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Global Solar Tracker Market to reach US$ 26.4 bn in 2024

Published On Feb. 15, 2017 By Minal

Industry overview

Demand for sustainable green energy produced by renewable resources such as solar power has increased significantly due to the global warming. Solar power is generated through the sun’s radiations that fall upon solar panels.

Solar tracker is basically a device used to position a solar panel towards the sun to harness more sunlight. This ensures that the solar modules remain in the correct position to gather maximum energy from the sun. Solar trackers are bidden to solar panels to alter their position against the sun throughout the year according to the changes in weather. Solar tracking helps in increasing the efficiency of solar panel.

Based on type, the solar tracker market has two types

1. Single axis, and

2. Dual axis.

Single axis rotates on X axis Whereas Dual axis rotates on X as well as Y axis

Market size

There has been continuous expansion in this growing business, because of the government subsidies provided all around the world. Europe has dominated the solar tracker market since 2015. Germany has been leading the market for solar trackers since the last few years, being the country with most installed PV systems.

The market in Asia Pacific is anticipated to expand, led by major developments in renewable energy in the region. It is projected to be a rapidly growing region for the solar tracker market during the forecast period.

The market in Latin America is also likely to expand significantly during the forecast period, led by large installations of PV in the region. The solar tracker market across the globe is expected to expand substantially owing to the low prices and governmental focus on renewable energy.

The global solar tracker market is highly competitive, with the presence of well-established market players. 

Key players operating in the solar tracker market are Haosolar Co. Ltd., Abengoa Solar S.A., AllEarth Renewables, Array Technologies, Inc., DEGERenergie GmbH & Co. KG, Energia Ercam, Powerway Renewable Energy Co. Ltd., Mechatron, SunPower Corporation, Titan Tracker SL, SmartTrak Solar Systems Pvt. Ltd, Mecasolar España SL, First Solar, Soitec, CM Tracker, and Optimum Tracker.

Technology Trends

In terms of technological outlook, the solar tracker market has been divided into three major solar power technologies:

solar photovoltaic

concentrated photovoltaic

concentrated solar power

The photovoltaic technology (PV) was the largest in 2016 accounting for over 63% of the global capacity. The ease of usage associated with standard module PV cell technologies owing to simple design is likely to propel the demand. Rising cost of electricity owing to supply-demand gap is expected to increase utilization in non-utility and utility applications.

Growth dynamics

The global solar tracker market size was US$2.78 bn in 2015 and is projected to grow US$26.4 bn in2024 with CAGR of 18.6%.Rising cost of electricity coupled with high demand for energy generation from renewable sources is expected to have a positive impact on the market growth.

Competitive analysis – 2016 – 2025

Rising government emphasis on renewable sources of energy has resulted in the development of solar PV cells as a continuous and sustainable source of energy generation. The rapid rise in the number of PV installations in world has reduced the levelized cost of electricity, resulting in solar PV being competitive with other conventional forms of energy. The industry is moderately consolidated as top five competitors are responsible for about 40% of the market share. And nowadays, major companies have started expanding in Asia Pacific to cater to the growing demand for renewable energy in the region.