Solar Tracker Market, Revenue Share Analysis, , Region & Country Forecast, 2020–2026
The Solar Tracker Market is expected to reach USD
49.21 Billion by 2026, according to a new report by Reports and Data. This can
be mainly associated with increasing awareness about renewable sources of
energy globally. Based on statistics, increased concern about adverse effects
of climate change is expected to become the most common growth interest
globally in the coming years. Stringent government rule coupled with
technological advancements has led to high growth rates.
Solar
trackers are devices that help in increasing the performance of installed
payloads such as panels, mirrors, Fresnel’s, and parabolic troughs. The
standard shift in line with large scale combination of renewable energy
resources coupled with favorable regulatory steps towards the widespread
adoption of solar technology will improve the global solar tracker market size.
Prerequisite of leveraging schemes, tax credits, fiscal incentives, rebates and
soft loans along with following re-structuring of the existing electrical
infrastructure will further spur the business growth. The solar industry is
subjected to ambitious renewable energy targets abided by the nations across
the globe which has resulted in the appreciable increase over the period of
time. Fast deployment of solar power systems to favor a compelling energy mix
across the whole power sector is also expected stimulate the solar tracker
market growth. Also, growing concerns about curb emissions from conventional
plants will impact the growth.
Europe
accounts for the largest market share of 38.32% in 2018. Countries such as
Spain and Germany drive the global market due to the presence of a large number
of manufacturers in this region. The market growth in the area can be
attributed to central geographic location resulting in the highest amount of
sunlight in the whole of Europe, throughout the year.
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Competitive
Landscape:
Rise in
competition in the global market has led to increasing innovation and
technological advancement in the power and energy sector to meet the rising
demand of environmentally conscious consumers. Key players in the global 777
market are adopting the strategy of forward integration to offer alternate
source of energy at economical rates.
This market
report provides detailed analysis of recent developments, production processes,
value chain optimization, opportunities in terms of emerging revenue pockets,
impact of domestic and localized market players, application niches and
technological innovations in the market.
Top
Players Analyzed in the Report are:
Abengoa
Solar, S.A., Titan Tracker SL, Wuxi Hao Solar Technology Co. Ltd., Array
Technologies, Inc., AllEarth Renewables, Inc., Mechatron S.A., SunPower
Corporation, DEGERenergie , GmbH Grupo Clavijo Elt SL, SmartTrak Solar Systems
Pvt. Ltd., Energia Ercam SL, Mecasolar España SL, First Solar, Inc., Powerway Renewable
Energy Co., Ltd., Soitec, Optimum Tracker and CM Tracker.
Further
key findings from the report suggest
- The global Solar Tracker
Market is growing at a rapid speed owing to the enhanced concern about
renewable sources of energy and severe climate changes across the globe.
- Need for sustainable green
energy generated by renewable resources such as solar power has grown
significantly due to global warming. Solar power is produced through the
sun’s radiation that falls upon solar panels. A solar tracker is a device
employed to place a solar panel towards the sun. The tracking of the sun
is done accurately by the systems of single axis and dual axis.
- Single axis trackers account
for the largest market share of 54.81% in 2018 and are the dominant
product segment of the global market. The increasing usage of single axis
trackers for commercial and residential applications is expected to boost
market demand.
- Many organizations have
started installing dual axis trackers over their buildings to obtain
higher efficiency for the secure solar energy facilities. These products
rotate through both: x and y-axis, hence they help in generating 8% to 10%
more energy than single-axis trackers. The soaring land requirement,
modern technology, and the necessity to maintain motors & control
systems are expected to raise O&M expenditure.
- The dual-axis tracker of the
product segment is anticipated to grow with the highest rate of 15.2%
during the forecast period, as major companies have started installing
dual axis trackers due to their efficiency and accuracy.
- Utility segment accounts for
the largest market share of the total market in 2018 and is expected to
grow at a CAGR of 15.1% during the forecast period. The increasing cost of
electricity coupled with a high need for energy generation from renewable
sources is expected to impact the market growth positively.
- The photovoltaic technology
(PV) accounts for the largest market share of 39.30% in 2018. The ease of
usage associated with standard module PV cell technologies due to simple
design is expected to propel the demand. The increasing cost of
electricity due to the supply-demand gap is anticipated to increase
utilization in non-utility and utility applications.
- Due to the space constraints
and high cost of installation, trackers have restricted use in the
non-utility application. Residential applicants favor installing another
PV panel instead of a tracker as it is cost-efficient and assists in
generating higher energy.
- Sun Power Corporation, one
of the leading players of the market announced its plans for a partnership
with Apple to build two solar power projects totaling 40 MW in ABA
Tibetan, Sichuan Province and Qiang Autonomous Prefectures in China in
April 2015.
- Other regions such as. North
America is anticipated to grow at a CAGR of 15.2% during the forecast
period. The predominance of supporting regulations in North America is
anticipated to be a principal factor responsible for the high growth.
Reduction in feed-in tariff rate has hindered the market growth. However, the
incentive schemes under the Italian legislative regime, soaring global
subsidies for RES (Renewable Energy Sources) is expected to drive market
demand.
For the
purpose of this study, Reports and Data have segmented the global Solar Tracker
Market on the basis of Product, Technology, application and region:
Product
Outlook (Volume, MW; and Revenue, USD Million; 2016-2026)
- Single axis
- Dual axis
Technology
Outlook (Volume, MW; and Revenue, USD Million; 2016-2026)
- Solar Photovoltaic (PV)
- Concentrated Solar Power
(CSP)
- Concentrated Photovoltaic
(CPV)
Application
Outlook (Volume, MW; and Revenue, USD Million; 2016-2026)
- Utility
- Non-Utility
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The
report covers extensive analysis of the regions where the industry operates.
According to the regional analysis, the market is segmented into key
geographical areas such as North America, Latin America, Europe, Asia
Pacific, and Middle East & Africa. The regions have been examined on
the basis of the production and manufacturing capacities and costs. Research
analysts have formulated this report through extensive primary and secondary
research on the regional segmentation.
Key
questions addressed in the report are:
- What is the estimated market
size and share in the forecast period?
- What are the key driving
factors of the Global Solar Tracker market?
- What are the risks and
challenges the companies will have to face in the forecast period?
- What are the emerging trends
and how they influence market growth?
- What are the opportunities
for expansion of the global Solar Tracker market?
- Which region is expected to
dominate the market during the forecast period?
To know
more about the “Solar Tracker Market” report, visit @ https://www.reportsanddata.com/report-detail/solar-tracker-market
For
comprehensive coverage, the report also segments the market based on types,
applications, and regions. Analysis of each market segment, along with
projections, is offered in the report. The report discusses profitability,
gross margins, global demand, sales volume, and growth prospects of each market
segment.
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