Solar Tracker Market Analysis

Solar Tracker Market is projected to be worth USD 17 Million, registering a CAGR of 18.51% during the forecast period.

Factors Studied For Market Forecast

Drivers:

Increased solar power installations around the world

Restraints:

High maintenance cost can restrict the growth of the Solar Tracker Market in the near future.

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Increased Solar Power Installations Around the World

The worldwide energy industry is shifting from relying entirely on fossil fuel plants, such as coal and oil, and toward renewable energy sources, such as solar, wind, and geothermal, for power generation. One of the primary concerns about renewable energy resources has always been their poor power generation capability in comparison to traditional sources. For example, a coal power plant equipped with cutting-edge equipment can achieve an efficiency of 35% under optimal working conditions, whereas hydropower plants can achieve far greater efficiency of 95%. Even with the most recent advancements in solar technology, the greatest efficiency of a solar panel in laboratory circumstances is 24 percent. This value reduces even more in real-world working situations, hovering around 15% -18% depending on the type of technology and operating locations. This is a key disadvantage of a renewable energy source, particularly solar energy, which also has the issue of not being able to generate power at night.

Using a solar tracker with PV systems is one method of boosting the efficiency of solar power generation. When compared to fixed solar panels, a solar tracker's primary goal is to keep the solar panel under the best possible insolation from the sun. This is a game-changer in the solar business since experiments have shown that solar trackers can enhance operational efficiency by up to 15% to 30% over a standard fixed panel setup, depending on the location of operation. There are various types of solar tracking systems in the market.

Market Segmentation

The global Solar Tracker Market has been segmented based on power generation type and tracking system type. 

Based on power generation type, the global Solar Tracker Market has been segmented into parabolic through, power towers, linear Fresnel, and dish/engine type. 

Based on tracking systems type, the global Solar Tracker Market has been segmented into fixed tilt, single axis, and dual axis tracking systems. 

Regional Analysis

APAC to Lead the Global Market

The Asia Pacific energy industry is predicted to create several potential prospects for the Solar Tracker Market. The depletion of natural energy supplies such as oil and coal, as well as other fossil fuels, is producing enormous development potential as the demand for alternative energy sources grows. The increased demand for solar PV systems in the APAC region may aid in the market's rise here.

North America to Follow APAC

The solar PV market in North America is expected to expand at a rapid pace in the next years. Technological advancements in this region are expected to support the growth of the Solar Tracker Market in North America. The increasing number of solar PV system installations can help to expand the market in the region.

Key Companies Profiled

• Arctech Solar (India)
• Convert Italia (Italy)
• Exosun (U.S.)
• First Solar (U.S.)
• Grupo Clavijo (Spain)
• Ideematec (Germany)
• Mahindra Susten (India)
• NClave (Spain)
• NEXTracker (U.S.)
• PV Hardware (U.S.)
• Scorpius Trackers (India)
• Solar Steel(Spain)
• Soltec(U.S.)
• STi Norland (Spain)
• Sun Action Trackers (U.S.)
• SunLink (U.S.)
• SunPower (U.S.).