Solar Tracker Market, By Product (Single Axis and Dual Axis), By Technology (Solar Photovoltaic, Con

Published Date: | Report Code : EP1945861

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Solar Tracker Market growth is expected to gain high momentum during the forecast period due to rising awareness about renewable and sustainable sources of energy. A tracker in solar panels or modules is used to direct the panels towards the sunlight. Trackers help capture maximum energy by changing the panel’s orientation. The global solar tracker market is expected to grow due to government initiatives, such as the National Community Solar Partnership in the US and International Solar Alliance in India. Moreover, with the help of a tracker, solar panels are successfully increasing the power output ratio of the solar panels.

Segment Analysis

The global solar tracker market has been segmented on the basis of product, technology, and application. Based on the product, the market has been segmented into single axis and dual axis. Single-axis solar trackers are expected to witness high demand due to cost-effectiveness. Moreover, the dual-axis segment is anticipated to witness the fastest growth due to their two degrees of freedom that act on axes of rotation allowing it to move through two axes capturing more sunlight. Based on technology, the solar photovoltaic segment is expected to witness rapid growth due to government funding and subsidies.

Based on application, the global solar tracker market has been segmented into utility, commercial, and residential. The utility sector is shifting to renewable and sustainable sources of energy.

The global solar tracker market is expected to grow rapidly in the Asia Pacific due to large scale developments in countries, such as India and China. In India, the government is implementing key initiates, such as the Jawaharlal Nehru National Solar Mission, the Rooftop scheme, and Ujjwal Discom Assurance Yojna to boost solar energy.

Key Factors Impacting Market Growth:

  • Rising awareness about renewable and sustainable sources of energy
  • Rising prices of electricity due to increasing demand and supply gap

Key Development:

  • In October 2018, Canada declared a policy for businesses/corporates offering a full tax exemption for those who have adopted PV solar panels in solar trackers.
  • In August 2016, NEXTracker Inc., an important player in the solar tracker market, declared that the company had built India’s biggest solar tracker power plant by collaborating with Adani Power Ltd. in Punjab with a capacity of 105 GW.

Regional Outlook:

The regional outlook for solar tracker market provides detailed information for markets including North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World. North America and Western Europe are estimated to be key regions for solar tracker market during the forecast period. Being one of the industrialized regions, the energy & power sector is key to the operations of various industries in this region. This is one of the important factors governing the growth of solar tracker market in these regions. Some of the major countries covered in this region include US, Germany, UK, France, Italy, Canada, and so on.

Asia Pacific is estimated one of the fastest growing regions for solar tracker market during the forecast period. Some of the fastest growing economies and increasing demand for energy & power to cater high population & industries is expected to drive the demand in this region. China and India are projected to register major demand during the forecast period. Middle East that includes UAE, Saudi Arabia, Iran, Qatar, and others promises high market potential during the forecast period. Rest of the World including South America and Africa are emerging regions in terms of market demand during the forecast period.

Companies Covered: AllEarth Renewables, NEXTracker Inc., Soitec, Abengoa Solar, First Solar (Ray Tracker), Array Technologies, DEGERenergie, Grupo Clavijo, SunPower, Titan Tracker, PV Powerway, SmartTrak, Energia Ercam, Mecasolar, and Mechatron 

Market Segmentation:

By Product:

  • Single Axis
  • Dual Axis

By Technology:

  • Solar Photovoltaic
  • Concentrator Photovoltaic
  • Concentrated Solar Power

By Application:

  • Utility
  • Commercial
  • Residential

By Region:

  • North America
    • By Country (US, Canada, Mexico)
    • By Product
    • By Technology
    • By Application
  • Western Europe
    • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
    • By Product
    • By Technology
    • By Application
  • Eastern Europe
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Product
    • By Technology
    • By Application
  • Asia Pacific
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Product
    • By Technology
    • By Application
  • Middle East
    • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
    • By Product
    • By Technology
    • By Application
  • Rest of the World
    • By Region (South America, Africa)
    • By Product
    • By Technology
    • By Application

Reasons to Buy This Report:

  • Market size estimation of the global solar tracker market on a regional and global basis
  • The unique research design for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

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