Solar Tracker Market Size to exceed $3.3bn by 2025

Solar Tracker Market size is estimated to exceed USD 3.3 Billion by 2025, as reported in the latest study by Global Market Insights, Inc.  
 

The continuous upsurge in the energy demand has compelled utilities to enhance power generation by investing toward renewable energy systems including solar. Utilities, therefore, are installing large scale solar projects which in turn have witnessed an upsurge in the adoption of PV trackers. For instance, in 2017, Government of India commissioned a 1000 MW power plant located in Andhra Pradesh with an estimated project cost of around USD 980 million comprising 4 million modules. In addition, rising efforts to achieve higher output and profitability from solar plants, utilities are focusing toward deployment of PV tracker systems which will escalate the solar tracker market adoption.

 

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Extensive applicability across multiple sector will provide impetus to single axis solar trackers

Increasing electricity prices coupled with growing consumer focus toward rising emission levels associated with combustion of fossil fuels will stimulate the demand for solar energy, which in turn will enhance the product installation. Solar tracker finds wide range of applications on account of its ability to provide ancillary energy support across multiple processes and equipment. Single-axis tracker improves output performance by 25% to 35% and offers high reliability & longer life span at low cost. Consequently, these systems have observed high scale installation across residential, commercial and industrial applications. For instance, in 2017, Array Technologies signed an agreement with Affordable Solar, an EPC firm, to install trackers for three 10 MW sites at the data center of Facebook located in Los Lunas, New Mexico.
 

Browse key industry insights spread across 283 pages with 520 market data tables & 37 figures & charts from the report, “Solar Tracker Market Size By Product (Single Axis {Horizontal, Vertical}, Dual Axis), By Application (Residential, Commercial, Utility), Regional Outlook (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), Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2019 – 2025in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/solar-tracker-market-report
 

Rising adoption of PV panels to augment solar tracker demand from commercial sector

Positive outlook toward the establishment of commercial facilities including schools, hospitals, and shopping malls have escalated the demand for reliable & continuous power supply. As a result, these establishment are witnessing large scale adoption of solar panels. Furthermore, to increase the CUF and avail maximum benefits from tax credits, incentives, and subsidies; the end users are continuously deploying solar tracker. These installations utilize single axis and dual axis trackers, in order to track the sun’s movement. Moreover, declining technology costs along with high commercial electricity tariff will positively influence the product adoption.
 

Inclination toward sustainable energy technology will drive Latin America solar tracker market

Shifting trends toward sustainable technologies from conventional power sources along with favorable government policies have strengthened the demand for solar PV across Latin America. The presence of strong regulatory support mechanism and favorable geographical location has favored the installation of solar equipment & systems including PV tracker. As a result, industry players across the region are working aggressively to develop innovative & efficient power generation systems. For instance, in 2018, NEXTracker, announced to install the smart optimization technology on Atlas Renewable Energy’s solar areas across Chile, Brazil, and Uruguay. Furthermore, ongoing development of utility scale projects across Brazil and Chile is enhancing the demand for multiple types of trackers.
 

Prominent industry participants operating in the market include Array Technologies, NEXTracker, SunPower, Abengoa Solar, Powerway, Meca Solar, Trina Solar, SOLTEC, Haosolar, Scorpius Trackers, SmartTrak Solar Systems, DEGERenergie, All Earth Renewables, Arctech Solar, First Solar, Titan Tracker, PV Hardware, Gonvarri Steel Convert Italia, GameChange Solar, and STI Norland.
 

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