Solar Tracker Market Size, By Product (Single Axis {Horizontal, Vertical}, Dual Axis), By Technology (PV, CSP), By Application (Residential, Commercial & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2022 – 2028

Industry Trends

Solar Tracker Market Size valued at USD 6 billion in 2021 and is estimated to grow at over 8% CAGR between 2022 and 2028. Ongoing government initiatives and targets on renewable sources along with the huge implementation of large-scale projects will drive the market growth.
 

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Rising investments in various utility-scale projects across the developing nations will increase the share of solar in the renewable energy mix, which is poised to foster the market expansion. Despite the pandemic situation, global shipments have increased in a significant way that major companies are now focusing on extending their supply chains to meet the post pandemic demand.
 

Affordability along with high reliability index will accelerate the single axis deployment

Single-axis segment is anticipated to witness 7% growth rate through 2028 led by its better consistency along with extended lifetime. Superior efficiency, lowered costs and simple operation are the essential factors which are predicted to enhance the industry landscape. Growing utilization of these products across both high-altitude as well as tropical regions is slated to fuel the product installation. Additionally, single-axis trackers equipped with bifacial modules along with smart control software systems will complement the product deployment.
 

Enhanced electricity output combined with rising infrastructure development of solar PV module are the important aspects spurring the market progression

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Photovoltaic technology dominated more than 99% of the solar tracker market share in 2021. The precision and consistency of these trackers influences the performance of PV modules. Growth in the number of new solar projects along with introduction of government norms and mandates will propel the industry expansion in the coming years. The service providers across the solar PV industry are focused on developing innovative products equipped with enhanced power output, environmental compatibility, and unit optimization, thereby enhancing the product penetration.
 

Growing power requirement across residential establishments to enhance the deployment

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Installation of solar trackers around domestic sector is projected to attain a CAGR of 11% till 2028. High efficiency, better fit for both large and small-scale projects given the site conditions will augment the product adoption. It generates more electrical energy than its stationary counterparts owing to an increased direct exposure to solar rays. Eminent players are focusing on the installation of efficient PV tracker systems to save the electricity cost in households, which will further complement the product acceptance.
 

Increasing operation in sustainable energy production technologies will enrich the demand for North America region

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North America solar tracker market is expected to expand at 5% CAGR during 2022 to 2028 on the account of large-scale integration of clean energy resources in the energy mix. The provision of fiscal incentives, federal tax credits, leveraging schemes coupled with transforming renewable power grid interconnection guidelines will impel the industry scenario. Ongoing government mandates to meet the surging energy demand have created a positive momentum for the solar products, which in turn will stimulate the product penetration.
 

For instance, in June 2021, Copenhagen Infrastructure Partners and Greengate Power Corporation started their construction on Travers Solar, which is the largest solar PV project ever built in Canada. This has created an urgent need to provide clean, sustainable, and affordable lighting solutions in communities to enhance safety & security.
 

Technological advancements and new product developments will support the eminent players increase their revenue share

Eminent companies operating in the market are NEXTracker, Inc, Trina Solar, Powerway, Meca Solar, SunPower Corporation, Abengoa Solar, Array Technologies, Inc., Haosolar Co. Ltd, SOLTEC, SmartTrak Solar Systems (Pvt) Ltd., Scorpius Trackers, AllEarth Renewables, DEGER energie GmbH & Co. KG, Arctech, Convert Italia, PV Hardware, STI Norland, GameChange Solar, Gonvarri Steel Services, ArcelorMittal, Ideematec AG, and NCLAVE.
 

The leading market leaders are aiming on research, design and development activities to provide advanced and improved tracking solutions to increase their industry presence. Inorganic growth ventures including strategic alliances, ventures and mergers & acquisitions are some of the prime tools utilized by the industry participants to gain a competitive edge in the industry. Technological and modern advancements, innovations and new product developments is set to further sway the product demand.
 

The solar tracker market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW’ & ‘USD Million’ from 2018 to 2028 for the following segments:

Market, By Product

• Single axis
  • Horizontal
  • Vertical
• Dual axis

Market, By Technology

• PV
• CSP

Market, By Application

• Residential
• Commercial & Industrial
• Utility

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

• 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