India Solar Tracker Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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.

Key Highlights

• 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.

Key Market Trends

Photovoltaic Segment to Dominate

• The solar PV segment is expected to have the largest market share during the forecast period, owing to declining costs of solar modules and the versatility of these systems for various applications, like electricity generation and water heating. Furthermore, the PV systems are significantly cheaper and less complicated than concentrated solar power systems.
• According to the International Renewable Energy Agency (IRENA), the installed solar PV capacity in India was around 38.98 GW in 2020, up from 34.86 GW in 2019, recording a growth of around 11% during the year. The growth resulted from huge deployments of solar PV installations in India, particularly for utility projects. The Government of India has more plans to increase the solar PV installed capacity.
• The solar tracker systems are being rapidly adopted in such systems to increase their overall efficiency by capturing maximum sunlight throughout the day by moving the solar panels in line with the sun.
• In April 2022, Tata Solar Power System commissioned, India's largest single axis tracker system equipped 300 MW Dholera solar power plant in Gujarat. The project will generate 774 MUs annually.
• Thus, taking above mentioned points into consideration, the photovoltaic segment is likely to dominate during the forecast period.

Alternative Renewable Energy Sources to Restrain the Market

• Indian Government has set a target to achieve about 500 GW of energy through renewable sources by the year 2030. To achieve this target a variety of renewable energy sources will be developed such as wind, hydropower, bio-energy, etc. other than solar power which will negatively affect the growth solar tracker market in the country.
• In April 2022, Indian Government approved the investment of INR 4,526.12 crore for the Kwar Hydro electric power project located on the Chenab River in Kishatwar, Jammu & Kashmir. This project is one the atleast four to come up in the region in the coming years.
• In February 2022, Tata Power and German electricity generating company RWE have agreed on a partnership to explore the potential for joint development of offshore wind projects in India. India currently has no working offshore wind energy plant. However, it is expected that collaborations like these will be able to develop this segment.
• In 2021, Ayana Renewable Power Six has awarded a contract to Siemens Gamesa to deliver 3.X turbines for a 300MW wind farm project in the Indian state of Karnataka. Under the agreement, Siemens Gamesa is expected to supply and install 84 units of the SG 3.6-145 wind turbines for the project.
• Furthermore renewable energy projects are underway, other than solar energy, which would significantly impact the solar tracker market in India during the forecast period.

Competitive Landscape

The India Solar Tracker Market is moderately consolidated. Some of the major players active in the market are NexTracker Inc., Tata Power Solar Systems Limited, Asun Trackers Pvt. Ltd., PV Hardware Solutions SLU, Arctech Solar Holding Co. Ltd,

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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