Global Solar Tracker Market Size, Share, Sector / Industry Report & Analysis 2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Solar Tracker Market


The global Solar Tracker market size is projected to reach US$ 8.39 billion by 2026, from US$ 3.8 billion in 2020, at a CAGR of 14.1% during 2021-2026. due to growing demand for solar cells or photovoltaic cells and benefits of solar tracker like improvement in efficiency of the cells. Photovoltaic cells are used to convert solar energy into a flow of electrons with the help of sunlight.

Rapid rise in the use of solar tracker is another factor driving the market. Solar tracker direct solar panels or modules in the suns direction. Single axis and dual axis are the two types of product used for this purpose. The former type of product is widely used since is is comparatively economic and is easy to install and operate.

Europe and North America held significant market share in the previous years and are expected to grow impressively during the forecast period owing to the growing number of installed capacities. Moreover, favorable regulations for installation of solar trackers is one of the key drivers for the product demand in these regions.

Presence of well-established companies in North America, rising R&D initiatives, stringent regulations for controlling environmental emissions, and rising funding, feed-in tariffs, and subsidies by governments are expected to further drive the solar tracker market over the forecast period.

Favorable government regulations in most regions across the globe are expected to positively influence the market growth. Moreover, increasing number of incentives offered by governments, especially for promoting the importance and use of solar panels since it generates power with the help of renewable sources is also projected to fuel the growth.

However, significant capital cost due to expensive technology is a major restraint for the growth of the product on the global scale. Increased operational complexity for smooth performance of the product is another obstacle, expected to result in high price, thereby hampering the demand.

Market Segmentation, Outlook & Viewpoint: Global Solar Tracker Market

Technology Market Segmentation & Outlook (Capacity, Megawatts, 2014 - 2025)

  
Solar Photovoltaic (PV)
  
Concentrated Solar Power (CSP)
  
Concentrated Photovoltaic (CPV)

Product Market Segmentation & Outlook (Capacity, Megawatts; Revenue, USD Million, 2014 - 2025)

  
Single axis
  
Dual axis

Application Market Segmentation & Outlook (Capacity, Megawatts, 2014 - 2025)

  
Utility
  
Non-Utility

Key Players, Recent Developments & Regional Insights: Global Solar Tracker Market

Single axis tracker was estimated at USD 1.5 billion in 2018 and is expected to expand at a CAGR of 13.7% by 2025 due to increasing use for commercial and residential application. Moreover, in the areas of high resolution, single axis trackers allow the systems to increase the performance by more than 20%. This is again expected to drive the product demand.

Use of single axis tracker increases the potential output, which ultimately creates popularity among the end users, thereby driving the market. Single axis trackers are comparatively less expensive than dual axis trackers. This ultimately increases the demand by residential and commercial sectors.

Dual axis trackers accounted for 47.18% of the market share and is predicted to expand at a CAGR of 14.4% by 2025 since they allow maximum absorption of the sun rays due to their capacity to follow the sun both vertically and horizontally. Besides, growing use of dual axis trackers in areas with production-based incentives like government subsidies and feed-in tariffs is anticipated to bode well for the growth.

Rising demand for energy coupled with increasing number of installations is propelling the demand for dual axis trackers. Increasing research activities for the development of these trackers and strict regulations concerning environmental emissions are also fueling the demand.

Regional Insights

North America was estimated at 2 GW in 2018 and is predicted to register a CAGR of 17.4% by 2025 due to greater installed capacities and favorable regulations. Additionally, increasing incentive schemes supporting the Italian legislative regime, highest subsidies on the global scale for Renewable Energy Sources (RES) is driving the regional expansion.

Increasing demand from U.S. and Mexico is expected to drive the regional market. Solar PV technology accounted for a significant share in North America due to increasing developments in the technology and rising government funding.

Asia Pacific accounted for 24.45% of the global market share and is expected to expand at a CAGR of 21.9% by 2025 owing to increasing awareness for the importance of solar trackers. Also, increasing demand for electricity from emerging economies, such as China and India is propelling the growth.
Solar Tracker Market Share Insights

The leading market players are focusing on shifting their manufacturing bases to the emerging economies due to low labor and production cost. Moreover, increasing technological advancements aiming at effective use of materials without disturbing reliability is expected to propel the market in the forthcoming years.
The major market players are AllEarth Renewables,  Soitec, Abengoa Solar, First Solar (Ray Tracker), Array Technologies, DEGERenergie, Grupo Clavijo, SunPower, Titan Tracker, PV Powerway, SmartTrak, Energia Ercam, Mecasolar, and Mechatron.

Key Insights Covered: Global Solar Tracker Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Solar Tracker industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Solar Tracker industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Solar Tracker industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Solar Tracker industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Solar Tracker industry.

Research Methodology: Global Solar Tracker Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other