Solar Tracker Market is expected to witness substantial growth during Forecast by 2026
Demand for sustainable green energy produced by renewable resources such as solar power has increased significantly due to the global warming. Solar power is generated through the sun’s radiations that fall upon solar panels. Solar tracker is a device used to position a solar panel towards the sun. The tracking of the sun is done precisely by the systems of single axis and dual axis.
Based on type, the solar tracker market has been segmented into single axis and dual axis. Single axis solar tracker rotates on its own axis, moving back and forth in a single direction. Vertical, horizontal, tilted, and polar aligned are the different types of single axis trackers. Dual axis trackers continuously face the sun, as they move in two different directions. Types of dual axis trackers include azimuth-altitude and tip-tilt.
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In terms of technological outlook, the solar tracker market has been divided into three major solar power technologies: solar photovoltaic (PV), concentrated photovoltaic (CPV), and concentrated solar power (CSP). Photovoltaic system employs solar panels, which include a number of cells that often contain silicon. This photovoltaic material (silicon) then converts solar radiations into electric current. Concentrated photovoltaic power generation also uses silicon as PV. On CPV panels the radiations from the sun are concentrated upon a photovoltaic material using lenses. For successful installation of the CPV panel, it must be facing the sun. In CSP the solar radiations are concentrated on a small surface which gets heated. The heat from this surface then gets converted into energy with the help of either a sterling engine or a fluid. In terms of application, the solar tracker market has been segmented into utility and non-utility applications
In terms of region, the global solar tracker market has been divided into Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. Europe dominated the solar tracker market in 2015. European, due to its strategic geographic location, receives ample sunlight throughout the year. This has been a primary driver for market growth in the region. Germany has been leading the market for solar trackers since the last few years, being the country with most installed PV systems. The global solar market has been expanding significantly of late due to the high government subsidies in countries around the world. The market in Asia Pacific is anticipated to expand, led by major developments in renewable energy in the region. It is projected to be a rapidly growing region for the solar tracker market during the forecast period. The market in Latin America is also likely to expand significantly during the forecast period, led by large installations of PV in the region.
Many countries are cutting back on subsidies due to the economic crisis; however, the prices of most solar energy technologies have decreased significantly. The solar tracker market across the globe is expected to expand substantially owing to the low prices and governmental focus on renewable energy.
The global solar tracker market is highly competitive, with the presence of well-established market players. Key players operating in the solar tracker market are Haosolar Co. Ltd., Abengoa Solar S.A., AllEarth Renewables, Array Technologies, Inc., DEGERenergie GmbH & Co. KG, Energia Ercam, Powerway Renewable Energy Co. Ltd., Mechatron, SunPower Corporation, Titan Tracker SL, SmartTrak Solar Systems Pvt. Ltd, Mecasolar España SL, First Solar, Soitec, CM Tracker, and Optimum Tracker.
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