Solar Tracker Market Demand To Reach 172.0 GW By 2025 Due To Growing Need For Renewable Power Generation To Surge Demand | Grand View Research, Inc.

February 01 12:36 2021
Solar Tracker Market Demand To Reach 172.0 GW By 2025 Due To Growing Need For Renewable Power Generation To Surge Demand | Grand View Research, Inc.

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According to a report published by Grand View Research, the rising concerns over energy conservation and transition from non-renewable energy to renewable energy are expected to surge demand for solar energy and trackers over the forecast period.

The global solar tracker market demand is expected to reach 172.0 GW by 2025, expanding at a volume-based CAGR of 32.0%. Solar tracker is installed on a photovoltaic (PV) system to get an increased energy output during the day. The PV system helps to minimize the angle of incidence between incoming light and panel, thereby increasing the amount of energy produced.

The single axis segment is predicted to have the highest growth over the forecast years and is projected to witness a revenue-based CAGR of 30.6% from 2019 to 2025. Single axis tracker is economical than dual axis tracker and easy to maintain. The market is expected to witness substantial growth over the forecast period owing to the growing need for renewable power generation, especially in the single axis segment.

The dual axis segment accounted for a lower market share in terms of volume and is projected to exhibit lower CAGR during the forecast period. Dual-axis solar trackers comprise two degrees of freedom that act as an axis of rotation. The axis fixed to the ground is considered as the primary axis and the one referenced to the primary axis is called the secondary axis. Dual axis trackers have modules that are oriented parallel to the secondary axis of rotation. They allow maximum absorption of the sun’s rays on account of their ability to follow the sun both horizontally and vertically, thus generating 8% to 10% more energy than single axis trackers.

U.S. solar tracker market demand, by product, 2014 - 2025 (MW)

Solar Tracker Market Report Highlights

  1. On the basis of technology, the solar photovoltaic (PV) technology segment emerged as the largest segment in 2018. The compatibility of PV cells with standard photovoltaic module technologies is the major reason for the largest market share of solar PV technology.

  2. On the basis of application, the utility application segment is expected to account for more than 87.0 % of the market volume in 2025 and is projected to grow at the highest CAGR during the forecast period. Trackers are being used on a large-scale in utility applications in light of increasing government subsidies coupled with feed-in tariff schemes, particularly in the North American and European regions.

  3. North America accounted for the largest market share of more than 30.0% volume share in 2018 owing to favorable policies and incentives for solar PV installation in the country. However, the Middle East and Africa market is projected to exhibit the highest CAGR during the forecast period on account of the rise in investments for renewable energy sources in the region.

  4. The Middle East and Africa region are expected to witness significant growth over the next ten years on account of high potential and increase in investments in the projects in the region, particularly in UAE and Saudi Arabia.

  5. In December 2020, Teletrac Navman, a SaaS provider introduced a new monitoring system designed to control and monitor, powered and non-powered assets such as trailers and containers.

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Solar Tracker Market Segmentation

Grand View Research has segmented the global solar tracker market on the basis of technology, product, application, and region:

Solar Tracker Technology Outlook (Volume, MW; Revenue, USD Million, 2014 – 2025)

  1. Solar photovoltaic

  2. Concentrated solar power (CSP)

  3. Concentrated photovoltaic (CPV)

Solar Tracker Product Outlook (Volume, MW; Revenue, USD Million, 2014 – 2025)

  1. Single Axis

  2. Dual Axis

Solar Tracker Application Outlook (Volume, MW; Revenue, USD Million, 2014 – 2025)

  1. Utility

  2. Non-utility

Solar Tracker Regional Outlook (Volume, MW; Revenue, USD Million, 2014 – 2025)

  1. North America

    1. U.S.

    2. Canada

    3. Mexico

  2. Europe

    1. Germany

    2. Italy

    3. Spain

    4. France

  3. Asia Pacific

    1. China

    2. India

    3. Japan

  4. Central & South America (CSA)

    1. Brazil

    2. Chile

  5. Middle East & Africa

    1. Saudi Arabia

    2. UAE

Key Players in the Solar Tracker Market

  1. NEXTracker Inc.

  2. Array Technologies, Inc.

  3. PVHardware

  4. Arctech Solar

  5. Soltec

  6. NClave

  7. Convert Italia

  8. STI Norland

  9. Solar Steel

  10. GameChange Solar

  11. First Solar Inc.

  12. AllEarth Renewables, Inc.

  13. SunPower Corporation

  14. Mecasolar España SL

  15. Sun Action Tracker

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