Market Size of India Solar Tracker Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
