Transparency Market Research
Demand for sustainable green energy produced by renewable resources such as solar power has increased significantly due to the global warming. Solar power is generated through the sun’s radiations that fall upon solar panels. Solar PV tracker is a device used to position a solar panel towards the sun. The tracking of the sun is done precisely by the systems of single axis and dual axis.
The growing focus of technologically advanced companies on resource optimization, energy efficiency is pouring the growth of the solar PV tracker market. Further, solar PV tracker generate more electricity in roughly the same amount of space needed for fixed tilt systems, making them ideal optimizing land usage. However, the necessity of huge capital asset for the installation of solar PV tracker solutions may hamper the market growth.
The global solar PV tracker market is segmented on the basis of by type and geographical region. Based on type, the solar PV tracker market has been segmented into single axis and dual axis. Single axis solar PV tracker rotates on its own axis, moving back and forth in a single direction. Vertical, horizontal, tilted, and polar aligned are the different types of single axis trackers. Dual axis trackers continuously face the sun, as they move in two different directions. Types of dual axis trackers include azimuth-altitude and tip-tilt. The manufacturing industry is expected to have largest market share during estimated period. In terms of region, the global solar PV tracker market has been divided into Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. Europe dominated the solar PV tracker market, due to its strategic geographic location, receives ample sunlight throughout the year. This has been a primary driver for market growth in the region. Germany has been leading with most installed PV systems. The global solar PV tracker market has been expanding significantly of late due to the high government subsidies in countries around the world. The market in Asia Pacific is anticipated to expand, led by major developments in renewable energy in the region. It is projected to be a rapidly growing region for the solar PV tracker market during the forecast period. The market in Latin America is also likely to expand significantly during the forecast period, led by large installations of PV in the region.
Currently, many countries are cutting back on subsidies due to the economic crisis; however, the prices of most solar energy technologies have decreased significantly. The solar PV tracker market across the globe is expected to expand substantially owing to the low prices and governmental focus on renewable energy.
The global solar PV tracker market is highly competitive, with the presence of well-established market players. Key players operating in the solar PV tracker market are Haosolar Co. Ltd., Abengoa Solar S.A., AllEarth Renewables, Array Technologies, Inc., DEGERenergie GmbH & Co. KG, Energia Ercam, Powerway Renewable Energy Co. Ltd., Mechatron, SunPower Corporation, Titan Tracker SL, SmartTrak Solar Systems Pvt. Ltd, Mecasolar España SL, First Solar, Soitec, CM Tracker, and Optimum Tracker.
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