Global Solar Tracker Market is expected to reach over USD 5 Billion by 2027 due to the rising demand for alternate energy. Solar trackers refer to a device which positions or adjust the solar panel towards the sun. The device changes its orientation throughout the day to capture the maximum Sun’s energy. The use of solar trackers can increase electricity production and the conversion efficiency is high when the panel is optimally adjusted towards the Sun’s rays.

As the governments around the world have recognized the need of alternate energy to tackle climate change, Solar energy is considered a best alternative. Government subsidies and declining tariff prices are propelling the solar energy market. With the rise in the solar energy market, the demand for solar trackers has increased.
Adding a solar tracking system is mostly considered as an additional cost. The repair and maintenance costs are also high as it requires regular maintenance of gears and other parts. These are the factors restraining the solar tracker market from growth.
The key market players in the market are offering effective system monitoring, reliable and innovative solutions to withstand extreme weather conditions to stay ahead in the competition.
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Market Segmentation
Global solar tracker market can be segmented based on Product, Technology, Application, and region.
By Product, Global solar tracker market can be categorized into the Single-axis and Dual-axis. The single-axis tracker holds the largest market share and it is projected to grow significantly in the forecasted period of 2020-27. It requires more land compared to dual-axis. Moreover, the High capital cost and operating expenditure are hindering the growth of the market.
By Technology, Global solar tracker market can be categorized into Solar Photovoltaic (PV), Concentrated Photovoltaic (CPV) and Concentrated Solar Power (CSP). Solar Photovoltaic (PV) holds the largest market share. The easy handling of PV cells is the driving factor for growth. PV cells are used widely when compared to CSP cells with respect to design regulations such as mirrors and lenses. Concentrated Solar Power (CSP) is expected to grow fastest in the forecasted period 2020-27. CSP cells are low-cost power producers as it requires minimal raw materials. It has optical lenses and mirrors to concentrate a large number of sun rays.
By Application, Global solar tracker market can be divided into Utility & Non-utility. The utility segment dominates the global solar market and it is expected to remain in dominance over the forecasted period 2020-27. The rapid decline in the cost of Solar PV technology and the Government’s focus on expanding the solar energy capacity is driving the Solar tracker market to grow. Moreover, the Utility segment is reporting huge profits which induce other market players to enter into this segment.
By Region, Global solar tracker market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

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Regional Analysis
Regionally, North American Global Solar tracker market is leading the world market with its largest market share. It is expected to remain in dominance during the forecasted period of 2020-27. There have been steady investments made in research and development activities on solar energy over the last few years.
Africa and the Middle East solar tracker market is expected to grow significantly in the forecasted period of 2020-27. It is due to countries like Saudi Arabia and UAE are investing heavily in the solar market.
Competitor Analysis
The major players in the global solar tracker market are All Earth Renewables, Array Technologies, First Solar, SunPower, Meca Solar, Trina Solar, GameChange Solar, STOLTEC, SmartTrak Solar Systems, Powerway, Scorpius Trackers, DEGERenergie, Titan Tracker, Arctech Solar, Abengoa Solar, Convert Italia, PV Hardware, Haosolar, STI Norland, Gonvarri Steel and Other Market Players.
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