The global solar tracker installation market size is projected to reach around USD 379.7 billion by 2027, growing at a CAGR of 11.3% from 2020 to 2027.
A solar tracker is a device meant to turn the photovoltaic modules in such a way that it continuously faces the sun. This is done to maximize the irradiation received by the photovoltaic array.
Solar tracker installation market growth is driven by supportive government regulations that are escalating the installment of solar panels. The impact of government regulation on the global solar tracker installation market is positive. These regulations are motivating the installation of solar panels. In the U.S., China, and other countries, solar investments have been motivated mainly by the requirements of states’ renewable electricity standards. Solar projects also get assistance from federal incentives such as the federal investment tax credit, which enables to cover 30% of the initial costs. Solar projects built in the Western U.S. on federal lands are benefitting by state and federal agencies that coordinate in studies and agree on investments that are related to reduce environmental impacts.
According to the International Energy Agency, the share of renewable energy to meet the global energy demand is predicted to grow in the next five years to reach 12.4% in 2023. Renewable energy is derived from natural processes such as wind and sunlight. Solar, geothermal, wind, bioenergy, hydropower, and ocean power are some of the major sources of renewable energy. Currently, renewable energy is utilized in heating, electricity, cooling, and transport sectors. Furthermore, increase in concerns regarding greenhouse gases emissions and growth in need for energy security are expected to drive the demand for solar energy. Therefore, the demand for solar tracker installation is also expected to increase. This in turn will boost the growth of the global solar tracker installation market.
Developing new renewable resources require large initial investments to build infrastructure. These investments increase the cost of providing renewable electricity, especially during early years. Initially, the developers need to find publicly acceptable sites with good resources and with access to transmission lines. Finding a potential solar site requires several years of monitoring to determine whether they are suitable. In addition, the workers need to be trained to install, operate, and maintain the new technologies. Some renewables require operating experiences in certain climatic conditions, before the performance can be optimized. All these factors increase the cost of installing solar panels. This high cost is expected to hamper the market growth as it limits the use of solar trackers.
Based on type, the solar tracker installation market analysis is done into single-axis and dual-axis tracker. The single-axis tracker segment is further divided into horizontal and vertical tracker. Single axis trackers turn on one axis moving back and forth in a solitary way. Various kinds of single-pivot trackers are used, and this include horizontally and vertically adjusted. Double axis trackers move in two distinct ways. Types incorporate tip-tilt and azimuth-altitude. A double axis tracker is used to situating a mirror and divert daylight along a fixed axis toward a stationary collector. Since these trackers pursue the sun vertically and on a level plane, they help acquire most sunlight. Hence, based on type, the global solar tracker installation market is segmented into single axis and dual axis tracker.
Based on application, the global solar tracker installation market is segmented into residential, commercial, and industrial. In these applications, solar trackers are utilized to orient photovoltaic panels, reflectors, lenses, or other optical devices toward the sun. As the sun's position in the sky shifts based on season, trackers are employed to align the collection system to maximize energy production. Region wise, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
The key players involved in the global solar tracker installation industry include Abengoa SE, First Solar, Inc., Tata Power Solar Systems Limited, Trina Solar Co. Ltd., BrightSource Energy, Inc., Siemens AG, PVHardware, Arctech Solar, and NEXTracker. In order to stay competitive in the industry, these market players are adopting different strategies such as product launch, partnership, merger, and acquisition. These companies are additionally implementing a R&D in solar tracker output and performance to maintain their position in the market. In an instance, PVHardware, one of the key players in the solar tracker installation market, developed a product named Axone duo (double row solar tracker), which draws a cutting-edge technology and photovoltaic tradition. This results in a tracker with better balance of controllers.
By End-Use Industry
The Solar Tracker Installation market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Solar Tracker Installation market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Solar Tracker Installation market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Solar Tracker Installation market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Solar Tracker Installation market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Solar Tracker Installation capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Solar Tracker Installation by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Solar Tracker Installation market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Solar Tracker Installation market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Solar Tracker Installation market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Solar Tracker Installation industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Solar Tracker Installation market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Solar Tracker Installation market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Solar Tracker Installation market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Solar Tracker Installation market. These factors have benefited the growth of the global market for Solar Tracker Installation. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Solar Tracker Installation. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Solar Tracker Installation are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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