Solar Tracker Market is Expected to Grow at an Impressive CAGR of 25.97% During Forecast Period 2028

Global Solar Tracker market is expected to grow due to increasing solar PV installations during the forecast period of 2024-2028.

According to TechSci Research report, "Solar Tracker Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018 - 2028F", the global solar tracker market is expected to grow at a CAGR of 25.97%, due to a number of new investments and projects taken by various companies such as launch of a new and differentiated product named "one module" (single-module solar tracker) in portrait (1P) Solar Tracker Solution which has high energy battery backup and other features such as high slope tolerance and higher energy density.

Solar photovoltaic (PV) project's installed capacity has increased dramatically during the past ten years, because of rising investments in the renewable energy sector, which are encouraged by favorable government policies and aspirational renewable energy targets established by numerous nations. The total installed solar PV capacity, globally, increased by 22%, from 772.2 GW in 2020 to 940.0 GW in 2021, according to Solar Power Europe. In 2021, the global capacity of solar power plants that were connected to the electrical grid increased by 21%, from 139.2 gigawatts (GW) in 2020 to 167.8 GW in 2021.

The global market for solar trackers is also growing as a result of the rising focus on renewable energy. One of the major drivers of the solar tracker market's growth is the sharp rise in solar panel installations around the world. The market for solar trackers is also growing as a result of the passing of supportive rules by the government that aid several solar energy projects.

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Global Solar Tracker Market is segmented on the basis of type, technology, application and region.

Based on type, the market is bifurcated into single axis tracker and double axis tracker.
Based on technology, the market is further bifurcated into photovoltaic and concentrated solar tracker.
Based on application, the market is bifurcated into residential, commercial, and utility.

Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, and Middle East & Africa. During the projected period, Single Axis Tracker is expected to be the dominating segment during the forecast period. A solar tracker increases the production capacity of a solar panel system by aligning the solar panel with the direction of the sunlight. The Solar Tracker orients a photovoltaic (PV) module so that sunlight hits the module perpendicularly for maximum power output. However, farther north the equator, the sun's angle changes more between the summer and winter seasons, so the effect decreases further north. The single-axis solar tracker is 50% more expensive than building a fixed PV panel but offers an additional 25-35% capacity improvement. Its simple design provides the highest PV panel placement density per square meter and the fastest payback period.

Based on technology, the market is further bifurcated into photovoltaic and concentrated solar tracker. During the projected period, photovoltaic (PV) technology is anticipated to dominate the market. The main factor driving the biggest market share for PV technology is its compatibility with conventional photovoltaic module technologies. The usage of solar PV in utility and non-utility applications will increase as a result of the rising cost of power caused by the supply-demand gap.

Compared to the mirrors, lenses, and Fresnel collectors used on the CSP and CPV technology trackers, the use of solar trackers on PV modules is subject to less design restrictions. Over the foreseeable period, these characteristics will propel the development of solar trackers in PV technology. The newest technology in the solar sector is CPV. Due to its low production costs and minimal need for raw materials, CPV systems generate affordable solar energy.

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Key market players in the Global Solar Tracker Market are:

• Soltec Power Holdings SA
• Arctech Solar Holdings Co Ltd.
• Ideematec Deutschland GmbH
• Nextracker Inc.
• Valmont Industries Inc.
• PV Hardware Solutions S.L.U.
• Array Technologies Inc.
• Trina Solar Limited
• Powerway Renewable Energy Co. Ltd.
• Degerenergie GmbH & Co. KG

"Global Solar Tracker market is expected to grow on account of increasing Solar PV installations, along with increasing environmental concerns over carbon emission policy. During the forecast period, North America is expected to be the dominating region due to emphasis on the use of renewable energy in the country's energy supply, as advocated by the Paris Agreement on Climate Change." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

"Solar Tracker Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Type (Single Axis Tracker and Double Axis Tracker), By Technology (Photovoltaic and Concentrated Solar Tracker), By Application (Residential, Commercial and Utility), By Region and Competition" has evaluated the future growth potential of solar tracker market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Solar Tracker Market.

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Table of Contents:

1. Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations

2. Research Methodology
2.1. Baseline Methodology
2.2. Key Industry Partners
2.3. Major Association and Secondary Sources
2.4. Forecasting Methodology
2.5. Data Triangulation & Validation
2.6. Assumptions and Limitations

3. Executive Summary

4. Voice of Customers

5. Global Solar Tracker Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Type (Single Axis Tracker and Double Axis Tracker)
5.2.2. By Technology (Photovoltaic and Concentrated Solar Tracker)
5.2.3. By Application (Residential, Commercial and Utility)
5.2.4. By Region
5.3. By Company (2022)
5.4. Market Map ….Conti…

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