Press release
Solar Tracker Installation Market Insights and Forecast Research Report 2019 - 2026 | Top Players Abengoa SE, First Solar, Inc., PVHardware, Arctech Solar, NEXTracker
Solar Tracker Installation
Trackers are responsible for focusing solar panels or modules toward the sun. These gadgets change their direction to pursue the sun's rays to increase energy capture. In photovoltaic frameworks, trackers help maximize the angle of incidence (the edge that a beam of light makes with a line opposite to the surface) between the approaching light and the board. Concentrated solar photovoltaics and concentrated sun-powered cells have optics that focus the sunlight, so solar trackers must be placed accurately to achieve maximum sunlight.
The key factors that drive the growth of this market include increase in installation of solar panels across the globe. This is increasing the demand for solar tracker to direct sunlight toward the panels. Hence, it is expected that with an increase in solar installation, the demand for solar tracker will increase significantly. This in turn will drive the growth of the global solar tracker installation market. In addition, other factors such as environmental pollution, rising price of fuels, and growing awareness among people regarding clean energy are also expected to fuel the demand for solar panels and in turn solar trackers during the forecast period.
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Based on type, the single-axis segment contributed to three-fourths of the global solar tracker installation market share in 2018 and is expected to retain its dominance throughout the forecast period. Surge in use of single-axis trackers in both tropical and high-altitude regions is expected to fuel the segment growth. The dual-axis segment, on the other hand, would showcase the fastest CAGR of 12.1% during 2019-2026.
Based on end-user industry, the industrial segment held the major share in 2018, generating more than half of the global solar tracker installation market. The same segment is also projected to grow at the fastest CAGR of 12.1% throughout the study period. Rise in use of dual-axis tracking in solar power towers and dish systems boosts the growth of the segment. The report includes analysis of the other segments such as residential and commercial.
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Based on geography, the region across Asia-Pacific accounted for more than two-thirds of the global solar tracker installation market revenue in 2018 and is anticipated to maintain its top status till 2026. Increase in government investment in R&D of satellite technology for civil and military uses is expected to propel the demand for PV energy in this province. At the same time, North America held the second major share in the year 2018. However, Europe would cite the fastest CAGR of 12.3% by 2026. As activity-related to CSP is expected to rise, it is predicted that the demand for solar trackers will increase in the region.
The key players involved in the market include Abengoa SE, First Solar, Inc., Tata Power Solar Systems Limited, Trina Solar Co. Ltd., BrightSource Energy, Inc., Siemens AG, PVHardware, Arctech Solar, and NEXTracker. To compete against each other, these market players are implementing certain strategies. These strategies include product launch, partnership, acquisition, and research & development. In an instance, Arctech Solar has recently launched its SkySmart-2 tracking system. It is a single axis 2P (two modules in portrait) tracking system, which offers maximum energy efficiency.
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Key offerings of the report:
1. Key drivers & Opportunities: Detailed analysis on driving factors and opportunities in different segments for strategizing.
2. Current trends & forecasts: Comprehensive analysis on latest trends, development, and forecasts for next few years to take next steps.
3. Segmental analysis: Each segment analysis and driving factors along with revenue forecasts and growth rate analysis.
4. Regional Analysis: Thorough analysis of each region helps market players devise expansion strategies and take a leap.
5. Competitive Landscape: Extensive insights on each of the leading market players for outlining competitive scenario and take steps accordingly.
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Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client's insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.
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