The research report on ‘global solar tracker market’ provides a detailed analysis of the market along with growth rate and market size based on driving factors and industry dynamics. The report covers the comprehensive analysis of the market on the basis of current and future industry trends, market scope, and opportunities. The report also includes a clear insight about the prominent factors which are witnessed in solar tracker market growth during the forecast period.
The research study covers the leading vendors of the solar tracker industry based on organization’s synopsis, company profiles, market revenue, financial study, and several opportunities.
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The global solar tracker market capacity is expected to reach 39.33 GW by 2025. The market is growing at a CAGR of 13.8%. The increasing demand of solar tracker is driven by growing awareness about the adverse effect and renewable energy resulting due to climate change.
The global solar tracker market is segmented based on the technology, product, application, and geographical regions. By product type, the market is categorized into single and dual axis. Among these, the single axis segment was accounted for largest solar tracker market share in 2015. The rising use of single trackers for residential as well as commercial applications is expected to drive the market demand.
Based on the application, the solar tracker market is classified as utility and nonutility. Based on technology, the market is sub-segmented into CSP, CPV, and solar PV. Among these, the photovoltaic segment was accounted for the largest share of 75% in terms of revenue.
Based on geography, the global solar tracker market is sub-segmented into Latin America, North America, Europe, Asia-Pacific, and MEA. Europe is dominated for the largest global solar tracker market share in the worldwide market. Furthermore, the Asia-Pacific region is anticipated to be the fastest-growing market during the prediction period. The region is projected to grow courtesy of increasing investment in renewable energy by nations such as Japan, India, and china. The developing economies of Asia-Pacific have been growing their energy infrastructure to meet the growing demand for power.
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Likewise, the Central & South America market is anticipated to witness substantial solar tracker market growth over the forecast period owing to the high potential in the region, especially in Chile, Brazil, Colombia, and Argentina. A huge number of PV installations is expected to fuel demand during the prediction period.
The global solar tracker market is highly fragmented due to the presence of prominent players at the global level. Some leading players of the solar tracker market include Energia Ercam, Array Technologies, AllEarth Renewables, Grupo Clavijo, DEGERenergie, First Solar, and others.
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