Solar Tracker Market (By Type: Dual Axis, Single Axis; By Application: Non-utility, Utility) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027
The global solar tracker market is expected to reach the value of around US$ 3.5 Bn by 2027 and growing at a CAGR of 7.4% during the forecast period 2020 to 2027.
Solar trackers are the solar panels attached which direct solar panels to the sun. Solar trackers shift their location all day long to monitor the sunlight to optimize the capture of resources. The angles between the panel and the sunlight are reduced by trackers. Solar tracker helps to improve the solar panel power output. Solar trackers will increase by 20-30 percent the performance of solar panels.
The report provides analysis of global Solar Tracker market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
Market Dynamics
The growth of the global solar tracker market is projected to be driven by factors such as environmental pollution, rising fuel prices and increasing public perception of renewable energy. The global solar tracker market is anticipated to be restrictive by high maintenance standards, high costs relative to fixed peers, and complicated systems than fixed racking. The development of solar tracker market growth will be expected to provide opportunities such as policy programs, rising design complexity, and work in solar trackers. Moreover, Governance efforts to turn to solar power have expanded over the projected timeframe in countries such as the US, India and China. For example, by 2025, the Indian government is launching big projects, including the International Solar Alliance, which is the leading contributor to solar power. The Indian Government has taken these steps to increase demand for solar trackers in the region.
Regional Stance
North America held the highest market share and is expected that this development will persist until 2027. Growth is partly due to renewed interest on green energies and the Paris Climate Change Agreement, which promoted the incorporation of renewable energy in the national energy system. The government of the US also aims, by various measures, to expand the use of solar power in the economy. In 2011, the United States Department of Energy (DOE) initiated the SunShot Program to make the solar industry cost-competitive by lowering charges to less than US$ 1/watt by 2020. More than 350 programs have been funded by the program, including governments, private businesses, universities and the national laboratory.
Europe held considerable market share due to the geographical position, the European market is expected to be seeing considerable growth in the forecast period. Market for solar trackers is motivated primarily by the rising demand in Spain and Germany for solar modules.
Report coverage
The market research study on “Solar Tracker Market (Solar Tracker Market By Type: Dual Axis, Single Axis; Solar Tracker Market By Application: Non-utility, Utility) - 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 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 market size, and segment markets by type, application, and geography along with the information on companies operating in the market. The Solar Tracker 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 market is segmented as below:
Market Segmentation
Solar Tracker Market By Type
- Dual Axis
- Single Axis
Solar Tracker Market By Application
- Non-utility
- Utility
Solar Tracker Market By Geography
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of MEA
Key Players and Market Situation
Participants include major global players such Array Technologies, NEXTracker, SunPower, Meca Solar, Powerway, Trina Solar, SmartTrak Solar Systems, Haosolar, SOLTEC, Abengoa Solar, Scorpius Trackers, and Others.
The organization is forecast to deliver new growth prospects for solar trackers through relentless product advancement in solar technologies, the growing use of IoT and artificial intelligence. The goal of solar plants is to centralize solar plant management using emerging technologies, including cloud It and IoT. For starters in 2017, NEXTracker Inc. launched a self tuning and smart solar tracker to TrueCapture, a key competitor. TrueCapture constantly refines solar array angel in compliance with changing environmental conditions by using its website. Flex (NEXTracker Inc.'s parent company) is linked to TrueCapture through its IoT platform.
Frequently Asked Questions
What solar trackers are?
Solar trackers are the solar panels attached which direct solar panels to the sun. Solar trackers shift their location all day long to monitor the sunlight to optimize the capture of resources.
Which factors driving growth of the global solar tracker market?
The growth of the global solar tracker market is projected to be driven by factors such as environmental pollution, rising fuel prices and increasing public perception of renewable energy.
How much is the solar tracker market worth?
The global solar tracker market is poised to reach the value of around US$ 3.5 Bn by 2027.
How much is the CAGR of solar tracker market?
The global solar tracker market is growing at a CAGR of 7.4% during the forecast period 2020 to 2027.
Which region held the highest market share until 2027?
North America held the highest market share and is expected that this development will persist until 2027.
Who are the top key players operating in the solar trackers market?
Participants include major global players such Array Technologies, NEXTracker, SunPower, Meca Solar, Powerway, Trina Solar, SmartTrak Solar Systems, Haosolar, SOLTEC, Abengoa Solar, Scorpius Trackers, and Others.
Which regions are included in the solar tracker market study?
The Solar Tracker market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
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