"We Envision Growth Strategies Most Suited
to Your Business"

Solar Tracker Market to Display Stellar 16.3% CAGR by 2028; Increasing Initiatives to Reduce Carbon Emission to Augment Growth

July 26, 2021 | Energy & Power

The global solar tracker market size is expected to gain momentum by reaching USD 54.23 billion by 2028 owing to the increasing use of renewable sources of energy in its report titled “Solar Tracker Market Size, Share & COVID-19 Impact Analysis, By Type (Photovoltaic (PV), Concentrated Solar Power (CSP)), By Movement (Single-Axis, Dual Axis), By Application (Utility, Non-Utility), and Regional Forecast, 2021-2028” The report further mentions that the market stood USD 16.11 billion in 2020 and  is projected to exhibit an impressive CAGR of 16.3% during the forecast period.


FTC Solar Introduces Next- generation Voyager+ Tracker to Achieve Large Power Output


In January 2021, FTC Solar announced the launch of Voyager+, a next generation form of its single-axis Voyager tracker. It is designed in a way that it will be able to support large solar cells. This will thus allow the larger modules to achieve power output more than 500 watts. Therefore, Voyager+ will be able to support these larger format modules and these are expected to lower the cost of development. For instance, a report by Wood Mackenzie suggests that using these larger modules, labor cost can be reduced up to 6% and energy production will increase. Such initiatives by the companies are anticipated to bode well for the growth of this market during the forecast period.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/solar-tracker-market-100448


High Efficacy of Trackers in Capturing Solar Energy to Boost Market


Trackers are used in solar devices to maximize energy capture to increase the efficiency of power generation. Its deployment helps in movement of the solar panels according to the direction of sunlight. These trackers help to minimize the angle of incidence between the panel and the coming sunrays on panels, thereof boosting the energy capture. Besides solar panels, it can be used along with various panel technologies, such as fresnel reflectors, parabolic troughs and lenses. The increasing focus on reducing emission levels is another factor that drives the demand for advanced green solutions across the globe. This is expected to contribute to the global solar tracker market growth during the forecast period.


Contract Signing by Prominent Companies to Consolidate Their Market Positions


The market is fragmented by the presence of key players striving to maintain their dominance by signing significant contracts with other companies to expand their solar tracker portfolio. Moreover, the major companies are adopting strategies such as partnership, collaboration, and facility expansion to develop advanced radar systems to cater to the growing demand for advanced off-road vehicles and accessories during the forecast period.


Industry Development


November 2020: Spanish company Esasolar, launched Esatrack M5-2V tracker. It will allow capturing the same amount of solar energy to all its strings in the same amount. It will also avoid losses due to low irradiation in the least exposed modules within the same connection line. 


List of Key Players Profiled in this Market



  • NEXTracker (United States)

  • Array Technologies (United States)

  • Soltec (Spain)

  • Arctech Solar (China)

  • Convert Italia (Italy)

  • PV Hardware (Spain)

  • STi Norland (Spain)

  • Ideematec (Germany)

  • Solar Steel (UK)

  • SunPower (United States)

  • Scorpius Trackers (India)

  • Exosun (Russia)

  • Sun Action Trackers (United States)


Further Report Findings



  • Based on type, the market is bifurcated into solar photovoltaic and concentrated solar power (CSP). The solar photovoltaic segment is expected to hold a major share as these are more popular than CSP.

  • North America is expected to hold the largest global solar tracker market share during the forecast period. This is attributable to increased deployment of solar energy plants in the region. The market size in North America in terms of revenue stood at USD 9.99 billion in 2020.

  • Europe is expected to showcase exponential growth in the market for solar trackers. This is owing to the increasing trend of green energy targets in the region. In addition to this, the growing penetration of solar products in countries such as Germany, Italy, and Spain will propel the demand for the product during the foreseeable future.


Table of Segmentation


















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion) and Volume (MW)



Segmentation



  By Type; By Movement; By Application; and By Geography



By Type




  • Photovoltaic

  • Concentrated Solar Power



By Movement




  • Single Axis

  • Dual Axis



By  Application




  • Utility

  • Non-Utility



By Geography




  • North America

    • By Type

    • By Movement

    • By Application

    • By Country

      • The U.S.

      • Canada





  • Europe

    • By Type

    • By Movement

    • By Application

    • By Country

      • UK

      • Germany

      • France

      • Italy

      • Rest of Europe





  • Asia Pacific

    • By Type

    • By Movement

    • By Application

    • By Country

      • China

      • Japan

      • India

      • Australia

      • Rest of Asia Pacific





  • Latin America

    • By Type

    • By Movement

    • By Application

    • By Country

      • Brazil

      • Mexico

      • Rest of Latin America





  • The Middle East and Africa

    • By Type

    • By Movement

    • By Application

    • By Country

      • GCC

      • South Africa

      • Rest of Middle East and Africa 






Solar Tracker Market
  • PDF
  • 2020
  • 2017-2019
  • 217

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

Our Clients

Krones
Mckinsey
Emerson
Styker
Owens
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X