What is Solar Trackers Market?
A solar tracker is a system which positions an object at an angle relative to the sun. The main applications of solar trackers are positioning solar panels so that they remain perpendicular to the sun’s rays and positioning space telescopes so that they can determine the sun’s direction. The perpendicular position of the solar panels helps to absorb more sunlight and reduces light reflection. Solar panels make electric energy from the sunlight. Thus solar tracker helps to increase the production of electric energy. Solar tracker market revenue was xx.xx Million USD in 2014, grew to xx.xx Million USD in 2019, and will reach xx.xx Million USD in 2024, with a CAGR of x.x% during 2019-2024.
Highlights from Solar Trackers Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Array Technologies (United States), Abengoa Solar S.A. (Spain), AllEarth Renewables (United States), Energia Ercam (Mexico), DEGERenergie (Germany), Grupo Clavijo (Spain), SunPower Corporation (United States), First Solar (United States), Mecanizados Solares, S.L. Company (Mexico) and Haosolar Co. Ltd (China) |
Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Solar Trackers market throughout the forecasted period.
Array Technologies (United States), Abengoa Solar S.A. (Spain), AllEarth Renewables (United States), Energia Ercam (Mexico), DEGERenergie (Germany), Grupo Clavijo (Spain), SunPower Corporation (United States), First Solar (United States), Mecanizados Solares, S.L. Company (Mexico) and Haosolar Co. Ltd (China) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Soitec (France), Powerway Renewable Energy Co. Ltd. (China) and Titan Tracker SL (United States). Solar Trackers Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Utility, Commercial and Residential |
Type | Single Axis and Dual Axis |
Technology | Solar PV,Concentrated Photovoltaic,Concentrated Solar Power |
On the basis of geography, the market of Solar Trackers has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Trend from Non-Renewable To Renewable Energy Sources and Advancements in Solar Tracker System
Market Growth Drivers:
Government Initiatives for Production of Solar Energy and Increasing Awareness about Green Energy Production among People
Challenges:
Lack of Skilled Personnel
Restraints:
High Installation Cost of System
Opportunities:
Favorable Government Rules and Regulations in Emerging Countries and Increasing Solar Panel Installations Worldwide
Key Target Audience
Solar Tracker Manufacturers, Raw Material Suppliers/ Buyers, Distributors, Government Body & Associations and End-user
On 5th September 2018, Deger Energie GmbH & Co. KG, the Germany-based tracker manufacturer, teamed up with Kavitsu Robotronix Pvt Ltd to create a new joint venture company, Kavitsu Deger Pvt Ltd. Under the partnership, the two will set up a PV tracker manufacturing facility in Satara, Maharashtra.