Trackers direct solar modules or panels toward the sun to harness more sunlight. To accumulate maximize energy these trackers change their orientation during the day to follow the sun’s path. Solar trackers are rising in popularity, as it generates more electricity when compared to its stationery counterparts. Furthermore, favorable government initiatives are projected to augment the market growth. However, owing to the more complex technology and moving parts necessary for their operation solar trackers are slightly more expensive than their stationary counterparts which is one of the major factor restraining the market growth. Also, a solar tracker is more prone to be damaged in a rough weather when compared to the actual panels.
Owing to supportive regulatory scenario North America and Europe are projected to witness high demand over the next six years. Italy, Spain, U.S., and Germany are the major regional market for solar trackers. On the other hand, Asia Pacific market offers high potential. Emerging economies are upgrading energy infrastructure to meet the rising demand for power.
By product type, single axis tracker accounts for major chunk of the market pie when compare to double axis trackers. Single axis trackers are witnessing growth as it is widely used in residential and commercial application and low cost.
The market for solar trackers is highly competitive due to presence of large and well established multinationals. Array Technologies, Inc, Hao Solar Technology Co. Ltd, Titan Tracker SL, and AllEarth Renewables, Inc, among others are some of the prominent players present in this market.
Global solar tracker market is segmented on the following bases:
Key Players Identified in the Solar Tracker Market include but are not limited to:
Abengoa Solar, S.A., AllEarth Renewables, Inc, Array Technologies, Inc., SunPower Corporation, Titan Tracker SL, Powerway Renewable Energy Co., Ltd. and First Solar, Inc. among others.
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