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Pulished Date April, 2021
ID: 8969
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Solar Tracker market segmented by Product (Single Axis, Dual Axis), by Technology (Concentrated PV, Solar Photovoltaic (PV), Concentrated Solar Power), By Application (Utility, Commercial, Residential) Regional analysis- Globe Industry Analysis, Forecast, Trends and Market Size.(2021-2026)

Pulished: April, 2021
ID: 8969
Pages: 175

Solar Tracker Market Value And Growth:

Global Solar Tracker market is expected to reach 15.72 billion USD by 2026, which is a significant increase from 7.65 billion USD in 2021.

A solar tracker is a program that places an item at an angle relative to the Sun. Most popular devices for solar trackers are the placement of photovoltaic (PV) screens (solar panels) such that they stay upright to the Sun's rays and the positioning of space telescopes so that they can determine the direction of the Sun. PV solar trackers change the way the solar panel is facing, depending on the location of the Sun in the sky. While having the glass opposite to the Sun, more illumination falls on the solar panel, less light is reflected, and more heat is consumed. The power could be converted to electricity.

Solar Tracker market Drivers and Restraints:

Drivers: 

  • The increased environmental concerns made the power industry to look for cleaner and greener energy sources, Solar power is one such sustainable resource, and the need for solar trackers to improve the solar efficiency is the primary driving factor of Solar Trackers market.
  • The technological developments in the field, such as the development of single-axis solar trackers is another driving factor to the solar trackers market.

Restraints:

  • The lack of reliable infrastructure in the industry is one restraint that's impeding market growth.
  • The high capital cost is another factor that can restrain the solar tracker market. 

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 – 2026

Base Year

2021

Forecast Period

2021 - 2026

CAGR

7.2%

Segments Covered

By Product, Type, Consumption, Distribution Channel and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Lorentz (Germany), C. R. I. Pumps Private Limited (India), Tata Power Solar Systems Ltd (India), Shakti Pumps (India) Ltd (India), Wenling Jintai Pump Factory Limited (China), Bright Solar Limited (India), Grundfos (Denmark), Symtech Solar (Oman)

Solar Tracker market

Solar Tracker market Segmentation: 

By Product:

Based on the Product, the Global Solar Tracker market is segmented into Single-Axis and Dual Axis. Out of these, Single-Axis is both the largest and the fastest-growing segment that registered a market share of over 60% in 2021. The segment is expected to expand at CAGR of 17.4 during the forecast period of 2021 - 2026 as the single-axis tracker can precisely track the Sun in one axis which in turn will improve the efficiency by 24%. With the ability, the output is also increased, but one has to watch out from the capital and maintenance cost of this tracker before opting it

By Technology: 

Based on the Technology, the Global Solar Tracker market is segmented into Concentrated PV, Solar Photovoltaic (PV), Concentrated Solar Power. Out of these, Solar PV segment holds the majority of the market share in 2021, with over 45%. Also, Concentrated PV is expected to be the fastest-growing segment, with a CAGR of over 16.3%, which can be attributed to the low cost coupled with the need for fewer materials.

Solar Tracker Market Region-wise analysis:

Based in the region, Solar Tracker market can be segmented into:

  1. North America
    1. U.S
    2. Canada
  2. Europe
    1. Norway
    2. Germany
    3. Sweden
  3. Asia Pacific
    1. China
    2. India
    3. Japan
  4. Latin America and Middle East Africa
    1. Brazil
    2. Argentina
    3. Mexico
    4. Saudi Arabia

North America has a significant market share, and then this pattern is expected to be prevalent during the forecast period. Growth is predominantly due to the increasing focus on sustainable energy as well as the Paris Agreement on Global warming (Climate Change), which suggested the use of clean energy sources in the country's energy production.

The United States government is working to expand the use of solar energy in the country via a number of programs. In 2011, the U.S. The Department of Energy (DOE) introduced its SunShot project with the aim of making the solar industry cost-effective with fossil fuel energy sites by decreasing costs to below USD/watt by 2021.

Solar Tracker market Key Players:

The key players of the Solar Tracker market include, NEXTracker Inc., PVHardware, Soltec Trackers, Convert Italia, Gonvarri Steel Services. Some other key Players in the Market include Array Technologies Inc., Arctech Solar, Nclave renewable, STI Norland, and GameChange Solar. Many of these key players focused on technological innovations and aggressive market expansion strategies for staying ahead of the competition.

