Global Solar Tracker Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

MarketResearch.biz delivers in-depth insights on the global solar tracker market in its upcoming report titled, “Global Solar Tracker Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027”. The global solar tracker market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global solar tracker market report has been segmented on the basis of technology, product, application, and region.

Solar trackers are the devices attached to the solar panels that direct solar panels towards the sun. Solar trackers change their orientation throughout the day to follow the sunlight to maximize the energy capture. Trackers minimize the angle of incidence between the panel and sunlight. Solar tracker helps in increasing the energy output of the solar panel. Solar trackers can improve the output of solar panels by 20-30%.

The demand for solar panels is estimated grow over the period by rising awareness regarding the solar power generation. Favorable government policies in developing economies and various initiatives taken by the governments to reduce dependency on conventional energy generation and promote renewable energy resources are anticipated to propel the market growth. Increasing number of solar panels installations across the globe is expected to drive the solar tracker market over the forecast period.

Solar PV is estimated to be the largest technology segment in the market and is expected to maintain its dominance over the forecast period. The ease of usage, competitive cost, and simple design of solar PV modules are the major factors boosting the demand for solar PV. Increasing adoption of solar PV technology in utility, commercial, and residential sectors to fulfill their energy demand is expected to fuel the market growth.

Residential is expected to be the fastest growing application segment in the global solar tracker market. Rapid urbanization along with increasing infrastructure investments are expected to have a positive impact on the residential solar tracer market. Government initiatives such as subsidies, feed-in tariff, and various leverage schemes to encourage the adoption of solar technology for power generation is estimated to boost the demand for solar trackers over the forecast period.

Europe is expected to account the major share of the market and is estimated to maintain its dominance over the forecast period. Presence of a large number of manufacturers in the region is expected to fuel the market growth. The market in Europe is estimated to witness rapid growth rate over the forecast period owing to the geographical location. Demand for solar trackers is majorly driven by the growing demand for solar modules in Spain and Germany.           

Market segmentation and key players operating in the global solar tracker market:

By technology:

• Solar PV
• Concentrated Photovoltaic
• Concentrated Solar Power

By product:

• Single axis
• Dual axis

By application:

• Utility
• Commercial
• Residential

By region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa