Solar Tracker Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos

 

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 has also significantly increased over time.

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 According to UnivDatos Market Insights (UMI)’ research report “global solar tracker market”, the market is expected to witness a robust growth during the forecast period 2021-2027F. The demand for solar tracker systems is driven by the increasing installation of solar power across the globe. 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.

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.

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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.

APAC to witness extensive growth

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. China dominated the APAC region and grew from US$ XX billion in 2020 to US$ XX billion in 2027 with a CAGR of XX%. It is expected to reach more than 50% total installed capacity of solar panels in the world till 2050 followed by North America at 20% and Europe and 10%. China has already made its initial 2030 target of reaching 20% and is now shifting from feed-in tariff system to competitive bidding. Renewable energy projects in China are encouraged and do not require any minimum domestic participation which is easing the adoption of solar tracker in the country.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global solar tracker market are 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. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

 

“Global Solar Tracker Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.      

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arket Segmentations:

1.      By Technology (Photovoltaic and Concentrated solar power)

2.      By Type (Single axis and Dual axis)

3.      By Application (Utility and Non-utility)

4.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

5.      By Company (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)

Key questions answered in the study:

1.      What are the current and future trends of the global solar tracker industry?

2.      How the industry has been evolving in terms of technology and application?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the global solar tracker industry?

5.      What is the customer orientation, purchase behavior, and expectations from the global solar tracker suppliers across various region and countries?

Table of Content –

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 GLOBAL SOLAR TRACKER MARKET COVID-19 IMPACT

6 GLOBAL SOLAR TRACKER MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY TECHNOLOGY

8 MARKET INSIGHTS BY TYPE

9 MARKET INSIGHTS BY APPLICATION

10 MARKET INSIGHTS BY REGION

11 SOLAR TRACKER MARKET DYNAMICS

12 SOLAR TRACKER MARKET OPPORTUNITIES

13 SOLAR TRACKER MARKET TRENDS

14 POLICY & REGULATORY FRAMEWORK

15 DEMAND AND SUPPLY SIDE ANALYSIS

16 VALUE CHAIN ANALYSIS

17 COMPETITIVE SCENARIO

18 COMPANY PROFILED

19 DISCLAIMER

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