According to UnivDatos’ research report “Global Solar Tracker Market”, the market is expected to witness a robust growth during the forecast period 2021-2027
Factors such as environmental pollution, rising price of fuels, and growing awareness among people toward clean energy are expected to drive the growth of the global solar tracker market. Solar Trackers are used to keep solar collectors/solar panels oriented directly towards the sun as it moves through the sky every day. Solar Trackers can increase the output of Solar Panels by 20-30% which improves the economics of the solar panel project. In addition to this, the changing government policies, and awareness about the benefits of sustainable energy is also influencing the market growth. If 8,500 GW of solar energy can be produced, this will generate more than 25% of the electricity requirement by 2050 and mitigate 4.9 Gt of CO2 emissions. Furthermore, with the increasing demand for electricity and low maintenance cost of solar panels, they are cheaper in the long run which makes them a good investment in private households. In the long run one can save up to US$ 43,735 on electricity by using solar panels for 20 years. Apart from this, the efficiency of solar panels has also significantly increased over time.
The demand forsolar tracker systems is driven
by the increasing installation of solar power across the globe. At the end of 2019, there were a cumulative of 648 GW of PV installed compared to 527 GW
installed in 2018. Roughly 20% of the installed
PVs were in residential rooftops, 20% in commercial buildings (hotels and
malls) and 60% utility plants connected to the grid. Use of solar PVs has
increased tremendously in last several years and has become the most influential in the
last few years. Utility market is also the
most cost-efficient as land, labor and material costs can spread over huge
quantities. Electricity generated by solar energy is at its peak during the day
when it is required the most. The
lower growth rate in 2018 was mainly due to China where installations fell from 53 gigawatts in 2017
to 45 gigawatts in 2018 because of re-evaluation of the annual solar fund in
China. The recent pressure by government organization and environment scientists is
encouraging the industry growth.
Based on technology, the solar tracker market is classified into photovoltaic and
concentrated solar power. Amongst technology, the photovoltaic category
accounted for significant share in the
market. The tracking functionality in standard photovoltaic trackers is used to
minimize the angle of incidence between incoming light and the photovoltaic
panel. This increases the amount of energy gathered from the direct component of the incomingsunlight. Furthermore, rising investments in various utility-scale projects
across the developing nations will increase the share of solar in the renewable
energy mix, which is expected to drive the market.
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Based on application, the market is bifurcated into utility and non-utility. Among
these, non-utility segment to witness significant growth
during the forecast period. The increasing adoption of solar PV systems in the
non-utility areas (commercial and residential sector) is primarily driven by
expected savings in electricity costs, the need for an alternative source of
electricity, and the desire to mitigate climate change risk.
APAC to witness extensive growth
For a better
understanding of the market adoption of solar tracker industry, the market is
analyzed based on its worldwide presence in the countries such as North America
(United States, Canada, and the Rest of North America), Europe (Germany,
France, Italy, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan,
India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific is
expected to witness highest CAGR
during the forecast period on account of growing solar power installations in
developing countries like China and India. China dominated the APAC region and grew from US$ XX billion
in 2020 to US$ XX billion in 2027 with a CAGR of XX%. It is expected to reach
more than 50% total installed capacity of solar panels in the world till 2050 followed by North America at 20% and Europe and 10%.
China has already made its initial 2030 target of reaching 20% and is now shifting from
feed-in tariff system to competitive bidding. Renewable energy projects in
China are encouraged and do not require any minimum domestic participation
which is easing the adoption of solar tracker in the country.
According to UnivDatos, the key players with a considerable market share in theglobal solar tracker market are Valmont Industries
Inc., NEXTracker Inc., ArrayTechnologies Inc., PV Hardware Solutions SLU, Arctech Solar Holding Co. Ltd., Soltec Energias Renovables SL, Nclave Renewable SL, Ideematec Deutschland GmbH, Gonvarri Industries, and GameChange Solar. Several M&A’s along with partnerships have been
undertaken by these players to boost their presence in different regions.
Click here to view the Report Description & TOC: https://univdatos.com/reports/solar-tracker-market
“Global solar tracker market”, provides comprehensive qualitative and quantitative
insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities
available for the market players. Moreover, the report also encompasses the key
strategic imperatives for success for competitors along with strategic
factorial indexing measuring competitor’s capabilities on different parameters.
This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.
arket Segmentations:
By Technology (Photovoltaic and Concentrated solar power)
By Type (Single axis and Dual axis)
By Application (Utility and Non-utility)
By Region (North America,
Europe, Asia-Pacific, Rest of the World)
By Company (Valmont Industries Inc., NEXTracker Inc., Array Technologies Inc., PV Hardware Solutions SLU, Arctech Solar Holding Co.
Ltd., Soltec Energias Renovables SL, Nclave Renewable SL, Ideematec Deutschland GmbH, Gonvarri Industries, and GameChange Solar)
Key questions answered in the study:
What are the current and future trends of the global solar tracker industry?
How the industry has been evolving in
terms of technology and application?
How the competition has been shaping
across the countries followed by their comparative factorial indexing?
What are the key growth drivers and challenges for the global solar tracker industry?
What is the customer orientation, purchase behavior, and
expectations from the global solar tracker suppliers across various region and countries?
Table of Content –
1 MARKET
INTRODUCTION
2 RESEARCH
METHODOLOGY OR ASSUMPTION
3 MARKET
SYNOPSIS
4 EXECUTIVE
SUMMARY
5 GLOBAL SOLAR
TRACKER MARKET COVID-19 IMPACT
6 GLOBAL SOLAR
TRACKER MARKET REVENUE (USD BN), 2019-2027F
7 MARKET
INSIGHTS BY TECHNOLOGY
8 MARKET
INSIGHTS BY TYPE
9 MARKET
INSIGHTS BY APPLICATION
10 MARKET
INSIGHTS BY REGION
11 SOLAR
TRACKER MARKET DYNAMICS
12 SOLAR
TRACKER MARKET OPPORTUNITIES
13 SOLAR
TRACKER MARKET TRENDS
14 POLICY
& REGULATORY FRAMEWORK
15 DEMAND AND
SUPPLY SIDE ANALYSIS
16 VALUE CHAIN
ANALYSIS
17 COMPETITIVE
SCENARIO
18 COMPANY
PROFILED
19 DISCLAIMER
Browse
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