Solar Trackers Market: Industry Trends, Market Size, Competitive Analysis and Forecast - 2019-2025

Solar trackers are one of the most efficient types of solar mounting equipment. It is used to increase electricity production of the solar panel by moving the panels towards the sun for the whole day. It optimizes the angle through which the panels receive solar radiation and generate electricity. The trackers are normally used for ground-mounted solar panels and free-standing, large solar installations such as solar trees. There are two kinds of solar tracking system, including single-axis tracker and dual-axis tracker. Growing trend from non-renewable to renewable energy sources has been observed, which is creating significant demand for solar trackers across countries.

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For instance, according to the World Economic Forum in 2018, the amount of solar power capacity is expected to be increased further in the next few years. Approximately 70,000 solar panels globally are anticipated to be added at every hour over the next five years. In addition, according to the International Energy Association (IEA), PV solar power increased rapidly as compared to any fuel in 2016. Solar PV installations are showing remarkable growth than any other type of renewable energy sources such as hydropower and wind energy. This, in turn, is providing considerable opportunity for further addition of solar capacity in the upcoming period and enables the global solar tracker market to grow.

Other factors that are contributing to the market growth include growth in solar energy projects, high efficiency of solar energy and funding for the solar tracking system. Moreover, technological innovations and increasing awareness of solar energy are expected to accelerate the market growth during the forecast period. However, there are certain factors restricting the market growth comprising reducing feed-in-tariff on solar energy, lack of skilled personnel and high installation cost.

Furthermore, the global solar trackers market is segmented on the basis of type, end-user, and technology. Based on the type, the market is classified into a single axis and dual axis tracker. Based on end-user, the market is classified into commercial, residential, industrial and others (such as government and educational institutions). Increasing demand for solar PV on commercials is creating significant demand for solar trackers among commercial segment. However, the high demand for energy in agricultural activities enables the demand for solar trackers in the agriculture segment. Based on technology, the market is classified into a PV system, concentrated solar power and concentrator photovoltaics. PV system is further segmented into monocrystalline, polycrystalline and thin-film silicon PV panels.

On the basis of geography, the market is segmented into four major regions, including North America, Europe, Asia-Pacific & Rest of the World. Asia-Pacific is gaining popularity in the global solar tracker market as the demand for solar power in Asia-Pacific countries such as China and India are growing significantly due to lowering the cost of buying.

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Solar Trackers Market-Segments

By Technology
o Concentrated Solar Tracker
o Non-Concentrated Solar Tracker

By Type
o Single Axis Tracker
o Double Axis Tracker

By Application
o Residential
o Commercial
o Agricultural

By Region
o North America
o U.S.
o Canada
o Mexico
o Europe
o UK
o Germany
o France
o Spain
o Italy
o Rest of Europe
o Asia-Pacific
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia-Pacific
o LAMEA
o Brazil
o Saudi Arabia
o South Africa
o Rest of LAMEA

Key Players of Solar Trackers Market

o NEXTracker, Inc.
o Array Technologies, Inc.
o PVHardware
o Arctech Solar
o Soltec Trackers
o Nclave renewable
o Convert Italia
o STI Norland
o Gonvarri Steel Services

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This release was published on openPR.