India Solar Tracker Market Size (2024 - 2029)

The India Solar Tracker Market is poised for growth, driven by the increasing number of solar power projects and the emergence of multi-axis tracking systems. Despite challenges such as the high installation costs and competition from other renewable energy sources like wind and hydropower, the market's expansion is supported by the dominance of the Photovoltaic segment due to its cost-effectiveness and simplicity. The Indian government's ambitious renewable energy targets further enhance the market's potential, offering significant opportunities for stakeholders in the solar tracker sector.

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Market Size of India Solar Tracker Industry

India Solar Tracker Market Size
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 5.00 %
Market Concentration Medium

Major Players

India Solar Tracker Market Key Players

*Disclaimer: Major Players sorted in no particular order

India Solar Tracker Market Analysis

The India Solar Tracker Market is expected to grow at a CAGR of more than 5% during the forecast period of 2022-2027. The COVID-19 pandemic affected the market negatively as it caused delays and shelving of solar power projects where they are used and disruption in the manufacturing of solar trackers due to supply chain disruption globally due to the pandemic. In terms of growth of the market, increasing number of solar power projects in the country and emergence of multi-axis tracking systems are likely to drive the market. However, rapid adoption of alternative renewable energy sources such as wind power, hydropower, etc and high cost associated with installation of solar tracker systems may restrain the market.

  • The Photovoltaic segment is likely to dominate during the forecast period owing to larger number of upcoming projects as compared to concentrated solar power projects due to its lower cost and simplicity.
  • The Government of India has set an target to achieve 500 GW of energy through renewable sources. Solar energy being one of the cheapest source is likely to have a significant share and ultimately provide significant opportunities to the players involved in the solar tracker market in the country.
  • Increasing investment and upcomming alternative renewable energy power plants are likely to restrain the market during the forecast period.

India Solar Tracker Industry Segmentation

The India Solar Tracker Market report includes:

Type
Photovoltaic
Concentrated Solar Power
Movement
Single Axis
Dual Axis
Application
Residential
Commercial
Utility
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India Solar Tracker Market Size Summary

The India Solar Tracker Market is poised for growth, driven by an increasing number of solar power projects and the emergence of multi-axis tracking systems. Despite the initial setbacks caused by the COVID-19 pandemic, which disrupted manufacturing and delayed projects, the market is expected to expand as solar energy remains a cost-effective renewable source. The photovoltaic segment is anticipated to dominate due to its lower costs and simplicity compared to concentrated solar power projects. The Indian government's ambitious target of achieving significant renewable energy capacity, with solar energy playing a crucial role, presents substantial opportunities for market players. However, the rapid adoption of alternative renewable energy sources like wind and hydropower, along with the high installation costs of solar trackers, may pose challenges to market growth.

The solar tracker market in India is moderately consolidated, with key players such as NexTracker Inc., Tata Power Solar Systems Limited, and Arctech Solar Holding Co. Ltd. actively participating. Recent developments, such as Tata Power Solar Systems commissioning India's largest single-axis solar tracker system, highlight the sector's potential. The declining costs of solar modules and the versatility of photovoltaic systems for various applications further bolster the market's prospects. However, the development of other renewable energy projects, such as wind and hydropower, could impact the solar tracker market's growth trajectory. As India continues to expand its renewable energy infrastructure, the solar tracker market is expected to benefit from increased efficiency and capacity in solar power generation.

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India Solar Tracker Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introductio

    2. 1.2 Market Size and Demand Forecast in USD million, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 PESTLE Analysis

  2. 2. MARKET SEGMENTATION (QUALITATIVE ANALYSIS)

    1. 2.1 Type

      1. 2.1.1 Photovoltaic

      2. 2.1.2 Concentrated Solar Power

    2. 2.2 Movement

      1. 2.2.1 Single Axis

      2. 2.2.2 Dual Axis

    3. 2.3 Application

      1. 2.3.1 Residential

      2. 2.3.2 Commercial

      3. 2.3.3 Utility

India Solar Tracker Market Size FAQs

The India Solar Tracker Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

Asun Trackers Pvt. Ltd., Arctech Solar Holding Co. Ltd, PV Hardware Solutions SLU, Tata Power Solar Systems Limited and NexTracker Inc. are the major companies operating in the India Solar Tracker Market.

India Solar Tracker Market Report Snapshots

India Solar Tracker Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)