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Single Axis Solar PV Tracker Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

A09038
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Aug 2021 | 182 Views
 
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Solar tracker is a device that directs and moves photovoltaic panels, reflectors, or modules toward the sun. The working principle of the technology leverages specialized light sensors, which activate the motor of the panel and cause it to align with the direction & path of the sun on account of capturing maximum solar irradiance. These PV trackers minimize the angle of incidence between the panel and incoming light, which, in turn, improves the power output of the system.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value (USD)

  Segments covered

  Type, Application, Technology, and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), LAMEA (Brazil, UAE, Saudi Arabia, South Africa, and Rest of LAMEA)

  Companies covered

Major players analyzed include SmartTrak Solar Systems, Scorpius Trackers, AllEarth Renewables, DEGERenergie, Titan Tracker, Arctech Solar, First Solar, Convert Italia, PV Hardware, and STI Norland.

 

COVID-19 impact

The global market for single axis solar PV tracker is severely impacted by the outbreak of the COVID-19 pandemic. 

The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns. 

Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.

Thus, insufficiency in raw material supply is expected to hamper the production rate of single axis solar PV tracker, which negatively impact the market growth.

However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities. 

Top impacting factors: market scenario analysis, trends, and drivers 

Rise in solar PV panel installations will create ample growth opportunities for vendors in the single axis solar PV tracker market.

Solar power generation is gaining importance among all other renewable sources of energy as it is one of the not expensive sources of clean energy. During non-productive hours, the intermittent nature of solar energy can be overcome by using energy storage systems. In addition, the cost of solar energy generation is declining due to factors such as competitive bidding processes and government initiatives and subsidies. These factors have led to an increase in the number of solar PV panel installations, especially in economies such as India, China, and the US.

Governments around the world are focusing on the generation of emission-free energy to bring about a change in the energy mix. As a result, they are providing tax benefits, incentives, and subsidies to promote the adoption of renewable technologies, including solar energy. Thus, supportive government initiatives toward the adoption of clean energy system along with rising concerns pertaining to climate change will augment the solar tracker market growth.

Regional analysis

The global single axis solar PV tracker market is studied across major four regional markets, including North America, Europe, Asia-Pacific, and LAMEA. North America is expected to be the largest market over the coming years in response to the rising emphasis on renewable energy and the Paris Agreement on Climate Change that has recommended the usage of renewable energy in the nation’s energy supply. In addition to this, The government in the U.S. is also targeting to increase the usage of solar power in the economy through various initiatives, such as, in 2011 they  launched the SunShot Initiative with an aim to make the solar industry cost-competitive with conventional energy sources by reducing charges to less than 1 USD/watt by 2020, this is further expected to complement the growth of this region. Besides this, Middle East and Africa is expected to register significant growth due to high potential and increase in investments in the projects in the region, particularly in UAE and Saudi Arabia. 

Key segments covered:

Segments

Subsegments

  Technology

  • Solar Photovoltaic (PV)
  • Concentrated Solar Power (CSP)
  • Concentrated Photovoltaic (CPV)

  Application

  • Utility
  • Distributed generation

  Type

  • Horizontal Type
  • Vertical Type

 

Key benefits of the report:

  • This study presents the analytical depiction of the global single axis solar PV tracker market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global single axis solar PV tracker market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global single axis solar PV tracker market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed global single axis solar PV tracker market analysis depending on competitive intensity and how the competition will take shape in coming years. 
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

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We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

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AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
 
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