Rise in the Adoption Rate of Renewable Energy Resources to Favor Significant Growth in Latin America
The global solar tracker market is geographically segmented into North America, Asia Pacific, the Middle East and Africa, Latin America, and Europe. Amongst these, North America accounts for the highest global solar tracker market share. The region is followed by Latin America and Asia Pacific. Fortune Business Insights predicts that Latin America will witness notable growth in solar tracker market. This is because there has been an increasing adoption of renewable source of energy in the countries, such as Mexico and Brazil. It has led to a rise in the demand for solar trackers. Solar energy has been dominating the market in Latin America and it is likely to remain the same throughout the forecast period. Moreover, the region had accounted for the highest demand for solar trackers in 2017, with approximately 3-3.5GW demand. The region has few upcoming expansion plans for the global solar tracker market. This will act as a fruitful opportunity for the usage of solar tracker in Latin America.
Mecasolar, Trina Solar, and Other Key Players Aim to Gain Competitive Advantage by Tactical Acquisitions and Investments
Mecasolar, a designer and manufacturer of innovative solar trackers, based in Spain, announced its agreement with Cobra Group, door-to-door selling and marketing company, headquartered in China, in April 2019. The agreement was signed with the aim to supply 186 MW of solar trackers for an upcoming photovoltaic project that will be built by the ACS subsidiary in Escatron, located in Zaragoza.
Trina Solar, a global leading provider for smart energy solution and PV module, based in China, announced in May 2018 that it has acquired NClave Renewables, a developer, producer, and installer of solar trackers, headquartered in Spain. This acquisition is one of the latest long-term investments that will boost the global solar trackers market growth. NClave Renewables will be able to present its solar products at the global market, including China.
NClave Renewables had been shipping their products in the Middle East and Africa and Latin America. But the company has its offices across the globe, in countries, such as Asia Pacific, Europe, North America, Australia, and South America. Previously, in January 2018, three Taiwanese solar cell manufacturing companies, namely, Neo Solar Power, Solartech, and Gintech, announced that they will be merging to form a new company named United Renewable Energy Co. For more than ten years, all the three companies have been involved in the production of solar module, silicon wafer, power grid, solar cell, and other similar solar energy chains.
Fortune Business Insights has profiled out some of the leading solar tracker companies, some of which are NClave, NEXTracker, Exosun, Soltec, SunPower, Sun Action Trackers, Array Technologies, PV Hardware, Arctech Solar, Scorpius Trackers, Convert Italia, Ideematec, Solar Steel, STI Norland, and other prominent market players.
The global solar tracker market is projected to gain impetus from the increasing demand for green energy across the globe. It is projected to reach more than 18.5 Bn by the end of 2026, exhibiting a CAGR of 11.09% in the forecast period. The report suggests that the governments of numerous countries have been creating awareness regarding the benefits and requirements of green energy in order to reduce the emission of carbon. This is anticipated to be one of the major drivers that is likely to increase the global solar tracker market sales. Also, small and big key market players have begun to invest huge sums of money in this industry. This will also put a positive impact on the global market.
