+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

PRINTER FRIENDLY

Solar Tracker Market - Growth, Trends, and Forecast (2020-2025)

  • ID: 4997542
  • Report
  • March 2020
  • Region: Global
  • 110 pages
  • Mordor Intelligence
1 of 5

Enquire about COVID-19 updates for this product.

Enquire Now

FEATURED COMPANIES

  • Array Technologies, Inc
  • Nclave Renewable SL
  • NexTracker Inc
  • Valmont Industries, Inc.
  • MORE
The global solar tracker market is expected to grow at a CAGR of more than 25% over the period of 2020-2025. Factors such as supportive government policies and efforts to meet the increasing power demand using renewable energy sources are expected to create a favourable market for solar panels as well as for solar trackers in the coming years. Limited land availability and growing power demand results in capacity enhancement of fixed solar photo-voltaic (PV) panels using solar trackers. On the other hand, the high initial investment required to install a tracking system, design complexity, maintenance cost, and limited capacity of solar tracking systems is expected to restrain the usage of solar trackers. Adding to this, due to the high cost of solar trackers, its application is mostly limited to the usage in the utility sector, whereas non-utility segments prefer fixed platform solar PV panels only.
  • The single-axis solar trackers are being accepted widely in the market globally. Low cost and less complexity in design in comparison to dual-axis trackers are the significant reasons for the growing popularity of single-axis trackers.
  • Energy companies and governments are facing a challenge to increase the power capacity, not only for future projects but also for active projects. With the installation of solar trackers, a capacity surge of 20%-35% can be achieved. This, in turn, is expected to create a significant amount of opportunities for the companies involved in solar tracking system manufacturing in the near future.
  • North America has dominated the market of solar trackers, where the United States has emerged as a significant customer with solar trackers installed in more than 70% projects by the end of 2018.
Key Market Trends

Single Axis Solar Trackers To Dominate The Market
  • A solar tracker enhances the production capacity of the solar panel system by aligning the solar panel along with the direction of sunlight. The solar tracker alters the alignment of the Photo voltaic (PV) panel in such a way that the sunlight falls perpendicularly on the panel and giving maximum power output. But they are less effective when they move farther towards the northern regions because the variance of the solar angle is higher between the summer and winter seasons in locations far from the equator.
  • Nextracker Inc. contributing one-third of the tracker market is solely working on the single-axis solar trackers and emerged as the leading player in 2019.
  • By April 2019, PV hardware Solutions S.L.U., a significant player in the solar tracker market, has been selected as the supplier for their single-axis solar tracker for more than 30 PV plants generating more than 3 GW of power.
  • The single-axis tracker is 50% costly than a fixed PV panel setup but provides an extra 25%-35% surge in capacity. Its simple design offers the highest density of PV panel placement per square and has a shorter payback time.
North America to Dominate the Market
  • North America is dominating the solar tracker market and is expected to continue its dominance in the coming years as well.
  • In December 2019, EDF Renewables, one of the largest renewable developers in North America, partnered with Array Technologies to supply 2 GW single-axis solar tracking equipment to deploy on projects that will be developed in the coming years.
  • On the other hand, rising concerns and protests for dependency on fossil fuels along with favourable government policies to adopt renewable are expected to stimulate the Mexican solar tracker market. In March 2018, Enel group inaugurated PV plant in Mexico that will be generating 1700 GWh electricity annually at a fully operational stage.
  • In 2018, Magna International Inc. was awarded one of the most significant solar tracker installation projects in Canada, which is also working on the modification of 2.5 GW of fixed-tilt solar panels.
  • Therefore, factors such as upcoming projects related to solar PV tracking systems along with supportive government policies and efforts to reduce reliance on fossil fuel-based power are expected to drive the solar tracker market in the region.
Competitive Landscape

The solar tracker market is moderately consolidated. Some of the key players in this market include NexTracker Inc, Array Technologies Inc, PV Hardware Solutions S.L.U., Arctech Solar Holding Co. Ltd., Soltec Energias Renovables SL, Nclave Renewable SL, Valmont Industries Inc., and Soluciones Tecnicas Integrales Norland SL.

Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format.
  • 3 months of analyst support.

This report will be delivered within 2 business days.
Note: Product cover images may vary from those shown
2 of 5

FEATURED COMPANIES

  • Array Technologies, Inc
  • Nclave Renewable SL
  • NexTracker Inc
  • Valmont Industries, Inc.
  • MORE
1 INTRODUCTION
1.1 Scope of Study
1.2 Market Definiton
1.3 Study Assumptions

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry

5 Market Segmentation
5.1 Axis Type
5.1.1 Single axis
5.1.2 Dual axis
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 Middle-East and Africa
5.2.5 South America

6 Competitive lanscape
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 NexTracker Inc
6.3.2 Array Technologies, Inc
6.3.3 PV Hardware Solutions, S.L.U.
6.3.4 Arctech Solar Holding Co., Ltd
6.3.5 Soltec Energias Renovables SL
6.3.6 Nclave Renewable SL
6.3.7 Valmont Industries, Inc.
6.3.8 Soluciones Tecnicas Integrales Norland SL

7 Market Opportunities and Future Trends
Note: Product cover images may vary from those shown
3 of 5

Loading
LOADING...

4 of 5
  • NexTracker Inc
  • Array Technologies, Inc
  • PV Hardware Solutions, S.L.U.
  • Arctech Solar Holding Co., Ltd
  • Soltec Energias Renovables SL
  • Nclave Renewable SL
  • Valmont Industries, Inc.
  • Soluciones Tecnicas Integrales Norland SL
Note: Product cover images may vary from those shown
5 of 5

Loading
LOADING...

Adroll
adroll