Solar Trackers Market Boosting the Growth Worldwide: 2021 Market Key Dynamics, Recent and Future Demand, Trends, Share

Solar Trackers Market: Introduction

According to a recently published study by Transparency Market Research (TMR), the global solar trackers market is expected to reach an installed capacity of 37,196.86 MW by 2031. TMR, a U.S.-based market research firm, states in its report that the global solar trackers market, which had an annual installed capacity of 6998.8 MW in 2020, is anticipated to reach an annual installed capacity of 37,196.86 MW by 2031, at a CAGR of 16.4% during the forecast period.

According to the report, the market for solar trackers is stimulated by the increase in demand for photovoltaic (PV), rise in feed-in tariff (FIT), and incentive schemes by governments. In addition, growth in prices of electricity is augmenting the photovoltaic market, which is further fuelling the solar trackers market. Furthermore, solar cells' efficiency is boosted by tracking systems, thus impacting the market positively. On the other hand, the capital-intensive technology is expected to restrain the growth of the market over the next few years.

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Solar Trackers Market: Key Players

The market for solar trackers is fragmented in nature, but still some companies have maintained their foothold since the past few years. Major companies operating in the market are Frontier Technology Group Ltd., Amonix, Energia Ercam, Mechatron, SmartTrak Solar Systems Pvt. Ltd, and Haosolar Co. Ltd. Among these, in 2020, Haosolar Co. Ltd. emerged as the largest producer of solar trackers and represented 23% on the basis of the annual installed capacity. It was trailed by companies such Abengoa and SunPower, as per this study.

Solar Trackers Market: Prominent Regions

The solar trackers market has been split into Europe, Latin America, North America, Middle East & Africa, and Asia Pacific. In 2020, Europe led the market and constituted over 60% share of the market on the basis of annual installed capacity. North America trailed Europe on the basis of annual installed capacity and represented 26% of the market in the same year. In Europe, Germany, Italy, Greece, and Spain are the prime markets for solar trackers. Spain, within the European region, and China, within Asia Pacific, are predicted to exhibit the swiftest growth as compared to all other countries owing to government support provided for energy generation via renewable sources.

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Global Solar Trackers Market: Segmentation

Solar Trackers Market by Technology

Solar PV

Concentrated Photovoltaic (CPV)

Concentrated Solar Power (CSP)

Solar Trackers Market by Product

Single Axis

Dual Axis

Fixed Solar Systems

Solar Trackers Market by Application

Utility

Non-utility

Expansion of Solar Trackers Market

Based on technology, the solar trackers market has been segmented into solar photovoltaic PV, Concentrated Solar Power (CSP), and Concentrated Photovoltaic (CPV). CPV is one of the prime segments of the market for solar trackers owing to a number of advantages associated with Concentrated Photovoltaics. In terms of product, the market has been divided into dual axis, single axis, and fixed solar systems.

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Among these, single axis trackers are majorly utilized in solar PV systems, owing to their cost-friendly nature as well as high electricity output in comparison to dual axis trackers. Single axis trackers comprise a single axis for rotation. They can be vertical, polar or tilted, and horizontally aligned. On the other hand, dual axis trackers comprise two axes for rotation and vertically trap maximum of the solar radiations. In terms of application, the solar tracker market has been segregated into non-utility and utility.

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This release was published on openPR.