The global solar tracker market size is expected to reach USD 22.08 Billion in 2028 and register a CAGR of 10.4% over the forecast period, according to the latest report by Reports and Data. Key factors such as increasing use of solar power, rising awareness about green energy, and inclining investment by government and private investors in solar panel technology are driving market revenue growth. Solar tracker is a device that helps to shift the orientation of solar modules throughout the day to follow path of the sun in order to harness solar energy more efficiently.
There are mainly three types of solar trackers; manual solar tracker, active solar tracker, and passive solar tracker. Manual solar trackers require manual effort to adjust solar panels throughout the day. Active solar tracker uses motors or hydraulic cylinders for moving the position of solar panels. There are two types of active solar trackers; single axis solar tracker, and dual axis solar tracker. Active solar tracker segment accounted for largest revenue share in the global market in 2020. This can be attributed to rising adoption of single axis tracker due to the advantages such as cost-effectiveness, durability, efficiency, and simple technology.
North America accounted for largest revenue share in the global market in 2020. Major revenue contributors of the North American market are the United States and Canada, respectively. Factors such as robust presence of key market players, rising focus on research and development activities, rising demand for renewable energy are the key factors driving revenue growth of the market in this region.
Asia Pacific market accounted for a 22% revenue share in the global market in 2020 and is expected to register fastest CAGR than other regional markets over the forecast period. This can be attributed to rapid industrialization, growing preference for renewable energy, and rising focus on infrastructural development.
Europe accounted for a significant revenue share in 2020 and the trend is expected to continue over the forecast period. Deployment of solar technologies, and rapid technological advancements are the key factors driving revenue growth of the market in this region.
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Major players in the market report include AllEarth Renewables, Inc., Sun Action Trackers, NEXTracker, Inc., Solar Steel, Soltec, PV Hardware; Artech Solar; Exosun, NClave, and Powerway Renewable Energy Co. Ltd.
Some Key Highlights from the Report:
Market Overview:
Power and energy industry comprises of key companies operating in fuel, petroleum, natural gas, and nuclear power markets. Constant production of energy and power is imperative for country’s economic growth. It also covers exploration and production of oil and gas reserves, oil and gas drilling, and refining industries. Power and energy sector is one of the most diversified sector across the globe. Rapid industrialization and urbanization has increased the dependency on power and energy and industries today consume large amounts of fuel making energy industry a crucial element of today’s industrial infrastructure.
With increasing focus on sustainable energy and alternative sources of energy to mitigate global warming, countries today are heavily investing in hydroelectric power, solar power, and wind energy. Widespread demand for energy and power has led to the emergence of lucrative growth opportunities in the market and accelerated revenue growth of the retail energy markets. However, negative environmental impact of prolonged use of fossil fuels, depletion of energy resources, and increasing amount of pollutants in the atmosphere are some key restraining factors. Increasing automation in power and energy industry, integration of advanced technology like AI, growing focus on hybrid and electric vehicles, and increasing emphasis on improve energy variability and costs for residential and commercial buildings and vehicles are set to open new paths for the growth of the energy and power sector.
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For the purpose of this report, Reports and Data has segmented the solar tracker market based on technology, product, application and region:
Technology Outlook (Revenue, USD Billion; 2018-2028)
Product Channel Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
Regional Analysis Covers:
North America (U.S.A., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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