A solar tracker is a device mounted on a solar panel that directs the solar panel towards the sun. Solar trackers turn around throughout the day to follow the sun and maximize energy. Trackers function by minimizing the angle of incidence between the panel and sunlight falling on it, thereby helping to increase the energy output of solar panels. It is estimated that deploying solar trackers can increase the output of solar panels by 20-30%.
The demand for solar panels is estimated to increase during the period due to increased awareness of solar energy generation. The favorable government policies to promote renewable energy resources and the various initiatives taken by governments in developing countries to reduce reliance on traditional energy generation facilities are expected to drive the Solar Trackers Market growth during 2020-2026.
Photovoltaics is estimated to be the largest technology segment on the market and is expected to maintain its advantage during the forecast period. Ease of use, competitive cost, and simple design of photovoltaic modules are the main drivers of photovoltaic demand. Increasing adoption of photovoltaic technologies in the utility, commercial and residential sectors to meet energy demand is expected to fuel product demand. The growing number of solar panels installed worldwide is expected to drive the solar trackers market demand over the forecast period.
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Residential areas are expected to be the fastest-growing application segment in the global solar trackers market. Rapid urbanization followed by increased infrastructure investments is anticipated to have a positive impact on the residential solar trackers market share during the forecast period. Moreover, the Government runs several promotional schemes to encourage the deployment of solar panels. These include several initiatives such as subsidies, feed-in tariffs, and various leverage schemes to promote the adoption of photovoltaic technologies for power generation, thus boosting demand for solar trackers in the years to come.
At present Europe dominates the global solar trackers market share and continuing its growth graph, the region is expected to hold a majority of the share over the forecast period. The growth can be owed to the presence of a large number of solar product manufacturers in the region which is anticipated to drive regional growth. Europe solar trackers market is estimated to witness expeditious growth over the forecast period due to favoring geographic location complemented by the rising trend of zero-emission building in the region. Considering the regional interest, the solar trackers have been witnessing substantial demand mainly in Spain and Germany.