As the demand for energy is increasing, the utilization of renewable energy, including solar energy, has risen significantly as well. Solar energy is one of the cleanest forms of energy all across the globe and significantly help in reducing carbon emissions. While before, solar was only being used in the commercial sector, owing to its high price, these days, the price of solar panels has decreased and they are also being installed in residential sectors. Governments of various countries, such as Japan, are also taking initiatives for increasing the adoption of solar energy.
Attributed to this, the demand for solar trackers, which are used for enhancing the efficiency of solar panels, is rising as well. As per a report by P&S Intelligence, the global solar tracker market is expected to progress at a considerable rate in the years to come. These devices direct solar modules towards the sun and keep changing their orientation as the day passes to follow the path of the sum for maximizing energy capture. It has been observed that the use of solar trackers can increase the energy production by approximately a third, also by 40% according to some claims, as compared to fixed modules.
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The different types of solar trackers are dual axis and single axis, between which, the demand for single axis is predicted to be considerably high in the near future. These solar trackers are utilized extensively in utility solar projects, as these projects are located on large lands without any space constraints of a commercial or residential roof space. In addition to this, the low cost of installation and maintenance of these variants is also resulting in their growing adoption. Among the major application areas of solar trackers, including utility, commercial, and residential, a substantial demand for these devices was created is projected to be created by the utility sector.
Based on region, the solar tracker market is categorized into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC), and Middle East and Africa (MEA). Among all regions, North America holds considerable share in the market, owing to rapidly declining panel costs along with the implementation of stringent environmental regulations to reduce the carbon emission level generated by non-renewable sources. For instance, as per the National Renewable Energy Laboratory (NREL), module costs for commercial PV systems decreased from USD 1.88/W in 2017 to USD 1.83/W in 2018, witnessing a decline of around 3%.