Market Size of South America Solar Tracker Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 20.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South America Solar Tracker Market Analysis
The South American solar tracker market is expected to register a CAGR of greater than 20% during the forecast period.
The market was moderately affected by the COVID-19 pandemic due to falling energy demand, which led to several projects being delayed. However, the market has rebounded strongly and is expected to grow steadily during the forecast period.
- Over the long term, rising demand for cheap, clean energy to achieve environmental targets and cater to the region's growing energy demands, combined with supportive government policies, is expected to drive the market during the forecast period.
- On the flip side, the growth of the residential and commercial segments in the South American solar PV market, which are almost exclusively rooftop-mounted systems with no trackers, is expected to restrain the market during the forecast period.
- Nevertheless, the commercialization of the usage of artificial intelligence and the Internet of Things to track the sun's movement and maximize power output is expected to be a significant growth opportunity for the market during the forecast period.
- Brazil is expected to be the largest market during the forecast period, with the majority of the demand coming from solar photovoltaic energy.
South America Solar Tracker Industry Segmentation
A solar tracker is a device that places an object around the sun at an angle. Positioning photovoltaic (PV) panels (solar panels) perpendicular to the sun's beams and placing space telescopes to identify the sun's direction are the two most frequent uses for solar trackers. PV solar trackers alter a solar panel's orientation based on the sun's position in the sky.
The South American solar tracker market is segmented by axis type and geography (Brazil, Chile, Argentina, and the rest of South America). By axis type, the market is segmented into single axis and dual axis. The report also covers the market size and forecasts for the South American solar tracker market across major countries. For each segment, market sizing and forecasts have been done based on revenue (in USD billion).
South America Solar Tracker Market Size Summary
The South American solar tracker market is poised for significant growth, driven by the increasing demand for affordable and clean energy solutions to meet environmental goals and the region's rising energy needs. The market, which experienced some setbacks due to the COVID-19 pandemic, has shown resilience and is expected to expand steadily. Government policies supporting renewable energy initiatives are further bolstering this growth. However, the predominance of rooftop-mounted solar systems in the residential and commercial sectors, which do not utilize trackers, poses a challenge to market expansion. Despite this, the integration of artificial intelligence and the Internet of Things in solar tracking systems presents a promising opportunity for market development. Brazil is anticipated to lead the market, primarily due to its robust solar photovoltaic energy demand.
Solar tracking systems, particularly single-axis trackers, are gaining traction due to their ability to enhance energy production significantly compared to conventional panels. These systems are favored for their cost-effectiveness and simpler design, making them a popular choice globally. The South American market is witnessing increased adoption of single-axis solar trackers, which offer substantial capacity boosts for solar projects. Brazil's solar PV market is rapidly expanding, supported by substantial investments in solar manufacturing and research and development, including solar trackers. This growth is reflected in significant contracts for solar trackers in Brazilian projects, underscoring the country's role as a key player in the region's solar tracker market. The market is characterized by a few major players, including Arctech Solar Holding Co. Ltd., MecaSolar, Ideematec Deutschland GmbH, Soltec Power Holdings SA, and Nextracker Inc., who are actively contributing to its development.
South America Solar Tracker Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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South America Solar Tracker Market Size FAQs
What is the current South America Solar Tracker Market size?
The South America Solar Tracker Market is projected to register a CAGR of greater than 20% during the forecast period (2024-2029)
Who are the key players in South America Solar Tracker Market?
Arctech Solar Holding Co. Ltd, Ideematec Deutschland GmbH, Nextracker Inc., Soltec Power Holdings SA and MecaSolar are the major companies operating in the South America Solar Tracker Market.
