Global Solar Tracker Market Size & Share Anticipated to Surpass USD 4.3 Billion by 2028

04-Mar-2020 | Facts and Factors

Findings from Facts and Factors report “Solar Tracker Market - By Product Type (Single-axis and Dual-axis), By Use (Utility, Commercial, and Residential), and By Region: Global Industry Overview, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts, 2021–2028” states that the global solar tracker market in 2020 was around USD 2.2 Billion. The market is projected to grow at a CAGR of more than 10% and is anticipated to surpass USD 4.3 Billion by 2028.

Solar tracker, also known as a photovoltaic tracker, is a motorized unit equipped with photovoltaic (PV) systems. The unit adjusts the position of solar panels, modules, or reflectors accordingly that the solar radiation falls perpendicularly on the surface of panels. The unit leverages specialized light sensors for precisely tracking the position of the sun.

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Several governing bodies are encouraging different sectors to adopt clean energy systems, which will eventually augment the global solar tracker market. Besides this, the global market growth is positively impacted due to the rising concerns about global warming (climate change). Multiple industries and developers are dedicated to launching novel technologies that not only slash the LCOE (Levelized Cost of Energy) but also improve the power generating capacity of the photovoltaic systems.

Dual-axis solar trackers segment dominates the global solar tracker market

Based on the product segment, the solar tracker is bifurcated into a single axis and double axis tracker, of which the latter one leads the global solar tracker market owing to its efficient performance and significant enhancement in the power output.GPS (Global Positioning System) is embedded in the double-axis tracker to determine its real-time latitudinal & longitudinal position along with the exact date & time. As a result, CPV (Concentrator Photovoltaics) and CSP (Concentrated Solar Power) plants widely install dual-axis trackers in their solar panels.

Report Scope

Report Attribute

Details

Market Size in 2020

USD 2.2 Billion

Projected Market Size in 2028

USD 4.3 Billion

CAGR Growth Rate

10% CAGR

Base Year

2020

Forecast Years

2021-2028

Key Market Players

PV Hardware Solutions S.L.U., Nclave Renewable SL, NexTracker Inc., Valmont Industries Inc., Arctech Solar Holding Co. Ltd, Soluciones Tecnicas Integrales Norland SL, Array Technologies Inc., Soltec Energias Renovables SL., among others

Key Segment

By Product Type, By Use, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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The utility segment under application holds the major share of the global market

Solar trackers are considerably employed for utility purposes. Therefore, the utility segment holds the major revenue share of the global solar tracker market and is projected to follow the same trend during the forecast period. The segment encompassesLCOE-dependent huge revenue-generating projects. Moreover, a growing number of government-based renewable projects along with the swift decline in solar photovoltaic technology costs have propelled the solar energy sector, thereby fueling the demand for solar trackers.

Some of the key players driving the global solar tracker market are Meca Solar, SmartTrak Solar Systems, Titan Tracker, PV Hardware, Array Technologies, First Solar, Trina Solar, AllEarth Renewables, Gonvarri Steel, DEGERenergie, Powerway, GameChange Solar, SOLTEC, Convert Italia, SunPower, Arctech Solar, Haosolar, STI Norland, Abengoa Solar, and Scorpius Trackers.

This report segments the global solar tracker market as follows:

Global Solar tracker Market: Product Type Segmentation Analysis

  • Single Axis
    • Vertical
    • Horizontal
  • Dual Axis

Global Solar tracker Market: Use Segmentation Analysis

  • Utility
  • Commercial
  • Residential

Global Solar tracker Market: Regional Segmentation Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • Germany
    • The UK
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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