Yahoo Finance Solar Tracker Market to Hit USD 54.23 Billion by 2028; Awareness about Green Energy to Augment Market Growth: Fortune Business Insights™
Leading Companies in Solar Tracker Market are NEXTracker, Array Technologies, Soltec, Arctech Solar, Convert Italia, PV Hardware, STi Norland, Ideematec, Solar Steel, SunPower, Scorpius Trackers, Exosun, Sun Action Trackers
Pune, India, July 27, 2021 (GLOBE NEWSWIRE) -- The global solar tracker market size is expected to gain momentum by reaching USD 54.23 billion by 2028 while exhibiting an impressive CAGR of 16.3% between 2021 to 2028. In its report titled "Solar Tracker Market, 2021-2028," Fortune Business Insights mentions that the market stood at USD 16.11 billion in 2020. The increasing awareness about green energy and renewable sources to generate power is expected to drive the market during the foreseeable years. For instance, China aims to achieve 16% of its energy from renewable sources by 2030. To achieve their goal of green energy, they are heavily investing in such technologies. The renewable energy sector in the region is expected to hold a 26% share to meet its target of clean energy.
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List of Key Players in Solar Tracker Market:
NEXTracker (United States)
Array Technologies (United States)
Soltec (Spain)
Arctech Solar (China)
Convert Italia (Italy)
PV Hardware (Spain)
STi Norland (Spain)
Ideematec (Germany)
Solar Steel (UK)
SunPower (United States)
Scorpius Trackers (India)
Exosun (Russia)
Sun Action Trackers (United States)
COVID-19 Impact
The global economy felt a state of shock due to the virus outbreak. To curb its spread, different preventive measures were put in place. The lockdowns & restrictions have made economies squelch across the globe, thereby disrupting supply chains, delaying many solar projects. Thus the solar industry suffered its share of immediate challenges due to COVID-19, such as shortage of manpower, and lack of equipment required to make trackers. However, the market is expected to boom back again in upcoming years.
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Report Scope & Segmentation
Report Coverage | Details |
Forecast Period | 2021 to 2028 |
Forecast Period 2021 to 2028 CAGR | 16.3% |
2028 Value Projection | USD 54.23 Billion |
Base Year | 2020 |
Market Size in 2020 | USD 16.11 Billion |
Historical Data for | 2017 to 2019 |
No. of Pages | 217 |
Segments covered | Type, Application and Geography |
Growth Drivers | Rising Demand for Renewable Energy Sources to Fuel Market Growth |
Key Players to Focus on Launching New Products to Strengthen the Market Growth | |
North America to Remain at Forefront Backed by Extensive Use of Solar Electricity in the Region | |
Growing Adoption of Renewable Sources for Power Generation to Boost Market | |
Pitfalls & Challenges | Heavy Capital Investment and Lack of Required Infrastructure Poses Threat to Market Growth |
Market Segmentation:
By type, the market for solar trackers is bifurcated into photovoltaic and concentrated solar power. On the basis of movement, the market is segmented into single axis and dual axis.
Based on movement, the single-axis segment held the highest share of 91.9% in 2020. These single-axis trackers generate ample power required in solar panels. These are economically feasible and have less complex operations compared to the dual-axis.
In terms of application, it is divided into utility and non-utility. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What does the Report Provide?
The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the market's growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth.
Driving Factor
Rising Demand for Renewable Energy Sources to Fuel Market Growth
The rising demand for renewable energy sources to reduce carbon emissions is driving the solar tracker market growth. In the present situation, renewable sources account for around 29% of the total electricity generation across the globe. This is expected to see a considerable rise in the upcoming years. For instance, in 2015, global solar energy accounted for 217.34GW, increasing to 578.55 GW in just four years.
On the other hand, factors such as the initial requirement of heavy capital investments and lack of required infrastructure are slowing down the market growth.
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Regional Insights
North America to Remain at Forefront Backed by Extensive Use of Solar Electricity in the Region
North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to the extensive use of solar electricity in the region. According to the U.S. Energy Information Association, the total solar electricity generation increased from 5 million kWh in 1984 to about 133 billion kWh in 2020. Therefore, the demand for these trackers to expand the efficiency of solar panels will propel the product's demand. The market stood at USD 9.99 billion in 2020.
Asia Pacific is expected to showcase a significant solar tracker market share. This is attributable to the rising shift towards renewables sources of energy in developing countries such as China and India. Moreover, China and Japan are the leading countries in the world in terms of using solar energy. Thus promoting the regional market.
Competitive Landscape
Key Players to Focus on Launching New Products to Strengthen the Market Growth
The market is consolidated by major companies striving to maintain their position by focusing on new launches. For instance, in April 2021, Mass Megawatts is planning to launch a small solar tracker trailer tour that will provide information on the cost and output of the additional solar tracking features. It will be out in the market by the end of 2021. These small mobile units will help in demonstrating the efficiency of the tracker and others without it. Therefore, it will help potential customers to know the potential of the product. Moreover, other key players are adopting proactive strategies such as new partnerships, mergers, and collaborations to favor the market's growth in the upcoming years.
Industry Development
April 2021- After the launch of the Vanguard series in December 2020, Trina Solar announced the launch of TrinaTracker Agile 1P Dual Row. It is a dual-row, one-in-portrait and shows compatibility with single-axis tracker modules from 400 W to 670 W.
Major Table of Contents:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Key Developments: Merger & Acquisition, Partnership, etc.
Latest Technological Advancement
Regulatory Landscape
Porters Five Forces Analysis
Qualitative Analysis – Impact of COVID-19
Impact of COVID-19 on the Solar Tracker Market
Steps Taken by the Government to Overcome the Impact
Key Developments by the Industry Players in Response to COVID-19
Potential Opportunities and Challenges due to COVID-19 Outbreak
Global Solar Tracker Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Photovoltaic
Concentrated Solar Power
Market Analysis, Insights and Forecast – By Movement
Single Axis
Dual Axis
Market Analysis, Insights and Forecast – By Application
Utility
Non-Utility
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
North America Solar Tracker Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Photovoltaic
Concentrated Solar Power
Market Analysis, Insights and Forecast – By Movement
Single Axis
Dual Axis
Market Analysis, Insights and Forecast – By Application
Utility
Non-Utility
Market Analysis, Insights and Forecast – By Country
U.S.
Canada
Europe Solar Tracker Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Photovoltaic
Concentrated Solar Power
Market Analysis, Insights and Forecast – By Movement
Single Axis
Dual Axis
Market Analysis, Insights and Forecast – By Application
Utility
Non-Utility
Market Analysis, Insights and Forecast – By Country
Italy
UK
France
Germany
Rest of Europe
Asia Pacific Solar Tracker Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Photovoltaic
Concentrated Solar Power
Market Analysis, Insights and Forecast – By Movement
Single Axis
Dual Axis
Market Analysis, Insights and Forecast – By Application
Utility
Non-Utility
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