 

1. Introduction                 

                1.1 Market Definition    

                1.2 Study Deliverables  

                1.3 Base Currency, Base Year and Forecast Periods          

                1.4 General Study Assumptions

2. Research Methodology                           

                2.1 Introduction               

                2.2 Research Phases      

                                2.2.1 Secondary Research

                                2.2.2 Primary Research

                                2.2.3 Econometric Modelling

                                2.2.4 Expert Validation

                2.3 Analysis Design         

                2.4 Study Timeline          

3. Overview                       

                3.1 Executive Summary

                3.2 Key Inferences         

                3.3 Epidemology              

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                    

                4.1 Market Drivers          

                4.2 Market Restraints    

                4.3 Key Challenges         

                4.4 Current Opportunities in the Market              

5. Market Segmentation                              

                5.1 By Product  

                                5.1.1 Introduction

                                5.1.2 Single Axis

                                5.1.3 Duel Axis

                                5.1.4 Y-o-Y Growth Analysis

                                5.1.5 Market Attractiveness Analysis

                                5.1.6 Market Share Analysis

                5.2 By Technology           

                                5.2.1 Introduction

                                5.2.2 Concentrated PV

                                5.2.3 Solar Photovoltaid (PV)

                                5.2.4 Concentrated Solar Power

                                5.2.5 Y-o-Y Growth Analysis

                                5.2.6 Market Attractiveness Analysis

                                5.2.7 Market Share Analysis

                5.3 By Application           

                                5.3.1 Introduction

                                5.3.2 Utility

                                5.3.3 Commercial

                                5.3.4 Residential

                                5.3.5 Others

                                5.3.6 Y-o-Y Growth Analysis

                                5.3.7 Market Attractiveness Analysis

                                5.3.8 Market Share Analysis

6. Geographical Analysis                              

                6.1 Introduction               

                                6.1.1 Regional Trends

                                6.1.2 Impact Analysis

                                6.1.3 Y-o-Y Growth Analysis

                               

                               

                               

                               

                                6.1.4  Market Attractiveness Analysis

                               

                               

                               

                               

                                6.1.5  Market Share Analysis

                               

                               

                               

                               

                6.2 North America          

                                6.1.1 Introduction

                                6.1.2 United States

                                6.1.3 Canada 

                6.3 Europe         

                                6.2.1 Introduction

                                6.2.2 U.K

                                6.2.3 Spain

                                6.2.4 Germany

                                6.2.5 Italy 

                                6.2.6 France

                6.4 Asia-Pacific 

                                6.3.1 Introduction

                                6.3.2 China 

                                6.3.3 India 

                                6.3.4 Japan 

                                6.3.5 Australia

                                6.3.6 South Korea

                6.5 Latin America             

                                6.4.1 Introduction

                                6.4.2 Brazil

                                6.4.3 Argentina

                                6.4.4 Mexico

                                6.4.5 Rest of Latin America

                6.6 Middle East & Africa               

                                6.5.1 Introduction

                                6.5.2 Middle-East

                                6.5.3 Africa

7. Strategic Analysis                       

                7.1 PESTLE analysis         

                                7.1.1 Political

                                7.1.2 Economic

                                7.1.3 Social

                                7.1.4 Technological

                                7.1.5 Legal

                                7.1.6 Environmental

                7.2 Porter’s Five analysis              

                                7.2.1 Bargaining Power of Suppliers

                                7.2.2 Bargaining Power of Consumers

                                7.2.3 Threat of New Entrants

                                7.2.4 Threat of Substitute Products and Services

                                7.2.5 Competitive Rivalry within the Industry

8. Market Leader Analysis                           

                8.1 NEXTracker Inc.        

                                8.1.1 Overview

                                8.1.2 Product Analysis

                                8.1.3 Financial analysis

                                8.1.4 Recent Developments

                                8.1.5 SWOT analysis

                                8.1.6 Analyst View

                8.2 PVHardware              

                8.3 Soltec Trackers          

                8.4 Convert Italia             

                8.5 Gonvarri Steel Services         

                8.6 Array Technologies Inc.         

                8.7 Arctech Solar             

                8.8 Nclave renewable   

                8.9 STI Norland 

                8.10 GameChange Solar               

9. Competitive Landscape                           

                9.1 Market share analysis            

                9.2 Merger and Acquisition Analysis       

                9.3 Agreements, collaborations and Joint Ventures         

                9.4 New Product Launches         

10. Market Outlook and Investment Opportunities                         

Appendix                           

                a) List of Tables

                b) List of Figures              

  • Global, regional, and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped

  • Segment-level analysis in terms of By Type, Processing Technology, Distribution Channel and along with market size forecasts and estimations to detect key areas of industry growth in detail

  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis

  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development

  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment

  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies

  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions

  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

  1. Global Solar Tracker Market By Region, From 2021-2026 ( USD Billion )

  2. Global Solar Tracker Market By Application, From 2021-2026 ( USD Billion )

  3. Global Utility Market By Region, From 2021-2026 ( USD Billion )

  4. Global Commercial Market By Region, From 2021-2026 ( USD Billion )

  5. Global Residntial Market By Region, From 2021-2026 ( USD Billion )

  6. Global Solar Tracker Market By Technology, From 2021-2026 ( USD Billion )

  7. Global Concentrated PV Market By Region, From 2021-2026 ( USD Billion )

  8. Global Solar PhotoVoltaid (PV) Market By Region, From 2021-2026 ( USD Billion )

  9. Global Concntrated Solar Power Market By Region, From 2021-2026 ( USD Billion )

  10. Global Solar Tracker Market By Product, From 2021-2026 ( USD Billion )

  11. Global Single Axis Market By Region, From 2021-2026 ( USD Billion )

  12. Global Duel Axis Market By Region, From 2021-2026 ( USD Billion )

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