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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 Forecast 2021–2028

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Global Solar Tracker Market Size, Share

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Industry Insights

[191+ Pages Report] According to Facts and Factors, the global solar tracker market was worth approximately USD 2.2 billion in 2020 and is expected to grow to approximately USD 4.3 billion by 2028, with a compound annual growth rate (CAGR) of approximately 10% over the forecast period. The report explores the solar tracker market’s drivers & restraints and the impact they have on the demand during the projection period. In addition, the report analyses emerging opportunities in the solar tracker market.

logoSolar Tracker Market: Overview

Tracking would be a sophisticated method of installing and positioning solar panels. A solar tracker is used to align a solar PV panel towards the sun so that the panels receive the most sunlight possible. Fixed systems have historically experienced a reduction in overall energy utilization since they are not intended to track the sun and orient at an optimal angle. As a result, they could not obtain the sun's energy at all times of the day. Solar trackers, which compensate for this gap, are innovative systems that can move to track the journey of the sun across the entire sky, gathering maximum sunlight and optimizing the energy output of the panel system.

logoSolar Tracker Market: Growth Drivers

The global solar tracker market is expected to develop a competitive advantage over other sustainable technologies due to PV cells' inexpensive installation costs, configurable functionality, and increased power output. Furthermore, rising energy consumption, together with continued attempts to raise the amount of renewable energy in the energy mix, will boost market statistics for solar technology, favorably boosting PV technology demand.

Solar Tracker Market

The growing attempts to introduce and use cleaner technologies in the residential, commercial, and industrial sectors are expected to boost the global solar tracker market’s growth. Growing demand for efficient solar energy harnessing technology, together with continued technological improvements in solar tracker systems, will support industry expansion during the forecast period.

The surging need for clean energy generation in commercial institutions such as schools, retail malls, and hospitals would boost PV system market demand, boosting the solar tracker market's growth. Growing investments in the growth of commercial facilities, as well as severe environmental and efficiency criteria, will favorably contribute to the growth of the solar tracker market throughout the forecast period.

Because of their high dependability index and great cost-effectiveness, single-axis trackers will drive significant growth in the solar tracker market. Vertical and horizontal single-axis solar trackers are accessible. Furthermore, single-axis solar trackers need very little maintenance, making them a more cost-effective option than other options, stimulating demand growth for the global solar tracker market.

logoSegmentation Analysis

The global solar tracker market is segmented into product type, use, and region.

By product type, the market is classified into single-axis and dual-axis. The majority of installations carried out around the world use single-axis trackers since they provide enough power, are more cost-effective and have fewer complicated tasks than dual-axis trackers.

By use, the global market is divided into utility, commercial, and residential. Solar trackers are widely used in utility applications. As a result, the utility segment dominates the global solar tracker market in terms of revenue, and this trend is expected to continue during the forecast period.

logoReport 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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logoRegional Landscape

North America is likely to be at the forefront of the global solar tracker market during the forecast period. The use of maximum solar tracker installation for operational efficiency of installed panels in the United States is projected to boost demand for the product. Latin American countries such as Mexico and Brazil have emerged as the leading importers of solar trackers. More than half of all solar tracker shipments worldwide in 2020 were for North America.

In Europe, demand for solar energy has expanded at a healthy rate. Countries such as the United Kingdom, Italy, Spain, and Germany have led the way in expanding solar penetration in the country's overall power mix. This tendency, combined with aggressive green energy targets, presents huge potential opportunities for the region's solar tracker market.

The Asia Pacific region is the tracker production center, with China producing 40% of the world's tracker capacity. China, India, and other Southeast Asian countries are likely to increase their renewable energy generation in the next few years, resulting in a significant increase in demand for trackers. South Africa holds the largest share of the market in the African and Middle Eastern areas, which is predicted to increase at a strong rate over the forecast period as systems for solar power are installed.

logoRecent Development

  • March 2020 - NEXTracer announces the success of the largest tracker trade in the industry with 174 Power Global. The deal included the supply of 3.4 GW of smart solar trackers to seven 174 Power projects in the United States.
  • May 2020 - The largest solar tracking plant in Ukraine, with a capacity of 33 MW, was inaugurated in Lyubar, Zhytomyr district. The commissioning was carried out with the help of SolControl, Soltigua's SCADA cloud computing platform, which was designed from the start to be optimized for remote support and monitoring of the solar plant.

logoCompetitive Landscape

Some of the key operators in the global solar tracker market are 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., and Soltec Energias Renovables SL.

The global solar tracker market is segmented as follows:

logoBy Product Type Segment Analysis

  • Single Axis
  • Double Axis

logoBy Use Segment Analysis

  • Utility
  • Commercial
  • Residential

logoBy Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Reunion
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Southeast Asia
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

Covid-19

Solar Tracker Market

The pandemic continues to cause unprecedented disruption across industries worldwide.Get detailed insights regarding the impact of COVID-19 on the market. Request Sample

Industry Major 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.

Frequently Asked Questions

The factors impacting the growth of the solar tracker market are an increase in demand for renewable energy and an increase in demand for solar energy from emerging economies. The growing attempts to introduce and use cleaner technologies in the residential, commercial, and industrial sectors are expected to boost the global solar tracker market’s growth.
According to the Facts & Factors report, the global solar tracker market was worth about 2.2 (USD billion) in 2020 and is predicted to grow to around 4.3 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 10%.
North America is likely to be at the forefront of the global solar tracker market during the forecast period. The use of maximum solar tracker installation for operational efficiency of installed panels in the United States is projected to boost demand for the product.
Some of the key operators in the global solar tracker market are- 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., and Soltec Energias Renovables SL.
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