Solar Tracker Market by Technology, Capacity, Application & Forecast

Adroit Market Research studied "Global Solar Tracker Market, by product (Single Axis and Dual Axis), by technology [Photovoltaic (PV), Concentrated Photovoltaic (CPV) and Concentrated solar power (CSP)] by application (Utility and Non-Utility) and by region (North America, Europe, South America, Asia Pacific and Middle East & Africa) size and forecast 2015-2025". The Study includes global solar tracker market size till 2025 along with company summaries which include company overview, product offering, and recent developments and financial overview.

The global solar tracker market size is expected to reach to 39GW capacity by the end of 2025. Increasing awareness about sustainable & renewable sources of energy coupled with numerous government initiatives and demand & supply gap, a worldwide power shift to solar energy is underway driving the growth of the global solar tracker market during the forecast period.

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A single axis solar tracker system is a method wherein the solar panel tracks the sunlight from east to west along a single pivot point to rotate. Horizontal, vertical and tilted single axis are the different types of single axis solar tracker. Single axis is more cost-efficient and hence have surged in demand accounting to more than 60% share in the global solar tracker market by the end of 2025. To gain maximum efficiency, orientation of the system with respect to tracker axis is most important and dual axis have showed increased power output ratios as it shows two degree of freedom that acts on axes of rotation. Thus, the dual axis is predicted to surge in demand with a strong growth rate of 14.6% by the end of 2025 in global solar tracker market.

Based on technology, photovoltaic solar trackers will dominate at 70% share by 2025 in global solar tracker market. Photovoltaic panels take both direct and diffuse sunlight to produce electric energy increasing its power output. In the photovoltaic solar tracker system, the tracker will be serving in minimizing the angle of incidence between the sunlight and the panel which increases the amount of energy the installation generates. Improved power output and efficiency coupled with increased electricity cost due to the supply-demand gap, photovoltaic solar trackers have surged in demand and are likely to dominate as no direct substitute is expected in the global solar tracker market during the forecast period.

Utility accounted to more than 80% share in the global solar tracker market. Rising demand coupled with increasing cost of electricity, utility are now shifting to renewable sources such as solar energy are projected to surge the demand for solar trackers. Similarly; smart city projects, reducing cost of solar trackers and government schemes across the globe are expected to boost the demand of solar trackers in non-utility sector of the global solar tracker market.

Jawaharlal Nehru National Solar Mission, Rooftop scheme executed by SECI (Solar Energy Corporation of India) and Ujjwal Discom Assurance Yojna are few of the key initiatives by the government of India. Owing to these initiatives a shift towards solar energy is seen increasing the adoption to solar trackers. Players such as Nextracker, Mahindra Susten, and Arctech Solar are investing heavily in the country to cater the potential market, thus India is projected for a strong growth during the forecast period in global solar tracker market. For instance, in 2016, NEXTracker a players in global solar tracker market announced that it had delivered India’s largest solar tracker power plant with collaboration with Adani Power Ltd. in the state of Punjab with a capacity of 105 MW. Similarly, in China, more than 500 smart city project are underway and are expected to increase the demand for sustainable solar energy, hence solar trackers are projected to surge driving the market growth in the country. Asia Pacific, is thus projected to witness a strong growth at a CAGR of 17.19% in the global solar tracker market.

The global solar tracker market is dominated by players such as Array Technologies Inc., Arctech Solar, Soltec Renewable SL and NEXTracker Inc. To support the growing demand major players are setting up manufacturing facilities across geography and are also focused on partnerships with local players. For instance in 2016, NEXTracker Inc. partnered APL Apollo Tubes Ltd a player in the steel market in India. The aim to the partnership was to cut down time required for shipment of steel tubes and piers which form the backbone of the solar tracker system by sourcing them locally. Other players associated with the global solar tracker market are Convert Italia SpA, Soltec, Mahindra Susten, SunPower Corporation, GameChange Solar and First Solar.

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What to expect from the upcoming report on ‘Global Solar Tracker Market ’:

• Future prospects and current trends of the global solar tracker market by the end of forecast period (2018-2025)
• Information regarding technological progressions as well as innovations taking place in developing economies
• Supportive initiatives by government likely to influence the market dynamics
• Trends, drivers, opportunities, restraints, challenges and key developments in the market
• In-depth analysis of different market segmentations including regional segmentations, and product types
• Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market

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Venture capitalists, Investors, financial institutions, Analysts, Government organizations, regulatory authorities, policymakers, researchers, strategy managers, and academic institutions looking for insights into the market to determine future strategies.

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