- Opportunity and Forecast, 2016-2025
Solar tracker tracks sunlight and changes orientation of payloads such as solar panels, Fresnel reflectors, parabolic troughs, mirrors, or lenses. They are used to minimize angle of incidence between a photovoltaic panel and sunlight to increase the amount of energy produced from such devices. Energy generated by trackers in a particular time frame and space is more than their stationary counterparts, as exposure to solar rays is more. Advancements in technology in mechanics & electronics have drastically transformed these systems over the few years.
Growth in demand for PV cells, requirement of high-efficiency solar cells, and favorable regulatory scenario are factors that fuel the growth in the global solar tracker market. However, high initial cost and high maintenance restrain the market growth. Favorable government initiatives to increase awareness about solar tracker and growth in demand for renewable energy sources create new opportunities in the industry.
The global solar tracker market is segmented on the basis of product, technology, application, and geography. Based on product type, the market is bifurcated into single axis and dual axis. Applications covered in the study include utility and nonutility. Technology segment is classified into CPV, CSP, and solar PV. Geographically, the market is analyzed across North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa.
Key manufacturers that operate in the industry are Wuxi Hao Solar Technology Co. Ltd., Abengoa Solar, S.A., AllEarth Renewables, Inc., Array Technologies, Inc., DEGERenergie GmbH, SunPower Corporation, Grupo Clavijo Elt SL, Titan Tracker SL, and others. These manufacturers have formulated strategies such as new product launches, collaborations, merger & acquisition, expansion, partnerships, joint ventures, and others to gain strong foothold and competitive edge in the global industry.
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