Solar Tracker Market Size, Share, Growth and Trends –By Application (Utility, Non-utility), By Product Type(Single Axis, Dual Axis) By Technology (Solar Photovoltaic, Concentrated Solar Power, Concentrated Photovoltaic- Global Opportunity Analysis and Industry Forecast, 2020 – 2030- Growth, Trends and Analysis

Solar Tracker Market size was valued at USD 10.25 billion by 2020, growing with 12.8% CAGR during the forecast period, 2021-2030.

A solar tracker, solar tracker and/or sun follower is a gravure telescope equipment or solar power production plant that follows the sun in the form of a heliostat principle. This motorized support system enhances the output of solar panels. Trackers are used in flat-panel photovoltaic systems to reduce the angle of incidence between incoming sunlight and a photovoltaic panel, also known as the cosine error. Decreasing this angle improves the quantity of energy generated from a certain amount of installed power producing capacity.Countries are contributing to the worldwide effort to reduce carbon emissions by setting separate green energy objectives to be met in the future years to aid the global cause. Brazil, for example, wants to have 42.5 percent of its main energy supply renewable by the end of 2023.

According to the short carbon study, the UK government intends to generate around half of its power from renewable sources by 2025. Germany is likewise on track to cater for renewables accounting for 65 percent of total energy by 2030. In Asia, China intends to source 16 percent of its energy from renewable sources by 2030, while the renewable energy industry is anticipated to account for 26 percent of the country's total energy supply after investments and growth.When compared to simple solar installations, solar farms and individual solar systems fitted with trackers have better efficiency. The main difference between the two is an increase in the amount of time spent in direct sunshine. Furthermore, these systems tend to make more effective use of space, which is necessary for both fixed-tilt and moving systems. These characteristics, together with the availability of single-axis and dual-axis trackers, give clients with alternatives and are likely to fuel market expansion.

Market Dynamics and Factors:

One of the major reasons driving the market's growth is a considerable increase in the number of solar panel installations throughout the world. Furthermore, favorable government policies encouraging different solar energy programs are propelling market expansion. Solar trackers are being used in the residential, commercial, and manufacturing industries as people's desire for renewable energy sources grows, as does the emphasis on utility-scale projects. Furthermore, product developments such as the development of more efficient and cost-effective solar photovoltaic’s and concentrated photo voltaics are functioning as key growth-inducing factors.

Market Segmentation:

The Solar Tracking Market can be segmented based on the type of Application (Utility, Non-utility),By Product Type (Single Axis, Dual Axis), By Technology (Solar Photovoltaic (PV), Concentrated Solar Power (CSP),and Concentrated Photovoltaic (CPV)),Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographic Analysis:

North America holds the dominant share of the market, and this trend is anticipated to continue through 2025. The increased emphasis on sustainable power and the Paris Agreement on Climate Change, which has encouraged the use of renewable energy in the nation's power generation, are largely responsible for the expansion.The government of the United States is likewise aiming to promote the use of solar power in the economy through a variety of initiatives. The United States Department of Energy (DOE) started the SunShot Initiative in 2011 with the goal of making the solar sector cost-competitive with traditional energy sources by lowering costs. In the United States, over 350 projects have been funded under the government initiative.

Competitive Scenario:

The solar tracker market, which is highly competitive, consists of a few major players. The key players of global Solar Tracking market are AllEarth Renewables, Inc.; Soltec; PV Hardware; Arctech Solar Holding Co. Ltd., Convert Italia SpA (Valmont Industries Inc.), DEGER energie GmbH & Co KG,Array Technologies Inc., First Solar Inc., Nextracker Inc. (Flex Ltd.), Powerway Renewable Energy Co. (SinoTech Power Group), SoltecEnergiasRenovables S.L. ; Sunpower Corporation NClave; and Powerway Renewable Energy Co. Ltd

Solar Tracker Market Report Scope