The market for Solar Tracker Market is expected to reach US$ XX Bn By 2023.
Trackers direct solar modules or panels toward the sun to harness more sunlight. To accumulate maximum energy, these trackers change their orientation during the day to follow the sun's path. Solar trackers are rising in popularity as they generate more electricity when compared to their stationary counterparts. Furthermore, favorable government initiatives are projected to augment 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 factors restraining the market's growth. Also, a solar tracker is more likely to be damaged in rough weather when compared to the actual panels.
Owing to a supportive regulatory scenario, North America and Europe are projected to witness high demand over the next six years. Italy, Spain, the U.S., and Germany are the major regional markets for solar trackers. On the other hand, the Asia-Pacific market offers high potential. Emerging economies are upgrading their energy infrastructure to meet the rising demand for power.
By product type, single-axis trackers account for a major chunk of the market pie when compared to double-axis trackers. Single-axis trackers are witnessing growth as they are widely used in residential and commercial applications and have a low cost.
The market for solar trackers is highly competitive due to the 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.
By Technology
By Product Type
By Application
By Geography
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.
The market for Solar Tracker Market is expected to reach US$ XX Bn By 2023.
The Solar Tracker Market is expected to see significant CAGR growth over the coming years, at XX%.
The report is forecasted from 2016 – 2023.
The base year of this report is 2015.
Abengoa Solar, S.A., AllEarth Renewables, Inc., Array Technologies, Inc., SunPower Corporation, Titan Tracker SL, Powerway Renewable Energy Co., Ltd., and First Solar, Inc., are some of the major players in the global market.