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.
The global solar tracker market is segmented on the following bases:
By Product Type
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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.
This report offers the following:
- An overview of the global solar tracker market
- Market trends assessment for the period 2016-2023, with historical information for 2013 and 2014 and projections through 2023, with respective CAGRs during 2016-2023 and 2015 as the base year
- Qualitative assessment tools such as market drivers, challenges, and future prospects, and competitive analysis: market positioning of key market players
- Focus on each level of market segmentation based on product approvals, launches, and current and anticipated market dynamics.
- A general overview of the industry structure
- Company profiles highlighting key information about the major players operating in the global solar tracker market,
- This report includes an estimation of market sizes for value and volume. Both top-down and bottom-up approaches have been used to estimate and validate the size of the solar tracker market.