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The global solar tracker market size was valued at nearly 8.06 Billion in 2018 and is projected to reach more than 18.71 Billion by the end of 2026, exhibiting a CAGR of 11.09% in the forecast period.
A solar tracker is an equipment used by various users to increase the efficiency of electricity generation using solar systems. A solar tracker assists the movement of the solar panels capturing the sunrays according to the direction of the sun, ensuring the maximum utilization of the available sunlight for electricity generation. Specifically, the deployment of solar trackers increases the efficiency of the installed solar system by 25-35%, which augurs well for the global market.
Solar trackers are manufactured by various companies and the cost of trackers mainly depends on the number of solar modules that are to be managed and the amount of target energy that needs to be generated. Solar trackers are available in two types, namely, single axis and dual axis.
Single-axis trackers provide the movement of panels in one direction only. The dual-axis trackers offer the movement of panels in both directions. The dual-axis trackers offer 10-15% more efficient than the single-axis tracker. The cost consideration has seen more usage of single-axis trackers as compared to the dual-axis trackers.
The increasing demand for green energy has witnessed many countries enter into the solar market and therefore using solar trackers for electricity generation, expanding the global solar tracker market size. Also, the subsidies provided by various governments to fulfill their ambitious green energy targets and reduce carbon footprints have acted as market drivers for the global market. The solar industry has been seen as a significant opportunity by the investor, and therefore, investments in the solar tracker industry have increased over the years.
Over the last decade, North America and Europe have dominated the global market. The major countries in the market are the USA, Italy, Spain, and Germany. In recent years, the other regions have exhibited healthy growth in the market, namely, Latin America and the Asia Pacific.
The major countries in these regions are Brazil, Mexico, Chile, China, Japan, and India, where solar tracker technology is evolving rapidly. With the saturation of solar in developed countries, the other emerging countries stand as a significant opportunity for the growth of the global solar tracker market.
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"Multiple Benefits of Solar Photovoltaic to Boost Growth of the Segment"
Solar trackers can be deployed in both solar photovoltaic and concentrated solar power. But in concentrated solar, mirrors are used to accumulate the sunrays at a destined location. Dual-axis trackers are used in this segment, which further puts restrictions of deployment of solar trackers in concentrated solar. Another factor that positively affects the growth of the implementation of trackers in solar photovoltaic is the limited deployment of concentrated solar all over the world. As compared to the installations of solar photovoltaic, the installations of concentrated solar are shallow in number, which limits the spread of solar trackers. Therefore, solar photovoltaic will dominate the global market in the forecast period.
"Single Axis to hold a Greater Market Share in Solar Tracker Market"
The single-axis trackers, which are emerging as a popular type of solar trackers, will dominate the global market during the forecast period. The increased adoption for single-axis trackers will mainly occur due to the inexpensive nature and need for less space as compared to the dual-axis trackers. Another reason adding to the growth of this segment is the low-efficiency increase using the dual-axis trackers. The increase in efficiency is only around 10% with the dual-axis as compared to a single axis.
"Utility Segment to Remain Dominant Due to Increasing Efficiency"
The demand for electricity generation from renewable sources, such as solar trackers, has been increasing all over the world at a significant rate to satisfy the high requirement of the masses. As the deployment of solar trackers increases, the efficiency of the solar system increases by 25-35%, and the adoption of solar trackers in the utility segment also increases substantially. This trend of application of solar trackers in the utility segment is set to continue in the coming years with increased electricity generation using solar energy, boosting the global solar tracker market growth.
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"Latin America Is Likely to Witness a Significant Growth Rate During the Forecast Period"
Currently, North America region accounted for a major share of the global solar tracker market followed by Latin America and the Asia Pacific countries, respectively. The market is anticipated to witness significant growth in Latin America. Brazil and Mexico will have substantial demand for the solar trackers owing to the increasing adoption of renewable sources of energy and specifically, solar tracker technology has dominated the electricity generation Industry. In 2017, Latin America accounted for the highest demand for solar trackers with around 3-3.5GW demand coming from the region. In addition to this, the region has further activities planned for the expansion of the solar market, acting as an opportunity for the deployment of the solar tracker in the region.
Global Solar Tracker Market Share (US$ Mn), By Region, 2018
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"NEXTracker, Inc. to Dominate the Global Solar Tracker Market During the Forecast Period"
The global arket is highly dominated by major players around the world. NEXTracker, Inc is the market leader in solar tracker industry. The company has a significant presence across the globe with the majority of the revenue coming from North America, Latin America, and Asia Pacific countries. Other leading players in solar tracker industry are Array Technologies, Inc, Soltec Trackers, Arctech Solar, Convert Italia - A Valmont Company, PVHardware, STI Norland, NCLAVE, Ideematec, SunPower Corporation, Scorpius Trackers Private Limited, ArcelorMittal Projects Exosun, and Sun Action Trackers.
A solar tracker is an equipment used along with the solar panels to increase the efficiency in capturing the sunlight. The solar trackers provide the advantage of movement along with the direction of sunrays helping in energy generation at the same rate all day long. The deployment of solar tracker increases the efficiency of the solar system by 25-35%. It provides the advantage of using less area and generating the same power as it would be generated using more number of solar panels for the same amount of energy generation. The deployment of solar trackers has been mainly in the utility segment for increased electricity generation. With more number of players entering the market and spreading of solar energy in countries all over the world, the opportunity for the market has also increased. This will see the global solar tracker market to grow at a reasonable rate all over the world.
The report provides qualitative and quantitative insights on the solar tracker industry and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by type, movement, application, and geography. On the basis of type, the global market is segmented into photovoltaic (PV) and concentrated solar power (CSP). Based on movement, the global market has been segmented into a single axis and dual axis. Based on application, the global market is segmented into utility and non-utility. Geographically, the global solar tracker market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report on the solar tracker industry provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are the recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, investment scenario, technological advancement, and key industry trends.
Fortune Business Insights says that the global solar tracker market was valued at USD 8 Billion in 2018.
Solar tracker market is projected to reach 18.71 Billion in 2026.
Growing at a CAGR of 11.09%, the solar tracker market will exhibit steady growth in the forecast period
North America was valued at 4.98 Billion in the global solar tracker market in 2018.
Photovoltaic solar trackers are expected to dominate the global solar tracker market during the given forecast period.
Demand shift towards clean energy will drive the solar tracker market growth. The high initial cost of the trackers can hamper the growth of the global solar tracker market.
NEXTracker, Soltec, ArcTech solar are among the top companies in the solar tracker market.
Increased efficiency obtained in capturing sun rays by installation of solar trackers will drive the adoption of the solar trackers.