Solar Tracker Market by Technology, by Product, by Application, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

The Global Solar Tracker Market was valued at USD 1.06 Billion in 2018, and is expected to grow at CAGR of 32.1% from 2020–2026. Factors like rising price of fuels, increasing use of solar power as a potential source of commercial energy generation, environmental pollution coupled with decreasing complexity in design are expected to boost the market growth.

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Solar energy being a cheap resource of electricity over hydraulic generators since it uses solar cells in generation of electricity. The output of solar cells is highly dependent on intensity of sunlight and angular incidence. The solar panels facing the direct sunlight gain maximum efficiency. However, with the earth’s rotation, solar panels tend to remain inactive to absorb solar energy all the time, thereby resulting into loss of efficiency to absorb sunlight at night. Therefore, the need for a constant output with an automated system is anticipated to capture sunlight along with earth’s rotation. In this regards, Automatic Solar Tracking System (ASTS) performs fully and the unique feature of the system is it refers to the motion of sunlight instead of earth’s rotation. From the commercial aspect and progress in the semiconductor technology, there is a universal demand for solar trackers even in the remote areas. Companies operating in the renewable energy source domain are now investing further in trackers and developing a relevant technology that is highly capable of delivering maximized results. Development in the sensor technology and R&D is likely to trigger the demand for tracking devices in the renewable energy domain.

Solar Tracker Market Drivers:

Solar tracker market is driven by presence of key players in the developed regions followed by rise in R&D initiatives. Government support for environmental emission is anticipated to hold a high accountability. In addition, rise in demand for configuration of solar trackers is anticipated to play a crucial role in the development of the market. Demand for solar panels for commercial sector is also expected to contribute towards a robust market development.