Global Solar Tracker Market by Product (Single Axis, Dual Axis), by Technology (Solar PV, Concentrated Solar Power, Concentrated PV) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global solar tracker demand was 25.0 GW in 2018. It is expected to grow at a 32.0% CAGR from 2019-2025. Over the forecast period, global demand for trackers and solar energy is expected to rise due to rising concerns about energy conservation and transitioning from non-renewable energy to sustainable energy. The solar tracker uses various electrical components, including motors and sensors, to orient the cells in order to capture maximum sunlight energy.

Solar radiations captured are then converted to electricity which can be used in a variety of residential and commercial applications. Due to the decreasing cost of PV panels, solar power has been gaining popularity as a source of commercial energy generation. This is expected to increase market growth. The panels' power generation output can be significantly increased by using trackers.

The solar PV technology has been one the fastest-growing sources of renewable energy in America over the last few years. Governments are now more focused on renewable energy, which has led to the development of PV cells for a sustainable and constant source of energy generation.

The Levelized cost electricity (LCOE) has fallen due to increased capacity expansions in the U.S. This has made solar PV more competitive than other forms of energy in the United States. The U.S. government's support for solar energy implementation has been a significant driver of high-level adoption of this form of energy.

Market growth is expected to be driven by technological innovations that companies like NEXTracker and Array Technologies will use to develop new tracking systems. Solar tracker prices are competitive so tracker manufacturers must be highly strategic and operationally efficient.

Product Insights

The market share of the Single-axis tracker was the largest and it is expected to show the highest CAGR over the forecast. Single-axis systems can track the sun's rays along one axis, which allows them to improve system performance by up to 20% over fixed PV cells. Fixed panels take up less land than single-axis solar trackers, as they can cast shadows that can impact the efficiency of nearby panels. Single-axis trackers can maximize output, but they also have higher Capex (capital expenditure), and opex ($operating expenditure).

Due to their ability to track the sun horizontally and vertically, dual-axis trackers can absorb maximum sun rays. Dual-axis tracksers can generate 8% to 10% more energy that single-axis ones. Dual-axis trackers require more land and have more complex technology. This is combined with high-maintenance motors and control systems that result in high O&M costs. This is a significant obstacle to wider adoption of dual axis trackers.

Technology Insights

In 2018, the largest market segment was solar photovoltaic (PV). Solar PV technology holds the largest market share due to its compatibility with standard photovoltaic modules technologies. Solar PV will continue to be used in both utility and non-utility applications due to rising electricity costs.

Trackers for PV modules have fewer design requirements than mirrors, lenses and Fresnel collectors for concentrated solar power (CSP), and concentrated photovoltaic technology (CPV). These features will increase demand for trackers in PV technology during the forecast period.

The emerging technology in this sector is CPV. Because of its low manufacturing costs and lower raw material requirements, CPV produces low-cost electricity. This technology makes use of optics, such as lenses, to focus large amounts of sunlight onto a small area of PV material to produce electricity.

CSP can harness the sun's energy potential to provide reliable renewable energy for consumers worldwide, even when the sun is not shining. CSP has become a more popular technology than CPV and PV power, both of which are also affordable.

Application Insights

Utility was the largest sector, accounting for 85.5% global market volume in 2018. The increasing electricity prices and rising demand for energy generation will likely increase the use of utility trackers. This trend is expected to continue over the forecast period.

The single-axis tracker is the most popular in the utility sector. Utility installations are mounted on the ground and can be used to track the sun during daylight hours. These trackers are also being used in large-scale utility applications due to increasing government subsidies and feed-in tariff schemes.

Non-utility includes both residential and commercial installations. Because trackers are not feasible due to land restrictions, non-utility applications have a smaller market share than the utility. The high cost of installing trackers in non-utility applications is another factor that can affect their use. Non-utility projects can make it very expensive to install solar trackers.

Regional Insights

North America holds the largest market share, and this trend will continue until 2025. This is due to the increasing emphasis on renewable energy, and the Paris Agreement on Climate Change which has recommended that renewable energy be used in the nation's electricity supply.

