The global solar tracker installation market is expected to reach valuation of around US$ 390 Bn by 2027 and is anticipated to grow at a CAGR of around 12% in terms of revenue during the forecast period 2020 – 2027.
Sun trackers are solar panel devices which direct solar panels into the sun. Solar trackers adjust their location during the day to keep track of the sun to capture optimize energy. The incidence angle between panel and sunlight should be reduced by trackers. Solar tracker aims to increase the solar panel's power production. Solar trackers increase solar panel performance up to 20-30 percent.
The report provides analysis of global Solar Tracker Installation market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
The demand of solar tracker installations is driven by favorable government policies due to increasing solar panel deployment. Government regulations have a positive impact on the global market for solar tracker installations and such requirements encourage solar panels to be installed. Solar projects have primarily been driven in the US, China and other countries by the criteria of state energy green. Renewable subsidies such as the renewable investment tax credit also fund solar projects that require 30% of initial cost to be covered. The state and federal departments that organize research and decide on initiatives linked to minimizing environmental impacts gain from solar plants developed in the west of the US on federal lands.
North America now occupies a significant portion of the global demand for solar trackers and follows by the Latin America and the countries of the Asia Pacific respectively. In Latin America, the demand is projected to expand dramatically due to the growing use of renewable energy sources and especially solar tracking technology, Brazil and Mexico will have a strong demand for the solar-powered trackers. Latin America was the largest market for solar trackers in 2017 with a market of approximately 3-3.5 GW in the region. Furthermore, the region has scheduled new events to expand the solar market and to provide an incentive for the solar tracker to be used in the region.
Besides this, Europe is anticipated to grow at a considerable CAGR over the forecast period. Most producers in the region are expected to fuel demand growth. Due to its geographical position, the European market is expected to see rapid growth during the forecast period. In particular, demand for solar trackers is driven by growing demand in Spain and Germany for solar modules.
The market research study on “Solar Tracker Installation Market (Solar Tracker Installation Market By Type: Vertical, Horizontal, Single axis, Dual axis; Solar Tracker Installation Market By End Use: Residential, Commercial, Industrial) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Solar Tracker Installation market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Solar Tracker Installation market size, and segment markets by type, application, end use, and geography along with the information on companies operating in the market. The Solar Tracker Installation market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Solar Tracker Installation market is segmented as below:
Solar Tracker Installation Market By Type
Solar Tracker Installation Market By End Use
Solar Tracker Installation Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such First Solar, Inc., Abengoa SE, Trina Solar Co. Ltd., Tata Power Solar Systems Limited, BrightSource Energy, Inc., PVHardware, Arctech Solar, Siemens AG, and Others.
These industry players are following other tactics to compete against each other. This include introduction of products, alliances, procurements, and R&D. In one example, Arctech Solar recently launched its tracking system SkySmart-2. It is a single axis 2P, which provides optimum power output (two modules in portrait) device.
Solar tracker aims to increase the solar panel's power production. Solar trackers increase solar panel performance up to 20-30 percent.
Momentous increase in concerns over energy conservation is a key driver of the market.
The growth of the global market is impeded by high cost compared to stationary counterpart.
The market value of Solar Tracker is anticipated to be around US$ 3.5 Bn in 2027.
The solar tracker market is anticipated to grow around 7.4% CAGR amid the forecast period 2020-2027.
North America held maximum share in 2019.
Asia Pacific is projected to grow at a fast pace during forecast period 2020-2027.