algorithms. Simple mechanism and higher efficiency are the imperative factors which will complement the industry outlook. Single-axis solar trackers take up more land as compared to fixed panels as their movement can create shadows that can affect the efficiency of neighbouring panels. Moreover, the use of single-axis trackers maximizes potential output but also come with higher capital expenditure and operating expenditure.

By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to the rising shift towards renewables sources of energy in developing countries such as China and India. Moreover, China and Japan are the leading countries in the world in terms of using solar energy, thus promoting the regional market.

Some of the key players profiled in the Solar Tracker Market include Arctech Solar, Array Technologies, Convert Italia, Exosun, Ideematec, NEXTracker, PV Hardware, Scorpius Trackers, Solar Steel, Soltec, STi Norland, Sun Action Trackers, and SunPower.
 
Types Covered:
• Active Solar Tracker
• Passive Solar Tracker

Technologies Covered:
• Photovoltaic (PV)
• Concentrated Solar Power (CSP)
• Concentrated Photovoltaic (CPV)

Movements Covered:
• Single Axis
• Dual Axis

Applications Covered:
• Residential
• Commercial
• Industrial

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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o Comprehensive profiling of additional market players (up to 3)
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o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

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