Solar Tracker Market Size By Product (Single Axis {Horizontal, Vertical}, Dual Axis), By Application (Residential, Commercial, Utility), Regional Outlook, Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2019 – 2025

Published Date: Oct 2019  |  Report ID: GMI364  |  Authors: Ankit Gupta, Aditya Singh Bais

Report Format: PDF   |   Pages: 283   |   Base Year: 2018




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Solar Tracker Market size valued at around USD 1.7 billion in 2018 and is anticipated to witness an annual installation of over 30 GW by 2025.
 

Solar Tracker Market

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Solar tracker is a device that directs and moves photovoltaic panels, reflectors or modules toward the sun. The working principle of the technology leverages specialized light sensors, which activate the motor of the panel and cause it to align with the direction & path of the sun on account of capturing maximum solar irradiance. These PV trackers minimize the angle of incidence between the panel and incoming light, which in turn improves the power output of the system. Based upon the product configuration, the system is bifurcated into two types including single axis and dual axis tracker. The study entails a detailed analysis of the installation scenarios in the solar tracker market segmented on a regional & country basis across residential, commercial and utility applications. In addition, the estimates and forecasts are in line with data represented by authorities including the MNRE, EIA, DOE, SEIA, regional regulatory bodies, and associated company press releases.
 

Solar Tracker Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 1.7 Billion (USD)
Historical Data for: 2014 to 2018 Forecast Period: 2019 to 2025
Forecast Period 2019 to 2025 CAGR: 7.6% 2025 Value Projection: 3.3 Billion (USD)
Pages: 283 Tables, Charts & Figures: 557
Geographies covered (25): U.S., Canada, Mexico, UK, France, Netherlands, Germany, Sweden, Russia, Spain, Austria, China, Japan, India, South Korea, South Africa, Egypt, Algeria, Nigeria, Saudi Arabia, UAE, Jordan, Israel, Brazil, Chile
Segments covered: Product, Application
Companies covered (21): Array Technologies, Abengoa Solar, SunPower, Meca Solar, Powerway, Trina Solar, Haosolar, SOLTEC, SmartTrak Solar Systems, Scorpius Trackers, AllEarth Renewables, DEGERenergie, Titan Tracker, Arctech Solar, First Solar, Convert Italia, PV Hardware, STI Norland, GameChange Solar, Gonvarri Steel
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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Strong inclination toward minimizing GHG emission will provide impetus to PV tracker system installation

Supportive government initiatives toward the adoption of clean energy system along with rising concerns pertaining to climate change will augment the solar tracker market growth. To successfully carry out emission reduction measures; several norms & targets have been developed, with significant focus toward utilization of alternative energy systems. As a result, respective governments have announced national renewable energy targets to facilitate the ongoing transition. For instance, in February 2018, the European Commission announced that Europe is anticipated to witness growth in its renewable energy share to 34% in 2030 in comparison to 17% in 2015. Furthermore, ongoing efforts by regulators and developers to introduce innovative technologies will enhance the power generation capability and reduce the Levelized Cost of Energy (LCOE) of the existing PV systems.
 

Higher power output from dual axis trackers augmenting the solar tracker market adoption

Dual axis solar tracker tracks the movement of the sun by moving the panel in north-south and east-west direction. The system provides two-degree flexibility as system is capable of rotation in all four directions which increases energy generation by 45% in comparison to a fixed-roof system. These technologies are further integrated with Global Positioning System (GPS) system to determine the longitude & latitude, date and time of the tracker system, which in turn enhances the overall power output. As a result, these systems are witnessing wide scale installation across CSP (Concentrated Solar Power) and CPV (Concentrator Photovoltaics) power plants. These power systems have observed upsurge as they offer high production efficiency in comparison to other alternatives technologies, which will drive the demand for solar trackers.
 

