A three-pronged approach was followed for deducing the solar tracker market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for solar tracker market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of solar tracker market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The solar tracker market was categorized into four segments, namely technology (Solar Photovoltaic, Concentrated Solar Power, Concentrated Photovoltaic), type (Single Axis, Dual Axis), application (Utility, Non-utility), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).
The solar tracker market was segmented into technology, type, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The solar tracker market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fourteen countries, namely, the U.S.; Canada; Mexico; Spain; Italy; Germany; France; China; India; Japan; UAE; Saudi Arabia; Brazil; and Chile.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The solar tracker market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
GameChange Solar is headquartered in New York, and is a leading manufacturer of solar trackers and fixed tilt racking systems. The company combines quality with fast installation, and high value through innovative designing, superior engineering, and high-volume production. The company has over 20 Gigawatt of manufacturing capacity. It maintains strict quality control and manufacturing process techniques that are utilized in the automotive sector. GameChange Solar has its international branches located in Ireland, the U.S., China, Switzerland, and India.
First Solar, Inc. was founded in 1999 and is headquartered in the U.S. It manufactures single-axis tracking systems. The company operates under segments including PV modules, module plus systems, AC power blocks, PV power plants, and energy services. Through its PV module and module plus systems segments, it provides ancillary services pertaining to the designing, installation, operation, and maintenance of solar power systems. The company incorporated tracking systems into its business model after acquiring RayTracker, Inc. in 2011.
STI Norland is engaged in the manufacturing and development of solar trackers and fixed structures. The company is headquartered in Pamplona, Spain, and has been involved in the development of various solar power farms by supplying solar trackers and fixed structures. It has also been engaged in electromechanical assembly in projects globally. The company has installed and designed over 3 GW of solar trackers and fixed structures. Its offices are located in Sao Paulo, Santiago, Mexico, Johannesburg, Tel Aviv, Los Angeles, and Bangalore.
Convert Italia is a manufacturer and designer of engineered solar tracker systems. It was established in 1981 and is headquartered in Rome, Europe. The company in the year 2006 designed and produced its 1st tracker (MX1) and became the major EPC contractor in the Italian photovoltaic market. In 2012, the company decided to direct all of its human resources and technologies to develop its Tracking systems.
NCLAVE is engaged in the designing, manufacturing, installation, and maintenance of solar trackers and fixed tilts. The company was established in 2008 and is headquartered in Madrid. NCLAVE is partly sponsored by Q-Growth Fund, which is a private equity firm and has experience in the photovoltaic sector. In May 2018, Trina Solar acquired a controlling interest in NCLAVE, strengthening the company’s position in the photovoltaic tracker industry. Within single-axis systems, it produces trackers that can move horizontally. The company’s fixed tilt structures and single-axis tracking systems are manufactured for both large and small-sized solar panels.
Soltec is a single-axis solar tracker manufacturing and supplier company, headquartered in California, the U.S. The company has manufacturing facilities in Argentina, Brazil, China, and Spain and regional offices in Australia, Denmark, Chile, Egypt, India, Israel, Italy, Mexico, Peru, and the U.S.
Arctech Solar Holding Co., Ltd. was founded in 2004 and is headquartered in Jiangsu, China. The company is one of the leading manufacturers and solution providers of solar trackers and racking systems. It had cumulatively installed 24 GW capacity and completed about 900 projects across 24 countries as of 2019. The company has become a reliable partner in PV racking and tracking systems. It has overseas marketing/subsidiary service centers across India, Mexico, Japan, Spain, the U.S., Chile, Australia, and the UAE.
PVHardware is a Spain-based provider of innovative solar tracking solutions for the global utility-scale solar PV industry, such as trackers, SCADA systems, and fixed structures. Each solar tracker product covers different needs, reliant on the characteristics of various project. The products offered are Axone, AxoneDuo, and Monoline tracking systems. The AxoneDuo horizontal single-axis solar tracker is installable on any terrain and is equipped for any kind of module, such as the bifacial. Monoline trackers stand out due to their motor-per-row architecture, which makes them specifically suited for irregular shaped plots and hilly terrain. The Axone tracker is used in deserts, with the company having reached an annual manufacturing capacity of 6 GW and also has supplied & installed over 9 GW of solar tracker and structures in multiple market in various regions. The company also has an extensive experience in PV projects that are located in desert areas where critical weather conditions such as abrasivity of the sand, sandstorms, and high temperature play a key role in proper functioning of a solar plant.
Array Technologies, Inc. is a solar tracker manufacturing company, headquartered in Albuquerque, the U.S. The company’s product portfolio comprises both single-axis and dual-axis solar trackers. DuraTrack HZ tracking system is a single-axis system, is designed for large-scale installations and DuraTrack DA and AZ axis azimuth trackers, which are available in both dual and single-axis forms, are designed for small-scale PV installation projects. The company has distributed over 20,000 solar trackers to both commercial and residential sectors. Its manufacturing plant is located in Albuquerque, U.S., and has distribution outlets in the U.S., Chile, Spain, China, Italy, and South Korea.
NEXTracker Inc. is a designer and manufacturer of single-axis photovoltaic trackers for ground mounted solar power plants. The company was established in 2013 and is headquartered in Fremont, California, U.S. The company is globally recognized for delivering one of the most advanced PV system solutions for over 10 GW projects across 5 nations. It operates as an independent subsidiary level company for Flextronics International Ltd. (FLEX).
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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