Solar Tracker Market Size By Product (Single Axis {Horizontal, Vertical}, Dual Axis), By Application (Residential, Commercial, Utility), Regional Outlook, Industry Analysis Report, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Jun 2020  |  Report ID: GMI364  |  Authors: Ankit Gupta, Aditya Singh Bais

Report Format: PDF   |   Pages: 235   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Solar Tracker Market size valued at around USD 3.1 billion in 2019 and is anticipated to witness an annual installation of over 35 GW by 2026. Increasing electricity demand along with rapid investment toward RE technologies will significantly impact the market growth.
 

The ability of a solar tracker to produce more electricity than stationary counterparts, makes its adoption feasible, boosting the market demand. It has further been examined that the system can increase the efficiency of solar panels from 10% to 25% depending on the geographic location of the tracking system. Energy consumption across the globe has witnessed prominent growth on account of rapid industrialization & urbanization. Ongoing concerns toward rising carbon emissions along with introduction of favorable policy & schemes has fueled the market size of solar technologies. In addition, significant declination in component price will augment the product adoption.
 

Solar Tracker Market
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The global solar tracker market will witness decremental growth in 2020 owing to ongoing COVID-19 pandemic. Corresponding governments and regulators have implemented social distancing mandates of changing degrees to placate the spread of disease. Shortage of workforce along with lockdown of manufacturing operations are few paramount factors that will limit the deployment of solar trackers. Declining international imports have halted the project constructions across various countries. However, if growth of coronavirus declines over forthcoming months, the tracker industry will undergo accelerated growth due to its competitive price index.
 

The solar tracker market report covers the detailed analysis of industry trends segmented on a regional & country basis across types of products and applications. The market estimates & forecasts are completely in line with the data represented by state and federal authorities including the World Bank, National Renewable Energy Laboratory, U.S. Energy Information Administration (EIA), International Energy Agency (IEA), International Renewable Energy Agency (IRENA), Ministry of New and Renewable Energy (MNRE), American Solar Energy Society (ASES), Global Solar Council, Power magazines and company annual reports amongst others.
 

Solar Tracker Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 3.1 Billion (USD)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 6.8% 2026 Value Projection: 35.7 (GW)
Pages: 235 Tables, Charts & Figures: 560
Geographies covered (27): U.S., Canada, Mexico, UK, France, Netherlands, Germany, Sweden, Russia, Spain, Austria, China, Australia, India, Japan, South Korea, South Africa, Egypt, Algeria, Nigeria, Morocco, Saudi Arabia, UAE, Jordan, Israel, Brazil, Chile
Segments covered: Product, Application
Companies covered (23): NEXTracker, Inc., Array Technologies, Inc., Abengoa Solar, SunPower Corporation, Meca Solar, Powerway, Trina Solar, Haosolar Co. Ltd, SOLTEC, SmartTrak Solar Systems (Pvt) Ltd., Scorpius Trackers, AllEarth Renewables, DEGER energie GmbH & Co. KG, Titan Tracker, Arctech Solar, First Solar, Convert Italia, PV Hardware, STI Norland, GameChange Solar, Gonvarri Steel Services, ArcelorMittal, Ideematec AG
Growth Drivers:
  • Growing focus on utility scale projects
  • Stringent clean energy targets
  • Increasing off grid electricity demand
Pitfalls & Challenges:
  • High initial cost

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Lower cost and high reliability index of single-axis solar tracker will proliferate the industry growth

UK Solar Tracker Market

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Single-axis tracker on account of its high reliability index with low cost and longer lifespan holds wide adoption across global photovoltaic industry. These trackers are typically aligned along the true north meridian. However, in certain cases with the help of advance tracking algorithms, such trackers may also be aligned in cardinal direction. In addition, single axis trackers hold the potential to increase electricity production by more than 30%, which will boost the market demand.
 

Single axis tilts on horizontal axis as well as vertical axis to improve solar energy generation in comparison to a fixed tilt. The long-term re-structuring across major electricity markets along with the manufacturer inclination toward cost-competitiveness and the production of efficient units will accelerate the growth of horizontal single axis solar tracker market globally. Moreover, the introduction of stringent government mandates to curb emissions favored by large-scale deployment of renewable energy systems will positively sway the industry growth of horizontal trackers at over 8% during the forecast period.
 

