Global Solar Tracker Market is valued at USD 3.45 Billion in 2021 and is expected to reach USD 13.12 Billion by 2028 with a CAGR of 21.01% over the forecast period.
A solar tracker is a device connected to a solar panel that can direct the solar panel towards the sun. The solar tracker will change direction throughout the day to follow the sunlight to maximize energy capture. The tracker minimizes the angle of incidence between the panel and the sunlight. Solar trackers help increase the energy production of solar panels. The solar tracker can increase the production of solar panels by 20 to 30%.
Solar trackers generate more electrical energy than fixed trackers, which makes them feasible and thus stimulates market demand. A closer look at the system can increase the efficiency of the solar panels by 10% to 25%, depending on the geographic location of the tracking system. Due to the rapid development of industrialization and urbanization, global energy consumption has increased considerably. With the continued increase in carbon emissions and the introduction of preferential policies and plans, lingering concerns have fueled the size of the solar technology market. In addition, a significant drop in component prices will increase product adoption.
There are various benefits pertaining to solar tracking systems. They generate a huge amount of electricity as compared to other counterparts, since they are in a direct contact of the sun rays. Solar trackers come in different forms, major being, single-axis and dual-axis that provide suitable fit for various purposes. They also utilize the available land by generating the same amount of electricity in the same installation space required by fixed tilt systems. Hence, solar trackers are very efficient.
Global Solar Tracker Market is segmented on the basis of technology, product type and application. On the basis of technology, the market is segmented into Solar PV, concentrated photovoltaic system and concentrated solar power system. On the basis of product type, market is segmented into single axis and double axis. On the basis of application, the market is segmented into residential, commercial and utility.
The regions covered in this Solar Tracker market report are North America, Europe, Asia Pacific and rest of the World. On the basis of country, market of Solar Tracker is subdivided into U.S., Mexico, Canada, U.K., Germany, France, Italy, China, Japan, South East Asia, Africa, etc.
Solar Tracker Market report covers major key players in the market like,
Rising demand for electricity, favourable government policies, increasing investments for renewable energy sources, growing concerns over energy conservation, surging potential of solar energy to generate commercial electricity are the major factors for driving the growth of Global Solar Tracker Market. As per the statistics from Our World In Data, the world produced 5.9TWh of modern renewable energy in the year 2016, that increased 5 to 6 folds since 1960s.
Moreover, solar tracking devices ae very easy to use, they are built in simple designs that make them conventional over other methods, due to which they have found numerous applications in residential, commercial and utility segment. These are other major factors that are contributing for the growth of Solar Tracker market.
However, there are a large number of solar trackers available in the market which makes it quite a price competitive market. All these factors are expected to act as restraints for the growth of Solar Tracker market.
Also, governments in countries, especially in developing economies, are investing hugely in promoting environment friendly programs to save water and electricity, for which they seek innovative solar tracking devices that are potentially viable for energy generation. There is also an active participation by different giant manufacturers, to incorporate various technological advancements in tracking methods. These are expected to offer lucrative opportunities for the growth of Solar Tracker market.
North America is the dominant region in the market with the largest share of the global Solar Tracker market, owing to the countries in the region being early adopters of technology and early urbanized practices like major developments in optimizing renewable energy sources. There is a growing demand for electricity in the countries, where new initiatives are continuously being taken up in order to bring innovation in generating solar tracking methods better than the conventional systems. There is also a huge presence of big industry giants in the region that make it a powerhouse for solar trackers. Based on the statistics from Our World In Data, North America generated more than 500TWh of solar power in 2018.
Whereas Asia Pacific region is expected to grow at a fastest rate and exhibit a spurring growth in the Solar Tracker market. The major reasons being low manufacturing costs and rising efforts by the governments of developing economies like China, India, Japan etc. to invest into proper methods for the utilisation of renewable energy sources. Also, there is a huge demand for electricity for residential and commercial purposes owing to the large population in India and China, that is likely to contributing towards growth of the market in the region. As per Our World In Data, Asia Pacific generated more than 300TWh solar power in 2018. There was also a consumption of more than 100,000GWh in Total Asia Pacific in 2018.
Middle East and Africa
|Historical data||2018 - 2021|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 3.45 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||21.01%|
|Market Size Expected in 2028:||USD 13.12 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||NEXT Tracker, Convert Italia, ArcTech Solar, Abengoa Solar, Meca Solar, Sunpower Corporation, First Solar, Game Change Solar, Array Technologies, SOLTEC, others.|
|Segments Covered||By Platform, By Enterprise Size, By End-User.|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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