Solar Tracker Installation Market Analysis of Current Industry Figures with Forecasts Growth By 2026

According to the report published by Allied Market Research, the global solar tracker installation industry was pegged at $162.8 billion in 2018 and is projected to garner $379.1 billion by 2026, registering a CAGR of 11.1% from 2019 to 2026. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.

Growing awareness about using renewable energy and increase in demand for solar energy from emerging economies fuel the global solar tracker installation market. However, high investment costs restrains the growth to some extent. On the other hand, rise in government initiatives and programs are anticipated to present a number of opportunities in the coming time.

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The global market is segmented on the basis of type, end-use, and region. Based on type, the single-axis segment held the largest market share with around three-fourths of the global solar tracker installation market share in 2018. In addition, the segment is expected to dominate throughout the forecast period. However, the dual-axis segment is anticipated to manifest the fastest CAGR of 12.1% during the forecast period. The report also includes segments including horizontal and vertical.

Based on end-user industry, the industrial segment dominated the market in 2018, with more than half of the global solar tracker installation market. Furthermore, the same segment is also anticipated to manifest the fastest CAGR of 12.1% throughout the study period. The other two segments studied in the report include residential and commercial

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Based on geography, the market is studied across numerous regions including Asia-Pacific, Europe, North America, and LAMEA. The region across Asia-Pacific held the highest market share with more than two-thirds of the global solar tracker installation market in 2018. The region is expected to lead the trail till 2026. However, Europe is expected to register the fastest CAGR of 12.3% by 2026.

The key players involved in the market include Abengoa SE, First Solar, Inc., Tata Power Solar Systems Limited, Trina Solar Co. Ltd., BrightSource Energy, Inc., Siemens AG, PVHardware, Arctech Solar, and NEXTracker. To compete against each other, these market players are implementing certain strategies. These strategies include product launch, partnership, acquisition, and research & development. In an instance, Arctech Solar has recently launched its SkySmart-2 tracking system. It is a single axis 2P (two modules in portrait) tracking system, which offers maximum energy efficiency.

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Covid-19 Scenarios-

  • The solar tracker installation market has been through several negative impacts such as disrupted supply chain, halted manufacturing processes, and declined demand during the initial phase of the lockdown.
  • The government bodies, however, have eased off certain regulation. Owing to which the industry is expected to revive soon.

Key Findings of the Study:

  • In 2018, the Asia-Pacific market held a share of over 68.6% in the solar tracker installation market size.
  • The industrial segment is expected to hold a dominant position in the solar tracker installation market share during the forecast period.
  • The dual axis segment is projected to grow at a CAGR of 12.1% by 2026.
  • The single axis tracker dominated the solar tracker installation market in 2018 and is expected to grow with the CAGR of 10.8% during the forecast period.
  • The qualitative data in the report aims on the solar tracker installation market trends, dynamics, and developments in the solar tracker installation industry while the quantitative data provides information regarding the market share and market size in terms of revenue and volume. 

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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