Solar Tracker Market Demand To Reach 172.0 GW By 2025

San Francisco, 24 July 2020: The Report Solar Tracker Market Size, Share & Trends Analysis Report By Technology (Solar PV, Concentrated PV, Concentrated Solar Power), By Product (Single Axis, Dual Axis), By Application, By Region, And Segment Forecasts, 2019 - 2025

Solar tracker is a product that aids in directing payloads towards the direction of sunlight. The payloads that are majorly used are parabolic troughs and solar panels. It maximizes your solar system’s electricity production by moving your panels to follow the sun throughout the day, which optimizes the angle at which your panels receive solar radiation. Solar trackers are typically used for ground-mounted solar panels and large, free-standing solar installations like solar street lights.

When solar panels are exposed to sunlight, the angle of incidence of the sunlight is strictly kept into consideration. Minimum the angle of incidence of sunlight, maximum the efficiency of the solar panels, leading to maximum charge deposition in solar cells. This is where solar tracker comes into the picture. It tracks the movement of sun and helps align the panels in such a way that angle of incidence remains minimum, leading to increased conversion of solar energy into electricity.

The usage of trackers as an additional device could further improve the energy efficiency of the application in terms of quantity of energy received through the panels. The low maintenance cost of the product coupled with reduced electricity costs can improve the efficiency of solar panels.

There are two types of solar trackers -

• Single Axis Tracker- These trackers align the panels to the north-south direction and allows the panel to arc from east to west tracking the sun through the entire day. It makes tracking the sun for the day easier.
• Dual Axis Tracker- As the name suggests, this tracker allows the panel to move on two axes, namely, East-West & North-South. Therefore, enabling the panel to track the daily as well as yearly variation in movements of the sun, maximizing the collection of solar energy throughout the year.

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Driving Forces

Solar trackers are comparatively new, when it comes to solar infrastructure. However, it has gained a boost from the market, riding on some crucial factors which are the driving forces behind it. Due to these following factors, market demand for solar tracker is expected to reach 172.0 GW by 2025.

• Generally, a solar panel system with a single-axis solar tracker installed sees a performance gain of 25 to 35 percent. A dual-axis tracker boosts performance up by another 5 to 10 percent. This clearly shows that installing solar tracker results in good amount of increase in solar power
• In the regions of high altitude, where the position of sun has a large range of variation, resulting in variations in the amount of sunlight in the region around the year; trackers help increase the electricity storage by reducing the angle of incidence.
• Rising climate concernsin the world has made the countries boost investment in the renewables sector. This has created a good demand for solar trackers around the world.
• Technological developmentsand research in the renewable arena are expected to cut costs and make infrastructure cheap and ready for deployment around the world.

Market Insights

•  The manufacturers are investing in major solar installation projects around the world to increase their geographical presence. The major strategy used by industry players is a rapid market expansion to gain maximum market share.
• Companies such as Array Technologiesand SunEdison are establishing subsidiaries in developing countries to be a part of the rapid renewable energy revolution taking place in these countries. It has been observed that developing countries are adding more than 2 GW of renewable energy every year. And with the renewed push to Paris Agreement, it is bound to go up, boosting demand in the sector.
• Key market players in the global industry include AllEarth Renewables, Inc.; NEXTracker, Inc.; Soltec; PV Hardware; Artech Solar; NClave; andPowerway Renewable Energy Co. Ltd. These companies offer a diverse portfolio in the market in terms of products and are highly integrated across the value chain.

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