Solar Tracker Installation Market will Surpass $379.2 billion by 2026 at 11.1% CAGR

Growing awareness about using renewable energy and increase in demand for solar energy from emerging economies fuel the global solar tracker installation market. Based on end-user industry, the industrial segment dominated the market in 2018.

The global solar tracker installation market was valued at $162.7 billion in 2018 and is projected to reach $379.2 billion by 2026, growing at a CAGR of 11.1% from 2019 to 2026. Trackers are responsible for focusing solar panels or modules toward the sun. These gadgets change their direction to pursue the sun's rays to increase energy capture. In photovoltaic frameworks, trackers help maximize the angle of incidence (the edge that a beam of light makes with a line opposite to the surface) between the approaching light and the board. Concentrated solar photovoltaics and concentrated sun-powered cells have optics that focus the sunlight, so solar trackers must be placed accurately to achieve maximum sunlight.

The key factors that drive the growth of this market include increase in installation of solar panels across the globe. This is increasing the demand for solar tracker to direct sunlight toward the panels. Hence, it is expected that with an increase in solar installation, the demand for solar tracker will increase significantly. This in turn will drive the growth of the global solar tracker installation market. In addition, other factors such as environmental pollution, rising price of fuels, and growing awareness among people regarding clean energy are also expected to fuel the demand for solar panels and in turn solar trackers during the forecast period.

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The solar tracker installation market is fragmented based on type, application, and region. Based on type, the market is segmented into dual axis and single axis. The single axis tracker segment was the highest contributor to the market and is expected to grow with a CAGR of 10.8% during the forecast period. Single-axis solar trackers have both horizontal and vertical axis. The horizontal type of single-axis tracker is used increasingly in tropical regions where the sunlight is bright at noon, but the days are short. The vertical type of single-axis tracker is used increasingly in high latitudes where the sun does not get very high; however, summer days can be very long. The growing use of single-axis tracker in both tropical region and high-altitude region is expected to drive the growth of the market.

The dual axis tracker segment is estimated to grow with the highest CAGR of 12.1%. The growing use of dual-axis trackers in Concentrated Solar Power (CSP) applications is expected to drive the growth of the market. CSP application utilizes dual axis tracking for achieving maximum sunlight to drive devices using high power
In terms of application, the market is fragmented into residential, commercial, and industrial. The industrial segment was the highest contributor to the market and is expected to continue its dominance during the forecast period. Industrial processes use hot water to clean industrial equipment and machinery. Some sectors, including beverage bottling plants, for example, require very large quantities of hot water for both production and maintenance of all the above purposes, industries are leveraging solar technology to achieve efficiency and cost saving. As industries are utilizing solar technology, solar tracker is also playing an important role. A solar tracker is employed in solar panels to orient payload towards sun.

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Based on geography, the region across Asia-Pacific accounted for more than two-thirds of the global solar tracker installation market revenue in 2018 and is anticipated to maintain its top status till 2026. Increase in government investment in R&D of satellite technology for civil and military uses is expected to propel the demand for PV energy in this province. At the same time, North America held the second major share in the year 2018. However, Europe would cite the fastest CAGR of 12.3% by 2026. As activity-related to CSP is expected to rise, it is predicted that the demand for solar trackers will increase in the region.

The key players involved in the market include
• First Solar, Inc.
• PVHardware
• Abengoa SE
• Trina Solar Co. Ltd.
• NEXTracker
• Siemens AG
• BrightSource Energy, Inc.
• Tata Power Solar Systems Limited
• Arctech Solar

To compete against each other, these market players are implementing certain strategies. These strategies include product launch, partnership, acquisition, and research & development. In an instance, Arctech Solar has recently launched its SkySmart-2 tracking system. It is a single axis 2P (two modules in portrait) tracking system, which offers maximum energy efficiency.

Covid-19 Scenarios-
• The solar tracker installation market has been through several negative impacts such as disrupted supply chain, halted manufacturing processes, and declined demand during the initial phase of the lockdown.
• The government bodies, however, have eased off certain regulation. Owing to which the industry is expected to revive soon.

Contact Info:
Name: David Correa
Email: Send Email
Organization: Allied Analytics LLP

Release ID: 89034296