Solar Tracker Market Size By Product (Single Axis {Horizontal, Vertical}, Dual Axis), By Technology (PV, CSP), By Application (Residential, Commercial, Utilities), Regional Outlook, Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Mar 2021  |  Report ID: GMI364  |  Authors: Ankit Gupta, Aditya Singh Bais

Report Format: PDF   |   Pages: 450   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Solar Tracker Market size valued at over USD 3 billion in 2020 and is estimated to expand at more than 5.3% CAGR from 2021 to 2027. Global shipments are expected to exceed 48 GW by 2027. Growing investments towards renewable energy technologies coupled with rising electricity demand will flourish the market statistics of solar tracker units.
 

Solar Tracker Market Research Report

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The global economy took a severe hard hit by the outbreak of COVID-19 pandemic which also has a subsequent impact on the industry. Complete lockdown measures by the respective governments during the 1st half of 2020 have not only eased ongoing PV projects but also impacted the global tracker imports. Although the situation has improved a bit after the lifting up of lockdowns and introduction of vaccines in various countries. It has been anticipated that by the end of 2021 the industry will achieve its previous growth rate with government various measures to improve their respective economic structure.
 

The study explains a detailed analysis of global solar tracker market and segmented on regional basis across product, technology and application. Moreover, the market forecasts & estimates are properly aligned with the data signified by government authorities including National Renewable Energy Laboratory, International Energy Agency (IEA), Chinese Renewable Energy Industries Association, Ministry of New and Renewable Energy (MNRE), International Solar Alliance (ISA), American Solar Energy Society (ASES), Global Solar Council, International Solar Energy Society (ISES), Clean Energy Council Accreditation, European Commission and company reports
 

High reliability index and longer lifespan are the paramount features driving the single axis solar trackers demand

Single-axis solar tracker market is projected to register a growth of around 5% through 2027. The demand for these trackers has observed significant surge owing to its lower cost, longer lifespan and high reliability index. They are specifically aligned across the north meridian and can be positioned across the cardinal direction with the help of advanced algorithms. Simple mechanism and higher efficiency are the imperative factors which will complement the industry outlook. However, they hold an ability to increase power generation by 30%, which will further boost the market demand of solar trackers.
 

Low installation cost and enhanced power output are the key factors propelling the market statistics

Solar Tracker Market, By Technology

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Photovoltaic systems accounted for more than 94% of the solar tracker market share in 2020. In the recent past, PV technology has gained wide adoption across various industries on account of surging investments by the private players along with declining component cost. Manufacturers operating across the solar PV industry are constantly focusing on achieving product optimization, enhanced power output and environmental compatibility, which in turn will stimulate the market growth.
 

Rising demand for electricity across residential establishments will enhance the market trends

Solar Tracker Market, By Application

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Installation of solar trackers across residential establishment is likely to witness above 9% CAGR through 2027. Ongoing efforts toward the adoption of efficient solar PV systems to save household energy bills will influence the deployment of these units across residential sector. For instance, the residential sector across Asia Pacific region is anticipated to hold over 13% market share of the global residential solar system installations in 2027. Dual axis trackers are majorly deployed across small office spaces and residential buildings due to its enhanced capacity utilization.
 

Growing deployment of sustainable power generation technologies will enhance the APAC market demand

Solar Tracker Market, By Region

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Asia Pacific solar tracker market is poised to observe 4% CAGR between 2021 and 2027. Rising government measures to meet soaring electricity demand have instituted a favorable business scenario for the tracker manufacturers, which in turn will proliferate its market size. In the last decade, Asia Pacific region has emerged as one of the leading markets for solar PV panel, solar trackers, mounting systems and batteries. Ongoing efforts to increase the efficiency of solar tracking systems have augmented the market dynamics of these units. Furthermore, the growing adoption of distributed energy systems to alleviate the demand supply gap has propelled the demand for these units
 

Development of advanced technological tracking systems acting as the pivotal point for eminent market players

The leading market players are focusing on research and development activities to offer innovative and enhanced tracking solutions to expand their share. In addition, strategic collaborations & partnerships and mergers & acquisitions are few of the imperative strategies opted by the industry players to achieve an edge over other competitors. New product launches integrated with innovative technologies by the manufacturer to drive the demand for these units
 

The major companies profiled in the global solar tracker market report include Array Technologies, Inc., Abengoa Solar, SunPower Corporation, Trina Solar, SOLTEC, Scorpius Trackers, Titan Tracker, ArcTech Solar, and NEXTracker amongst others.
 

This market research report on solar tracker includes in-depth coverage of the industry with estimates & forecast in terms of “MW’ & ‘USD” from 2017 to 2027, for the following segments:

Market, By Product

  • Single-axis
    • Horizontal
    • Vertical
  • Dual axis

Market, By Technology

  • PV
  • CSP

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 industry size was valued at USD 3 billion in 2020 and will record a CAGR of about 5.3% over 2021-2027.
Photovoltaic systems captured more than 94% revenue share in 2020 and will continue to dominate solar tracker market in the future.
The demand for single-axis solar trackers is slated to increase at a 5% CAGR through 2027 owing to benefits such as longer lifespan, high reliability index, and lower cost.
The installation of solar trackers in residential establishments is slated to grow at a 9% CAGR up to 2027 led by the need to reduce household energy bills.
The solar market is gaining momentum driven by environmental concerns, climate change, and the need to meet global energy demand sustainably.
The solar energy industry size is projected to surpass USD 140 billion in terms of revenue by 2023.

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Premium Report Details

  • Published Date: Mar 2021
  • Pages: 450
  • Tables: 667
  • Charts / Figures: 100
  • Companies covered: 84
  • Countries covered: 27

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