Solar Tracker Market Revenue to Cross $4.5B by 2027; Global Market Insights, Inc.
Some of the major solar tracker market participants are SunPower Corporation, NEXTracker, Inc, GameChange Solar, SOLTEC, Titan Tracker, Meca Solar, First Solar amongst other.
SELBYVILLE, Del., March 11, 2021 (Newswire.com) - Global Market Insights Inc. has recently added a new report on the solar tracker market which estimates the market valuation for solar tracker will cross US $4.5 billion by 2027. The burgeoning efforts to introduce and adopt cleaner technologies across the residential, commercial and industrial sectors are likely to drive the industry's growth. Growing demand for efficient technology to harness solar energy coupled with ongoing technological advancements across the solar tracking systems will favor the industry growth in the forecast period.
The solar tracker market will witness significant growth from single-axis trackers, owing to their high-reliability index, coupled with its high-cost effectiveness. Single-axis solar trackers are available in two options including vertical axis and horizontal axis. In addition, single-axis solar trackers require very little maintenance which makes them an economical option over the other alternatives, which in turn stimulates a demand growth for the solar tracker industry across the globe.
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The solar tracker business is anticipated to gain a competitive edge over other sustainable technologies owing to PV cells on account of low installation costs, customizable functionality and improved power output. Moreover, soaring energy demand coupled with ongoing efforts to increase the share of renewable energy in the energy mix will boost the market statistics for solar technology, propelling the PV technology demand positively.
Surging demand for clean energy generation across commercial institutes including schools, shopping malls and hospitals will augment the PV systems' market demand, which in turn will enhance the solar tracker industry's growth. Growing investments toward the development of commercial facilities along with stringent environmental norms and efficiency standards will complement the growth of the solar tracker industry positively in the forecast period.
The gradual shift toward distributed power generation coupled with the expansion of remote electrical networks in Africa has positively influenced the regional solar power industry. Rising regulatory efforts to utilize existing resources to meet energy consumption effectively along with growing demand for solar rooftop and solar power PV panel installation is fueling the solar tracker industry growth. Furthermore, growing investments from international institutions comprising International Finance Corporation (IFC), World Bank toward electrification programs will enhance the business scenario. For instance, in 2017, the World Bank Group has established the scaling solar program, which started in Zambia and is expanding in other African countries.
A few major findings of the solar tracker market report include:
- The ongoing shift from conventional sources of energy including coal, petroleum and other fossil fuels to renewable energy, including wind, solar, and biomass, will proliferate the solar business growth.
- Increasing investment in solar PV module infrastructure development across commercial and residential sectors will augment the market growth.
- Rising concerns toward growing the carbon footprint across the globe will significantly enhance the renewable technology demand, complementing the solar tracker market growth.
- Growing demand for high-efficiency solar systems will drive product adoption.
- Major players operating across the solar tracker market include SunPower Corporation, NEXTracker, Inc, GameChange Solar, SOLTEC, Titan Tracker, Meca Solar, First Solar amongst others.
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Partial chapters of report table of contents (TOC):
Chapter 3 Solar Tracker Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.2.1 Vendor matrix