Growing demand for large capacity solar projects to drive the utility solar tracker market growth

U.S. Solar Tracker Market

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Utility scale trackers held the largest market share of over 80% in 2019. Rapid decline in solar PV system cost along with ambitious government renewable energy targets will drive the market size on a global scale. Manufacturers operating across the industry are strongly focused toward the establishment of efficient distribution channels to increase the ease of access for large scale plant developers and boost their market share.
 

The plant developers then integrate the solar panel with tracker to enhance the CUF which in turn will increase the demand for solar trackers. Utility segment comprises of large profit driven projects that rely on the lower Levelized Cost of Energy (LCOE) for their revenue, demonstrating a need for high operational efficiency across the plant, thereby creating a significant market demand.
 

Rising installation of solar systems will propel the solar tracker market across North America

The North America market share is anticipated to grow substantially through 2026 driven by increasing installation rates of solar energy systems along with refurbishment of the existing electrical network. Rising investments by government as well as private institutions toward establishment of new solar systems in line with growing demand for decentralized energy generation will fuel the industry growth. Additionally, technological innovation toward product design for efficiency improvement and cost reduction will positively influence the market growth.
 

The U.S. accounts for over 80% share across North America solar tracker market complemented by presence of a robust distribution channels favoring the deployment of solar trackers. Growing consumer awareness toward energy efficiency coupled with strong inclination toward the installation of RE systems will boost the market demand. High solar intensity, enhanced system efficiency and favorable regulatory environment are few of the key factors favoring solar tracker deployment across the U.S.
 

Investments across the renewable energy industry across the U.S. has been steadily increasing. The federal & state government in partnership with the private sector are channeling significant funds in the form of tax rebates & subsidies aimed toward the promotion of RE systems, most notably solar energy. Moreover, implementation of stringent regulations & mandates pertaining to the discharge of GHG emissions has obligated the commercial & industrial sector to diversify their energy consumption portfolio, thereby boosting the deployment of solar technologies.
 

Strategic partnerships and mergers acting as the focal point for market players

The eminent companies operating across the solar tracker market are focusing on mergers and partnerships to achieve an edge over others. The business strategy on partnerships are planned to substantially transform market trends by enhancing operating efficiency and increase market share. New product launches coupled with advanced technologies by the developers will further stimulate the demand for solar trackers.
 

The key industry players include NEXTracker, Inc., Array Technologies, Inc., Abengoa Solar, SunPower Corporation, Meca Solar, AllEarth Renewables, ArcTech Solar, First Solar, Convert Italia, PV Hardware, GameChange Solar and SOLTEC.
 

The solar tracker market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW”, and “USD” from 2015 to 2026, for the following segments:

Market by Product

  • Single-axis
    • Horizontal
    • Vertical
  • Dual-axis

Market by Application

  • Residential
  • Commercial
  • Utility

The above information has been provided for the following regions and country:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Netherlands
    • Germany
    • Sweden
    • Russia
    • Spain
    • Austria
  • Asia Pacific
    • China
    • Australia
    • India
    • Japan
    • South Korea
  • Africa
    • South Africa
    • Egypt
    • Algeria
    • Nigeria
    • Morocco
  • Middle East
    • Saudi Arabia
    • UAE
    • Jordan
    • Israel
  • Latin America
    • Brazil
    • Chile

 

Frequently Asked Questions (FAQ) :

Solar Tracker Market size valued at around USD 3.1 billion in 2019 and is anticipated to witness an annual installation of over 35 GW by 2026.
According to the analysts at GMI, the horizontal trackers will register growth of over 8% during the forecast period.
The key industry players include NEXTracker, Inc., Array Technologies, Inc., Abengoa Solar, SunPower Corporation, Meca Solar, AllEarth Renewables, ArcTech Solar, First Solar, Convert Italia, PV Hardware, GameChange Solar and SOLTEC.
The high adoption of solar trackers in North American market can be credited to increasing installation rates of solar energy systems along with refurbishment of the existing electrical network across the region. ?

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Premium Report Details

  • Published Date: Jun 2020
  • Pages: 235
  • Tables: 520
  • Charts / Figures: 40
  • Companies covered: 23
  • Countries covered: 27

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