Solar Tracker Market Trend Report

Solar Tracker Market Trend Analysis By Technology (Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV)), By Product (Single Axis, Dual Axis), By Application (Utility, Non-utility), And Segment Forecasts, 2014 - 2025

Published: December 2016  |  110 Pages  |  Format: PDF  |  Report ID: 978-1-68038-267-9

Industry Insights

The global solar tracker market size was 4.91 GW in 2015 and is projected to grow at a CAGR of 18.6% from 2016 to 2025. Solar trackers are devices that aid in increasing the efficiency of installed payloads such as mirrors, panels, fresnels and parabolic troughs. Solar trackers possess the ability to increase the efficiency of these payloads by around 30%.

The demand is driven by rising awareness about renewable energy and adverse effects resulting due to climate change. The favorable regulations in developing countries and steps taken by governments around the world to reduce dependency on energy production that results in emission is expected to drive the demand for solar trackers.

Spain solar tracker market, by technology, 2014 - 2025 (Megawatt)

Spain solar tracker market

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 Spain has reduced the levelized cost of electricity, resulting in solar PV being competitive with other conventional forms of energy.

Technology Insights

The photovoltaic technology (PV) was the largest in 2015 accounting for over 75% 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.

Other technologies include concentrated photovoltaic (CPV) and concentrated solar power (CSP). CSP technology is anticipated to witness a gradual decline in market share over the forecast period on account of decrease in a number of installations owing to high costs involved. However, globally installed CSP capacity has increased tenfold since 2004 and has been growing at an average of 30% over the past five years.

Product Insights

Single axis trackers were the major product segment in 2015 accounting for over 60% of the global market. The growing usage of single trackers for commercial and residential applications is likely to boost market demand. The segment is expected to gradually lose share in the future as major companies have started installing dual axis trackers owing to their accuracy and efficiency.

Many corporates have started installing dual axis trackers over their buildings to obtain greater efficiency for the installed solar energy facilities. These products rotate through both: x and y-axis, hence they aid in generating 8% to 10% more energy than single axis trackers. The higher land requirement, sophisticated technology, and the requirement to maintain motors & control systems are likely to raise O&M expenditure.

Application Insights

Utility segment was the largest in 2015 accounting for over 85% of the total market share. 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.

Global solar tracker market share, by application, 2015 (%)

Global solar tracker market

Trackers have limited use in the non-utility application due to the high cost of installation and space constraints. Residential applicants prefer installing another PV panel instead of a tracker as it is cost efficient and helps to generate higher energy.

Regional Insights

Europe held the largest share of over 36% in the global market. The global market in this region is driven by countries such as Spain and Germany on account of the presence of a large number of manufacturers. The market growth in the European region can be attributed to strategic geographic location resulting in maximum amount of sunlight in the whole of Europe, throughout the year.

Asia Pacific is projected to be the fastest-growing region over the forecast period. The region is expected to grow courtesy of rising investment in renewable energy by countries such as China, Japan, and India. The developing economies of this region have been upgrading their energy infrastructure to meet rising demand for power and taking measures to control future energy consumption.

Central & South America is expected to witness significant growth over the next ten years on account of high potential in the region, particularly in Brazil, Chile, Argentina, and Colombia. A large number of PV installations in the region is expected to boost the demand over the forecast period.

Competitive Insights

The industry is moderately consolidated as top five competitors are responsible for about 40% of the market share. Major companies have started expanding in Asia Pacific to cater to the growing demand for renewable energy in the region.

The industry participants include Array Technologies, AllEarth Renewables, Energia Ercam, DEGERenergie, Grupo Clavijo, Grupo Clavijo,First Solar, Mecasolar,Hao,Soitec, Mechatron, SmartTrak,PV Powerway, Titan Tracker and Sun Power.

Report Scope

 

Attribute

Details

Base year for estimation

2015

Actual estimates/Historic data

2014 - 2015

Forecast period

2016 - 2025

Market representation

Capacity in Megawatts, Revenue in USD Million & CAGR from 2016 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America & MEA

Country scope

U.S., Canada, Germany, Spain, Japan, China, India, Brazil

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

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Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the market trends in each of the sub-markets from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the solar tracker market on the basis of technology, product, application and region:

  • Technology Outlook (Capacity, Megawatts, 2014 - 2025)
    • Solar Photovoltaic (PV)

    • Concentrated Solar Power (CSP)

    • Concentrated Photovoltaic (CPV)

  • Product Outlook (Capacity, Megawatts; Revenue, USD Million, 2014 - 2025)
    • Single axis

    • Dual axis

  • Application Outlook (Capacity, Megawatts, 2014 - 2025)
    • Utility

    • Non-Utility

  • Regional Outlook (Capacity, Megawatts; Revenue, USD Million, 2014 - 2025)
    • North America

      • U.S.

      • Canada

    • Europe

      • Spain

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

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