The global solar tracker market is expected to generate 26.77 GW of installed capacity by 2025. The market is subject to witness a substantial growth due to their ability to increase the efficiency of mounted payloads including mirrors, panels and parabolic troughs. Solar tracker is capable of increasing efficiency of the payloads by around 30%. Growing demand for sustainable energy resources, coupled with numerous local government initiatives and schemes to fulfill growing demand of electricity are expected to boost the growth of solar tracker industry over the forecast period.
Numerous benefits are obtained with the use of solar tracker includes sustainability, reduction in greenhouse gas emission, and low operational cost, thereby spurring the growth of the market over the forecast period. Globally, the solar tracker market is predicted to grow at CAGR of 18.6% in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
The reduction in the cost of solar tracker and solar PV is key reason for growing demand of the solar PV. In recent years, cost of solar tracker is reduced by significant amount, becoming major factor for growth of the solar tracker industry. The reduction in the cost of the solar trackers is credited to the enhancement in material efficiency, manufacturing process, and financial prudence. Solar trackers are utilized in industrial, commercial and domestic purposes due to its flexibility during the installation processes.
Rising prices of crude oil, numerous environmental concerns with the installation of hydro power station, and large amount of initial cost to set up nuclear power plants and health hazards due to nuclear radiation are crucial factors for adoption of solar power. Alongside, numerous government initiatives, schemes and subsidies to promote use of solar powered devices and generation of solar energy are propelling market growth of the solar tracker.
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The primary purpose of the solar tracker is to orient a payload according to movement of the Sun. Payloads are commonly includes solar PV panels, parabolic channels, Fresnel glasses, lenses or the mirrors of a heliostat. Other essential components for solar trackers include mountings, electrical cables, and other electronic components for a proper set up. Solar tracker usually consists of a solar tracking system in order to monitor and improve overall energy conversion rate and embed advanced battery solutions as reduction in the cost for storage devices is also on rise. A solar tracker is considered as balance of system (BOS) because all components associated with the module are easily identified and dost not include excess of hardware.
The solar tracker market is broadly categorized into three major segments based on the technology type such as solar photovoltaic (PV), concentrated solar power (CSP) and concentrated photovoltaic (CPV). The solar photovoltaic (PV) is considered as one of the fastest growing segment in the solar tracker industry with substantial revenue generation in the last few years. Growing popularity of the solar photovoltaic (PV) segment is attributed to the increasing demand for sustainable energy resources.
The solar tracker market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in solar power generation sector, increase in the number of research & development activities in the region, and existence of well-established industrial infrastructure. Asia-Pacific region is predicted to hold major market share in solar tracker with massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific market with growing adoption of solar thermal PV plants and power stations, numerous incentives provided by regional governments in the form of subsidies and tax benefits to limit the green gas emissions and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the solar tracker industry are Array Technologies, Inc., AllEarth Renewables Co., EnergiaErcam Co., DEGERenergie, Inc., GrupoClavijo Co., Mecanizados Solares, S.L., Mechatron Solutions Co., SmartTrak, PVPowerway, Inc., Titan Tracker Co., and Sun Power Co.
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