Solar Tracker Market Size, Share & Trends Report

Solar Tracker Market Size, Share & Trends Analysis Report By Technology (Solar PV, Concentrator PV), By Product (Single Axis, Dual Axis), By Application, By Region, And Segment, Forecasts 2019 - 2025

  • Published Date: Jun, 2019
  • Base Year for Estimate: 2018
  • Report ID: 978-1-68038-267-9
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 120

Industry insights

The global solar tracker market size was estimated at USD 2.92 billion in 2018 and is anticipated to expand at a CAGR of 14.1% by 2025 due to growing demand for solar cells or photovoltaic cells and benefits of solar tracker like improvement in efficiency of the cells. Photovoltaic cells are used to convert solar energy into a flow of electrons with the help of sunlight.

Rapid rise in the use of solar tracker is another factor driving the market. Solar tracker direct solar panels or modules in the sun’s direction. Single axis and dual axis are the two types of product used for this purpose. The former type of product is widely used since is is comparatively economic and is easy to install and operate.

U.S. Solar tracker market

Europe and North America held significant market share in the previous years and are expected to grow impressively during the forecast period owing to the growing number of installed capacities. Moreover, favorable regulations for installation of solar trackers is one of the key drivers for the product demand in these regions.

Presence of well-established companies in North America, rising R&D initiatives, stringent regulations for controlling environmental emissions, and rising funding, feed-in tariffs, and subsidies by governments are expected to further drive the solar tracker market over the forecast period.

Favorable government regulations in most regions across the globe are expected to positively influence the market growth. Moreover, increasing number of incentives offered by governments, especially for promoting the importance and use of solar panels since it generates power with the help of renewable sources is also projected to fuel the growth.

However, significant capital cost due to expensive technology is a major restraint for the growth of the product on the global scale. Increased operational complexity for smooth performance of the product is another obstacle, expected to result in high price, thereby hampering the demand.

Technology Insights

Photovoltaic technology segment was estimated at 6.33 GW in 2018 and is expected to expand at a CAGR of 18.4% by 2025 due to greater compatibility of photovoltaic cells with the regular photovoltaic modules technologies. Rising prices of electricity due to increasing demand and supply gap is expected to drive the segment over the forecast period.

Increasing use of PV technology by most market players to generate optimum solar energy is driving the market. Growing preference for non-concentrated photovoltaics and concentrated solar thermal technologies by solar power stations is expected to fuel the demand for the product in near future.

Concentrated solar power segment accounted for 19.69% of the global market share and is predicted to expand at a CAGR of 19.7% over the forecast period owing to its capacity to offer reliable renewable energy in the absence of the sun rays. Growing preference by plants for concentrated solar power, which ultimately increases its adoption rate is propelling the market.

Rising adoption of concentrated solar power by U.S., since it controls economy’s solar energy resources especially in the hotter southwestern areas is driving the market. Moreover, increasing competition of concentrated solar power with photovoltaic cells technology is also expected to drive its demand in the forthcoming years.

Application Insights

Utility segment was estimated at 7.13 GW in 2018 and is projected to register a CAGR of 18.8% by 2025 owing to growing electricity prices and demand for renewable energy generation source. Growing application of solar tracker in utility solar power projects is also driving the segment growth.

Increasing demand for solar trackers especially in large scale solar power projects instead of small scale projects is impelling the utility segment. The trackers are highly efficient and functional in large areas, making them suitable for use in utility projects as compared to the non-utility projects, normally setup on rooftops.

Non-utility segment accounted for 11.68% of the global market share and is expected to expand at a CAGR of 17.6% over the forecast period due to growing number of non-utility solar power plants in Asia Pacific and Middle East and Africa. Growing industrialization, urbanization, and spending power of consumers is propelling the segment growth in the region.

Increasing government subsidies in Europe and North America are expected to expand the use of solar panels as well as applications of non-utility projects. With the growing popularity and increasing use of non-utility applications in the commercial sector is expected to drive the market in near future.

Photovoltaic cells are widely used to generate electricity from sunlight, which can be used to charge the equipment or recharge batteries. Photovoltaic systems can potentially maximize productivity during direct sunlight for improved performance. This factor is expected to affect the market growth positively.

Solar PV technology is one of the fastest growing renewable energy sources. Increasing use of this technology owing to higher demand from commercial, residential, and utility applications due to several factors, such as high efficiency and decreasing cost is also fueling the growth.

Product Insights

Single axis tracker was estimated at USD 1.5 billion in 2018 and is expected to expand at a CAGR of 13.7% by 2025 due to increasing use for commercial and residential application. Moreover, in the areas of high resolution, single axis trackers allow the systems to increase the performance by more than 20%. This is again expected to drive the product demand.

Use of single axis tracker increases the potential output, which ultimately creates popularity among the end users, thereby driving the market. Single axis trackers are comparatively less expensive than dual axis trackers. This ultimately increases the demand by residential and commercial sectors.

Global solar tracker market

Dual axis trackers accounted for 47.18% of the market share and is predicted to expand at a CAGR of 14.4% by 2025 since they allow maximum absorption of the sun rays due to their capacity to follow the sun both vertically and horizontally. Besides, growing use of dual axis trackers in areas with production-based incentives like government subsidies and feed-in tariffs is anticipated to bode well for the growth.

Rising demand for energy coupled with increasing number of installations is propelling the demand for dual axis trackers. Increasing research activities for the development of these trackers and strict regulations concerning environmental emissions are also fueling the demand.

Regional Insights

North America was estimated at 2 GW in 2018 and is predicted to register a CAGR of 17.4% by 2025 due to greater installed capacities and favorable regulations. Additionally, increasing incentive schemes supporting the Italian legislative regime, highest subsidies on the global scale for Renewable Energy Sources (RES) is driving the regional expansion.

Increasing demand from U.S. and Mexico is expected to drive the regional market. Solar PV technology accounted for a significant share in North America due to increasing developments in the technology and rising government funding.

Asia Pacific accounted for 24.45% of the global market share and is expected to expand at a CAGR of 21.9% by 2025 owing to increasing awareness for the importance of solar trackers. Also, increasing demand for electricity from emerging economies, such as China and India is propelling the growth.

Solar Tracker Market Share Insights

The leading market players are focusing on shifting their manufacturing bases to the emerging economies due to low labor and production cost. Moreover, increasing technological advancements aiming at effective use of materials without disturbing reliability is expected to propel the market in the forthcoming years.

The major market players are AllEarth Renewables,  Soitec, Abengoa Solar, First Solar (Ray Tracker), Array Technologies, DEGERenergie, Grupo Clavijo, SunPower, Titan Tracker, PV Powerway, SmartTrak, Energia Ercam, Mecasolar, and Mechatron.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Capacity in Megawatts, Revenue in USD Million, and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

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

Report coverage

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

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Segments Covered in the Report

This report forecasts capacity and revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global solar tracker market report 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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