The global solar tracker market is anticipated to grow at a modest CAGR during the forecast period (2024-2031). Solar Tracker which is also known as sun mounting equipment used to increase the electricity production of the solar panel by moving the panels towards the sun for the whole day. These devices change their orientation throughout the day to follow the sun’s path to maximize energy capture. The trackers are normally used for ground-mounted solar panels and free-standing, large solar installations such as solar trees. The growing trend from shifting non-renewable to renewable energy is the major factor driving the demand for solar trackers. According to the International Renewable Energy Agency (IRENA), among all renewable technologies, solar PV power installations have been dominating the renewables industry for many years. Additionally, IRENA Remap analysis shows that solar PV power installations could grow almost six-fold over the next ten years, reaching a cumulative capacity of 2 840 GW globally by 2030 and rising to 8 519 GW by 2050. This implies total installed capacity in 2050 almost eighteen times higher than in 2018 (480 GW). Thus, the more the number of solar PV installations, the more demand for solar trackers will be more, which will further drive the market for solar trackers.
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Growth in solar energy projects, funding from solar tracking systems, and the contribution of many countries towards reducing carbon emission are also the factors contributing to the growth of the market. For instance, Brazil claims that by 2030, it will increase the use of non-fossil fuel energy sources domestically, and increasing the use of renewable energy sources by 28%-30%. Besides, the market players are also contributing towards the market growth by producing cost-effective solar trackers to increase the energy production from solar panels. For instance, in May 2019, Arctech Solar had launched its research achievement SkySmart-2, the first independent single-axis tracking system for providing better stability for PV plants in extreme weather conditions. Thus, the above factors are expected to increase the market growth during the forecast period.
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Market Coverage
- Segment Covered-
o By Type
o By Technology
o By End-User
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Abengoa S.A., Arctech Solar Holding Co., Ltd, Array Technologies, Inc., Nextracker Inc, Scorpius Trackers Pvt. Ltd., SOLTEC ENERGÍAS RENOVABLES, S.L., Sun Action Trackers, SunPower Corp., Trina Solar Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Solar Tracker Market Report by Segment
By Type
- Single Axis Tracker
- Dual Axis Tracker
By Technology
- Photovoltaic System (PV)
o Monocrystalline Silicon PV Panels
o Polycrystalline Silicon PV Panels
o Thin-Film Silicon PV Panels
- Concentrated Solar Power (CSP)
- Concentrator Photovoltaics (CPV)
By End-User
- Commercial
- Residential
- Industrial
- Others
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