Asia Pacific Solar Tracker Market size surpassed USD 652 Million in 2019 and is anticipated to exhibit a CAGR of 8.3% between 2020 and 2026.
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The market growth is owing to the rising electricity demand along with growing measures to minimize fossil fuel-based power generation. Ongoing technological enhancement to integrate advanced tracking systems will propel the industry landscape. In addition, favorable regulatory norms, mandates and subsidies toward deployment of solar panels will boost the business scenario.
Paradigm shift toward renewable power generation followed by growing installation of solar technologies will accelerate the business scenario. Ability of solar trackers to enhance total electricity production when compared to stationary counterparts will further positively influence the product demand. Moreover, significant decline in solar component manufacturing and installation cost will drive the industry growth.
Single axis solar tracker market is estimated to witness growth on account of high reliability index, longer product life cycle and low maintenance & installation cost. Rapid industrialization and urbanization across the region will significantly increase the energy demand which in turn will propel the industry outlook. Ability of these trackers to increase the electricity generated by 30% will boost the product demand.
Stringent government norms and mandates to curb GHG emissions followed by public and private investments toward renewable energy infrastructure will positively influence the business scenario. Increasing focus toward research and development by leading manufacturers to advance the tracking software, algorithms and mechanical movements will fuel the product portfolio. In addition, ongoing restructuring and replacement of static solar panels with advanced tracking systems will drive the industry outlook.
Utilities across the solar tracker market will witness an upsurge owing to increasing renewable targets along with declining PV system technologies cost. For instance, in the fourth quarter of 2019, India and China launched 40 extensive solar technology contracts including single axis solar trackers and advanced PV panels deployment. In addition, growing inclination toward solar based energy sources to cater to the increasing power demand across the manufacturing sectors will fuel the industry landscape.
India solar tracker market is anticipated to witness growth on account of increasing energy demand along with growing consumer awareness toward renewable power sources. Rapid industrialization and commercialization followed by increasing installation of solar based technologies will drive the product demand. Furthermore, favorable regulatory policies, incentives and tax rebates to integrate advanced software across the installed PV systems will complement the industry dynamics. However, the outbreak of corona virus may hinder the manufacturing and deployment of these systems across the region.
Inorganic strategic implications including mergers and partnerships among the leading players to provide advanced tracking devices have enhanced the product outlook. Eminent players operating across Asia Pacific solar tracker market includes NEXTracker, Abengoa Solar, Array Technologies, SunPower Corporation, ArcTech Solar, First Solar, SOLTEC, Trina Solar and Meca Solar.