Through various initiatives, the U.S. government is also aiming to increase solar power usage in its economy. The SunShot Initiative was launched by the U.S. Department of Energy in 2011. It aims to make solar energy more affordable than conventional sources of energy by reducing costs to less than one dollar per watt by 2020. This initiative has supported more than 350 projects, including private companies and universities as well as national laboratories.

Due to the high potential and increased investments in projects in the region (especially in Saudi Arabia and UAE), the Middle East and Africa regions are expected to experience significant growth in the next ten year. Due to large investments made by both foreign and domestic parties, Saudi Arabia accounted for the largest share of these countries in 2018. Due to its favorable climate, the country saw significant growth.

Market Share Insights & Key Companies

AllEarth Renewables, Inc., NEXTracker, Inc., Soltec, PV Hardware, Artech Solar, NClave, and Powerway Renewable Energy Co. Ltd. are key market players in this global industry. These companies have a wide range of products on the market and are well integrated throughout the value chain.

Due to growing demand from the industrial sector for advanced technology, companies are now focusing their efforts on developing advanced technology-based products. Manufacturing companies use a variety of organic and inorganic growth strategies to expand their geographic reach and product range.

Major tracker manufacturers have a strategy that focuses on securing large orders. This allows them to make economies of scale. Manufacturers in this market are able to differentiate themselves by investing in research and development of trackers.

Report Scope

The Report Covers Certain Segments

This report predicts revenue growth at the global, regional and country level and offers an analysis of industry trends in each sub-segment from 2014 to 2025. Grand View Research has divided the global solar tracker market report by technology, product, region, and application.

• Technology Outlook (Volume and Megawatt; Revenue, USD million, 2014-2025)

  • Solar Photovoltaic (PV)

  • Concentrated Solar Power (CSP).

  • Concentrated photovoltaic (CPV).

• Product Outlook (Volume and Megawatt; Revenue, USD million, 2014-2025)

  • A Single Axis

  • Dual Axis

• Application Outlook (Volume and Megawatt; Revenue, USD million, 2014-2025)

  • Utility

  • Non-utility

• Regional Outlook (Volume and Megawatt; Revenue, USD million, 2014-2025)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • Spain

    • Italy

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

    • Chile

  • Middle East & Africa

    • UAE

    • Saudi Arabia

These are the most frequently asked questions about this report

b. Global solar tracker market was valued at USD 2.35 Billion in 2019, and is forecast to grow to USD 3.01 Billion by 2020.

b. Global solar tracker markets are expected to grow at a compound annual rate of 29.5% between 2019 and 2025, reaching USD 11.09 billion in 2025.

b. 52.8% of the market was held by single-axis trackers in 2019. These systems track the sun's rays along one axis, which allows them to improve system performance by up to 20% over fixed PV cells in areas of high isolation.

b. Among the key players in the market for solar trackers are AllEarth Renewables, Inc., NEXTracker, Inc., Soltec, PV Hardware, Artech Solar, NClave, and Powerway Renewable Energy Co. Ltd.

b. The key factors driving solar tracker market growth are rising concerns about energy conservation. There is also expected to be an increase in demand for solar energy and tracksers during the forecast period.

Up Market Research published a new report titled “Solar Tracker Market research report which is segmented by Product (Single Axis, Dual Axis), by Technology (Solar PV, Concentrated Solar Power, Concentrated PV), By Players/Companies AllEarth Renewables, Inc; NEXTracker, Inc; Soltec; PV Hardware; Artech Solar; NClave; and Powerway Renewable Energy Co Ltd”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Solar Tracker Market Report Segments:

The market is segmented by Product (Single Axis, Dual Axis), by Technology (Solar PV, Concentrated Solar Power, Concentrated PV).

Solar Tracker Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Solar Tracker Market

Overview of the regional outlook of the Solar Tracker Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Solar Tracker Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Solar Tracker Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Single Axis

                2. Dual Axis

                1. Solar PV

                2. Concentrated Solar Power

                3. Concentrated PV

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Solar Tracker Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Solar Tracker Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.