Rapidly declining tariff rates will fuel solar tracker market growth from utility sector  

Japan Solar Tracker Market, By Utility, 2018 & 2025 (USD Million)
Japan Solar Tracker Market, By Utility, 2018 & 2025 (USD Million)

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In 2018, utility scale trackers held the largest share in terms of application and is expected to dominate the industry over the forecast timeframe. The utility segment comprises of large profit driven projects which depend on LCOE for their revenue. These trackers offer improved capacity utilization factor (CUF) which directly impacts the profitability and LCOE of the plant. In addition, rapid decline in solar PV technology costs along with ambitious government renewable energy targets has led to the expansion of solar industry, thereby escalating the demand for solar trackers. For instance, in 2018, the global weighted-average LCOE of solar PV reached to USD 0.085/kWh, witnessing a decline by 77% when compared to 2010. Moreover, introduction of investment tax credits, renewable energy grid policies, and fiscal incentives are further contributing toward decrease in overall power generation cost.
 

North America region to dominate the demand for solar tracker

U.S. Solar Tracker Market, By Application, 2018 (USD Million)
U.S. Solar Tracker Market, By Application, 2018 (USD Million)

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North America is witnessing wide scale adoption of PV tracker systems owing to rapidly declining panel costs along with the implementation of stringent environmental regulations. Over the last few years, the PV tracker systems have witnessed a steady demand on account of their increasing module efficiency and decreasing supply chain costs. Manufacturers have been steadily investing toward R& D activities to further enhance the overall system performance and value proposition for the end consumer. For instance, as per the National Renewable Energy Laboratory (NREL), module costs for commercial PV systems decreased from USD 1.88/W in 2017 to USD 1.83/W in 2018, witnessing a decline of around 3%. In addition, rapid decline of balance of system (BoS) costs along with exponential surge of capital & debt finance investments are driving the solar tracker market installation.
 

Rising investment toward R&D activities is analyzed as the focal point of product development

Eminent players operating across the solar tracker market comprise of NEXTracker, Array Technologies, Abengoa Solar, SunPower, Meca Solar, Powerway, Trina Solar, Haosolar, SOLTEC, SmartTrak Solar Systems, Scorpius Trackers, AllEarth Renewables, DEGERenergie, Titan Tracker, Arctech Solar, First Solar, Convert Italia, PV Hardware, STI Norland, GameChange Solar, and Gonvarri Steel. Industry participants are developing efficient & low-cost products that are aimed toward the integration of digital technology across their product portfolio. Competitors are focusing on offering effective system monitoring, high efficiency and reliable operation during extreme weather conditions to gain a competitive edge over other participants. For instance, in 2018, Array Technologies, introduced new optimization technology which effectively and intelligently adjusts module angles to response weather & site conditions.
 

The solar tracker market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” and “USD” from 2014 to 2025, for the following segments:

By Product

  • Single axis
    • Horizontal
    • Vertical
  • Dual axis

By Application

  • Residential
  • Commercial
  • 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
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Africa
    • South Africa
    • Egypt
    • Algeria
    • Nigeria
    • Morocco
    • Rest of Africa
  • Middle East
    • Saudi Arabia
    • UAE
    • Jordan
    • Israel
    • Rest of Middle East
  • Latin America
    • Brazil
    • Chile
    • Rest of Latin America

Frequently Asked Questions (FAQ) :

Dual axis solar tracker tracks the movement of the sun by moving the panel in north-south and east-west direction. The system provides two-degree flexibility as system is capable of rotation in all four directions which increases energy generation by 45% in comparison to a fixed-roof system.
In 2018, utility scale trackers held the largest share in terms of application and is expected to dominate the industry over the forecast timeframe as it offers improved capacity utilization factor (CUF), which directly impacts the profitability and LCOE of a plant.
North America is witnessing wide scale adoption of PV tracker systems owing to rapidly declining panel costs along with the implementation of stringent environmental regulations. Manufacturers have been steadily investing toward R&D activities to further enhance the overall system performance and value proposition for the end consumer. In addition, rapid decline of balance of system (BoS) costs along with exponential surge of capital & debt finance investments are driving the product installation.
By 2025, solar tracker market is anticipated to witness an annual installation of over 30 GW, as estimated by GMI analysts.
The solar tracker industry revenue was valued at USD 1.7 billion, globally in 2018.

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