APAC Solar Tracker Market size is predicted to cross USD 2.2 billion by 2026, according to a latest forecast report by Graphical Research.
The market will witness an upsurge on account of rising off-grid electricity demand coupled with increasing norms to minimize conventional based power generation. Favorable regulatory mandates, norms and subsidies toward installation of solar panels will propel the business scenario. Ongoing technological enhancement to integrate advanced software and algorithms across the solar PV devices will boost the industry landscape.
Ability of solar trackers to increase the electricity generation capacity when compare with stationary counterparts will positively stimulate the product demand. Growing inclination toward renewable power generation sources along with increasing public and private investments toward solar panel deployment will accelerate the business scenario. High reliability, longer product lifecycle in line with declining solar panels per unit cost are the prominent factors which will drive the product demand.
Stringent regulatory policies and norms to curb carbon emissions followed by growing consumer inclination toward renewable electricity infrastructure will complement the business scenario. Ongoing technological advancements to curb the power losses and to improve the tracking software and algorithms will propel the product demand. In addition, replacement of aging technologies with improved tracking systems will augment the industry outlook.
Residential solar tracker market is anticipated to witness growth on account of increasing off-grid electricity demand along with rising customer spending across the region. Growing consumer inclination toward deployment of solar PV devices along with favorable government schemes toward the adoption of renewable energy sources will complement the industry outlook. In addition, rapid urbanization followed by clean electricity infrastructure initiatives will propel the business scenario.
China solar tracker market will witness growth on account of smart city infrastructure initiatives followed by increasing solar PV tenders across the region. Growing consumer awareness toward sustainable power resources along with increasing government policies to improve the solar energy percentage in the national energy production mix will propel the industry outlook. Rapid commercialization and industrialization followed by increasing deployment of solar based technologies will positively stimulate the product demand. Although, impact of COVID-19 may influence the projected renewable targets till the first half of 2020. However, as the impact of the pandemic weakens the industry operations will be resumed.
Mergers and acquisitions among the leading manufacturers to offer advanced tracking devices have developed the industry scenario. Key players operational across the market consists of Abengoa Solar, NEXTracker, SunPower Corporation, First Solar, Array Technologies, SOLTEC, Meca Solar, ArcTech Solar and Trina Solar.