Solar Tracker Market Research Report: By Type (Single Axis, Dual Axis), Application (Residential, Commercial, Utility) - Global Industry Analysis and Growth Forecast to 2030

Global Solar Tracker Market Overview

The major trend identified in the global solar tracker market is the development of the solar trackers for non-standard sites, such as capped landfills. Traditionally, solar trackers are mounted on posts that are driven directly into the ground or less frequently on posts that use concrete foundations or ballast. However, certain kinds of terrains, such as capped landfills, do not support driving posts or invasive concrete structures. But with technology like floating ground mounts, where the tracker is placed on a gravel pan that can be filled with a variety of materials, it has made possible to use these kinds of sites for deploying solar tracker.

Solar Tracker are used to increase the energy output from solar panels and solar receivers. This device follows the movement of the sun as it rotates from the east to the west every day and keeps solar collectors/solar panels oriented directly toward the sun. It increases the amount of solar energy received by the solar-energy collector and improves the energy output of the heat/electricity which is generated. Further, it can increase the output of solar panels by 20–30%, which improves the economics of the solar panel project. The solar tracker market is segmented based on type, application, and region.

The solar tracker market is categorized based on type into single axis and dual axis. Between these, the single axis category holds the notable share in the market, owing to their wide use in utility solar project since these projects are located on large lands without tight space constraints of a residential and commercial roof space. Further, the low cost of installation and maintenance as compared to other options also boosts the demand for single axis solar tracker.

The solar tracker market in terms of application is categorized into residential, commercial, and utility. Among these, the utility category holds the considerable share in the market. This is attributed to the fact that use of solar trackers help increase electricity production by around one-third, and by as much as 40% in some regions depending upon the sunlight, compared with modules at a fixed angle. Therefore, use of trackers helps generate more energy and, in turn, more economic benefits.

Based on region, the solar tracker market is categorized into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC), and Middle East and Africa (MEA). Among all regions, North America holds considerable share in the market, owing to rapidly declining panel costs along with the implementation of stringent environmental regulations to reduce the carbon emission level generated by non-renewable sources. For instance, as per the National Renewable Energy Laboratory (NREL), module costs for commercial PV systems decreased from USD 1.88/W in 2017 to USD 1.83/W in 2018, witnessing a decline of around 3%.

Solar Tracker Market Dynamics

Drivers

The energy industry is witnessing growing demand for renewable energy sources, such as solar panel, for power generation to reduce the energy generation from fossil fuels, to decrease the emission level, have positive impact on the environment. The increasing demand for solar energydrives the growth of the solar tracker market. Further, the increase in consumer adoption for solar panel for residential purpose will propel the demand for solar tracker to improve the electricity conversion rate. Moreover, government initiatives, such as feed in tariff, in countries like Japan are also increasing the demand for solar panels, which directly drives the market for solar trackers.

Restraints

Solar tracker is additionally installed with the solar panel system, which includes more equipment, moving parts and gears. The tracker-embedded system requires regular maintenance and repair or replacement of broken parts. Also, if the solar tracker system breaks down when the solar panels are at an extreme angle, the substantial loss of production can be observed until system is fixed again. Further, a solar tracker is prone to damage in storm or other adverse weather conditions.

Solar Tracker Market Competitive Landscape

Some of the major companies operating in the global solar tracker market are NEXTracker Inc., Array Technologies Inc, Trina Solar Limited, Soltec, AllEarth Renewables, PV Hardware, Arctech Solar Holding Co. Ltd., Valmont Industries Inc., Powerway Renewable Energy Co. Ltd., Haosolar Co. Ltd., and SunPower Corporation.

The study provides the detailed study of the solar tracker market for the period 2014–2030. The major countries covered for the analysis are the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, South Korea, Brazil, Argentina, Saudi Arabia, and South Africa.

Solar Tracker Market Size Breakdown by Segment

The solar tracker market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.

Based on Type

• Single Axis
• Dual Axis

Based on Application         

• Residential
• Commercial
• Utility

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
• Latin America (LATAM)
  • Brazil
  • Argentina
• Middle East and Africa (MEA)
  • South Africa
  • Saudi Arabia