3.3 Innovation & sustainability landscape
3.3.1 Trina Solar
3.3.2 SOLTEC
3.3.3 Convert Italia
3.3.4 NEXTracker
3.3.5 PV Hardware
3.3.6 Nclave
3.3.7 ArcelorMittal Projects Exosun
3.3.8 Arctech Solar
3.3.9 Solar FlexRack
3.3.10 Array Technologies
3.3.11 Scorpius Trackers
3.3.12 MecVeL SRL
3.3.13 Bodine Electric Company
3.3.14 FRABA B.V.
3.4 Regulatory landscape
3.4.1 North America
3.4.1.1 U.S.
3.4.1.1.1 U.S. Feed-in Tariff Programs
3.4.1.1.2 Solar Energy Industries Association (SEIA)
3.4.1.1.2.1 UL 3703
3.4.1.1.3 Florida
3.4.1.2 Mexico
3.4.2 Europe
3.4.2.1 Regulation
3.4.2.2 UK
3.4.2.2.1 2009/28/EC Renewable Energy Directive
3.4.2.2.2 The UK's National Energy Efficiency Action Plan
3.4.2.2.3 Feed-In Tariff (FIT)
3.4.2.2.4 Export Feed-In Tariff (FIT)
3.4.2.3 Spain
3.4.3 Asia Pacific
3.4.3.1 China
3.4.3.2 India
3.4.3.2.1 National Tariff Policy (Dated 28th January 2016)
3.4.3.2.2 International Solar Alliances
3.4.3.2.3 Central Financial Assistance (CFA) schemes
3.4.3.3 Australia
3.4.3.3.1 Feed-in tariff
3.4.4 Africa
3.4.4.1 South Africa
3.4.4.1.1 Renewable Energy Independent Power Producer Programme (REIPPP)
3.4.4.1.2 Integrated Resource Plan for Electricity (IRP)
3.4.5 Latin America
3.4.5.1 Chile
3.5 Cost structure analysis, by component,2020
3.6 Key industry trend impacting the market and product dynamics
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Growing focus on utility scale projects
3.7.1.2 Stringent clean energy targets
3.7.1.3 Increasing off-grid electricity demand
3.7.2 Industry pitfalls & challenges
3.7.2.1 High initial cost
3.8 COVID-19 impact on the industry outlook
3.8.1 Optimistic view
3.8.2 Realistic view
3.8.3 Pessimistic view
3.9 Growth potential analysis
3.10 Porter's Analysis
3.10.1 Threat of new entrants
3.10.2 Supplier power
3.10.3 Buyer power
3.10.4 Threat of new substitutes
3.11 Competitive landscape, 2020
3.11.1 Strategy dashboard
3.11.1.1 Component suppliers
3.11.1.1.1 Cone Drive
3.11.1.1.1.1 Acquisition
3.11.1.1.2 Kinematics Manufacturing
3.11.1.1.2.1 Strategic collaboration
3.11.1.1.2.2 Product launch
3.11.1.1.2.3 New establishment
3.11.1.1.3 EKO Instruments B.V.
3.11.1.1.4 Kipp & Zonen B.V.
3.11.1.1.4.1 Product launch
3.11.1.1.5 Siemens AG
3.11.1.1.5.1 Joint Ventures
3.11.1.1.6 Schaeffler AG
3.11.1.1.7 Hiwin Corporation
3.11.1.1.7.1 New product
3.11.1.1.8 Maxon
3.11.1.1.8.1 Strategic Collaboration
3.11.1.1.9 AMETEK, Inc.
3.11.1.1.9.1 Acquisition
3.11.1.1.10 Fraba B.V.
3.11.1.1.10.1 Product launch
3.11.1.2 Solar Tracker manufacturer
3.11.1.2.1 Array Technologies
3.11.1.2.1.1 Partnership agreement
3.11.1.2.1.2 Awards
3.11.1.2.1.3 Product launch
3.11.1.2.2 NEXTracker
3.11.1.2.2.1 Partnership agreement
3.11.1.2.2.2 Product Launch
3.11.1.2.3 Trina Solar
3.11.1.2.3.1 Acquisition
3.11.1.2.4 Ideematec AG
3.11.1.2.4.1 Collaboration
3.11.1.2.5 First Solar
3.11.1.2.5.1 Agreement
3.11.1.2.6 PV Hardware
3.11.1.2.6.1 Collaborations
3.11.1.2.7 Arctech Solar
3.11.1.2.7.1 Website launch
3.11.1.2.7.2 Business Expansion
3.11.1.2.7.3 Product launch
3.11.1.2.8 Soltec
3.11.1.2.8.1 Awards
3.11.1.2.8.2 Product Launch
3.11.1.2.8.3 Business Expansion
3.11.1.2.9 GameChange Solar
3.11.1.2.9.1 Supply Contract
3.11.1.2.10 Convert Italia
3.11.1.2.10.1 Product Innovation
3.11.1.2.11 RP Construction Services, Inc.
3.11.1.2.11.1 Partnership
3.11.1.2.12 STI Norland
3.11.1.2.12.1 Product launch
3.11.1.2.13 Scorpius Trackers
3.11.1.2.13.1 Product launch
3.12 PESTLE Analysis
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