Growing awareness about using renewable energy and increase in demand for solar energy from emerging economies fuel the global solar tracker installation market. Based on end-user industry, the industrial segment dominated the market in 2018. Moreover, the market across Asia-Pacific has dominated in 2018 and would lead the trail throughout the forecast period.
According to the report published by Allied Market Research, the global solar tracker installation industry was pegged at $162.8 billion in 2018 and is projected to garner $379.1 billion by 2026, registering a CAGR of 11.1% from 2019 to 2026. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Growing awareness about using renewable energy and increase in demand for solar energy from emerging economies fuel the global solar tracker installation market. However, high investment costs restrains the growth to some extent. On the other hand, rise in government initiatives and programs are anticipated to present a number of opportunities in the coming time.
- The solar tracker installation market has been through several negative impacts such as disrupted supply chain, halted manufacturing processes, and declined demand during the initial phase of the lockdown.
- The government bodies, however, have eased off certain regulation. Owing to which the industry is expected to revive soon.
The global market is segmented on the basis of type, end-use, and region. Based on type, the single-axis segment held the largest market share with around three-fourths of the global solar tracker installation market share in 2018. In addition, the segment is expected to dominate throughout the forecast period. However, the dual-axis segment is anticipated to manifest the fastest CAGR of 12.1% during the forecast period. The report also includes segments including horizontal and vertical.
Based on end-user industry, the industrial segment dominated the market in 2018, with more than half of the global solar tracker installation market. Furthermore, the same segment is also anticipated to manifest the fastest CAGR of 12.1% throughout the study period. The other two segments studied in the report include residential and commercial
Based on geography, the market is studied across numerous regions including Asia-Pacific, Europe, North America, and LAMEA. The region across Asia-Pacific held the highest market share with more than two-thirds of the global solar tracker installation market in 2018. The region is expected to lead the trail till 2026. However, Europe is expected to register the fastest CAGR of 12.3% by 2026.
The key players involved in the global solar tracker installation industry include Abengoa SE, First Solar, Inc., Tata Power Solar Systems Limited, Trina Solar Co. Ltd., BrightSource Energy, Inc., Siemens AG, PVHardware, Arctech Solar, and NEXTracker.