Global Solar Tracker Market Size, By Product (Single Axis and Dual Axis), By Technology [Photovoltaic (PV), Concentrated Photovoltaic (CPV) and Concentrated solar power (CSP)] By Application (Utility and Non-Utility) and By Region (North America, Europe, South America, Asia Pacific and Middle East & Africa) 2022-2032

The government regulations & initiatives are playing a vital role in the growth of renewable energy resources and ultimately boosting the demand for solar trackers. For instance, in 2015, the United States Department of Energy in association with the Department of Housing & Urban Development (HUD), the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Agriculture (USDA) coupled with different non-profit organizations, states and communities announced the mission of National Community Solar Partnership. The National Community Solar Partnership aims to provide access to solar energy to nearly 50% of the businesses and households across the nation. Similarly, the Indian government is implementing key initiatives to become a leading solar power contributor by 2025. The most recent one that is projected to have a large impact was in 2018 due to the International Solar Alliance between France and India. One of the aims of the alliance is to offer a subsidy to reduce the financing required for solar power projects and the required technology to facilitate more solar infrastructure by 2030 in India.

Based on the type of product the global solar tracker market is segmented in a single axis and dual axis solar tracker. Single axis solar trackers were valued at USD 2.74 billion and the capacity was 10.84 GW in 2018 in the global solar tracker market. A single-axis tracker moves along the north to south direction along a single axis while dual axis moves both north-south & east-west along two axes. Dual axis solar trackers are costlier than single axis and hence utility sector has widely using single axis making it highest selling solar tracker. Dual axis solar trackers are projected to surge in demand in the global solar tracker market as they offer more power output and are more efficient compared to the single axis.

In application areas, Utility segment accounted to more than 86% share in capacity in the global solar tracker market in 2018. The rising cost of electricity, the utility sector is now shifting to renewable sources such as solar are projected to increase the demand for solar trackers. Further government rules and regulation to reduce carbon emission coupled government initiatives to move to solar energy, the utility sector is projected to widely adopt to solar trackers driving the growth of the global solar tracker market.

On the basis of technology, photovoltaic solar trackers had a market share of more than 70% in 2018 in global solar tracker market. Photovoltaic panels produce electric energy from both direct and diffuse sunlight compared to other types, hence improving the power output ratio. Owing to the above utility sector has widely adopted to photovoltaic panels in solar tracker driving the growth of the global solar tracker market.

In 2018, North America solar tracker size was 9.43 GW capacity units in the global solar tracker market. The structural design of solar tracker has proven itself under hardest climatic changes such as hurricane and snowstorms, hence utility sector in North America has adopted the solar tracker to produce solar energy. Further, Mexico is projected for a strong growth in the region as many new solar plants are being built to power the major cities in Mexico. For instance, in 2017, NEXTracker Inc. a key player in the global solar tracker market announced to build the largest single axis solar tracker in Western Hemisphere. The long-term project will have the capacity of 750GW and will deliver power to Northern Mexico starting its operation in 2018.

Asia-pacific is projected to grow strongly in the global solar tracker market in comparison with other regions. The Asia market is expected to be driven by strategic & ambitious government initiatives coupled with stringent regulations in China, India, Japan, and many other South Asian countries. China and India are expected to establish new and utility-scale solar power plants in the next few years, which will further accelerate the growth of the global solar tracker market.