Market Size of Europe Single-axis Solar Tracker Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 8.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Single-axis Solar Tracker Market Analysis
The European single-axis solar tracker market is expected to register a CAGR of over 8% during the forecast period.
The market was negatively impacted by the COVID-19 pandemic in 2020. Presently, the market has reached pre-pandemic levels.
- Over the medium term, the growing demand for solar power is expected to stimulate market growth. Furthermore, increasing investments and ambitious solar energy targets are expected to drive the market's growth.
- On the other hand, technical drawbacks of string inverters are expected to hamper the growth of Europe's single-axis solar tracker market during the forecast period.
- Nevertheless, product innovation and adoption of the latest technologies in single-axis solar trackers will likely create lucrative growth opportunities for the European single-axis solar tracker market during the forecast period.
- Germany dominates the market and is likely to witness the highest CAGR during the forecast period. This growth is attributed to increasing investments and supportive government policies.
Europe Single-axis Solar Tracker Industry Segmentation
A single-axis solar tracker is a device that positions the panel in the direction of sunlight to draw the maximum energy possible. As the name suggests, the tracker helps the solar panels flex on the axis and change their angle with the sun's direction. The single-axis solar tracking system allows the panels to move from east to west and improve energy production. The European single-axis solar tracker market is segmented by geography into the United Kingdom, Norway, Netherlands, Germany, and the Rest of Europe. For each segment, the market sizing and forecasts have been done based on value (USD billion).
Europe Single-axis Solar Tracker Market Size Summary
The European single-axis solar tracker market is poised for significant growth, driven by the increasing demand for solar power and substantial investments in renewable energy. The market has rebounded to pre-pandemic levels and is expected to continue expanding due to ambitious solar energy targets across the region. Germany stands out as a dominant player, benefiting from supportive government policies and substantial investments in solar infrastructure. Despite some technical challenges associated with string inverters, innovations in single-axis solar tracker technology are anticipated to create lucrative opportunities for market expansion. The market landscape is moderately fragmented, with key players like Soltec Power Holdings, MecaSolar, Ideematec Deutschland, Nextracker, and Array Technologies actively contributing to the sector's growth.
The European solar industry has seen remarkable developments, with a significant increase in solar photovoltaic capacity connected to the grid. Germany leads the EU in cumulative solar PV capacity and is set to further enhance its solar power infrastructure, aiming for a substantial increase in capacity by 2030. The country's strategic initiatives, such as the 'Solarcity Master Plan' in Berlin and ambitious clean energy targets, underscore its commitment to expanding solar energy. Other European nations are also setting ambitious renewable energy goals, contributing to the anticipated growth in solar PV and, consequently, the demand for single-axis solar trackers. This trend is expected to continue, supported by ongoing projects and policy frameworks aimed at boosting renewable energy adoption across the continent.
Europe Single-axis Solar Tracker Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Market Size and Demand Forecast in USD billion, till 2027
-
1.3 Recent Trends and Developments
-
1.4 Government Policies and Regulations
-
1.5 Market Dynamics
-
1.5.1 Drivers
-
1.5.2 Restraints
-
-
1.6 Supply Chain Analysis
-
1.7 Porter's Five Forces Analysis
-
1.7.1 Bargaining Power of Suppliers
-
1.7.2 Bargaining Power of Consumers
-
1.7.3 Threat of New Entrants
-
1.7.4 Threat of Substitute Products and Services
-
1.7.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION - BY GEOGRAPHY
Europe Single-axis Solar Tracker Market Size FAQs
What is the current Europe Single-axis Solar Tracker Market size?
The Europe Single-axis Solar Tracker Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Europe Single-axis Solar Tracker Market?
Soltec Power Holdings SA , Ideematec Deutschland GmbH , Nextracker Inc., MecaSolar and Array Technologies Inc. are the major companies operating in the Europe Single-axis Solar Tracker Market.
