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IC20115910 |
Pages: 284 |
Sep 2023 |
Solar Tracker Overview
Solar trackers are units that direct photo voltaic panels or photovoltaic modules to maximize their exposure to sunlight throughout the day. This dynamic positioning allows solar panels to capture extra photo voltaic strength and increase their normal efficiency. The market for photo voltaic trackers has been driven by various factors. Firstly, the increasing demand for renewable electricity and the need to maximize solar electricity generation have propelled the adoption of solar trackers. These gadgets allow photo voltaic panels to align to the sun's movement, optimizing the absorption of daylight and generating greater electricity. Secondly, advancements in photo voltaic tracker technology, such as the use of dual-axis and single-axis trackers, have increased their overall performance and efficiency. These advancements have made photo voltaic trackers more reliable, accurate, and cost-effective, in addition driving their adoption.
Global Solar Tracker Market Analysis
The global solar tracker market size was $7,044.10 million in 2022 and is predicted to grow at a CAGR of 13.7%, by generating a revenue of $23,810.16 million by 2032.
COVID-19 Impact on Global Solar Tracker Market
The COVID-19 pandemic impacted the global solar tracker market inflicting disruptions and creating challenges in its growth. The pandemic led to brief shutdowns of manufacturing facilities, disruptions in the global supply chains, and a slowdown in construction activities, affecting the installation of solar tracker systems. Travel restrictions and social distancing measures also resulted in delays in undertaking on-site installations. Moreover, the financial uncertainty brought about by the pandemic led to a decline in investments and financing for renewable power projects, including solar trackers. However, despite the challenges, the COVID-19 pandemic highlighted the significance of renewable energy and the need for sustainable solutions.
Furthermore, as economies get better and countries focus on renewable energy transitions as part of their financial stimulus packages, the solar tracker market is anticipated to regain momentum. The rising demand for renewable energy, favorable government policies, and ongoing technological developments in solar tracker technology are predicted to boost the growth of the global solar tracker market in the post-pandemic era.
Increasing Demand for Solar Energy to Drive the Market Growth
The growing demand for solar power is anticipated to be a tremendous driver for the growth of the solar tracker market. As the world shifts towards clean and sustainable energy sources, solar power has emerged as a leading contender due to its abundant availability and environmental benefits. Solar trackers play a fundamental role in maximizing the effectiveness and output of solar power systems. By dynamically aligning solar panels with the sun's trajectory, solar trackers optimize the absorption of sunlight in the course of the day, resulting in higher power generation. This enhanced effectiveness and productivity make solar trackers an indispensable component for utility-scale solar projects, wherein maximizing power output is of utmost importance.
High Initial Cost to Restrain Market Growth
One of the key factors that can restrain the growth of the solar tracker market is the excessive preliminary cost related to these systems. Solar trackers require extra components, such as motors, gears, and sensors, which contribute to higher upfront costs in contrast to fixed-tilt solar systems. The elevated complexity and material requirements of photo voltaic trackers translate into greater set up costs, making them highly expensive for some consumers and project developers. The initial investment required for solar tracker installations can be a considerable barrier, especially for smaller-scale solar projects or those with confined economic resources. This financial constraint may deter some people or corporations from adopting solar trackers.
Advancements in Technology to Drive Excellent Opportunities
As the renewable energy industry continues to evolve, revolutionary technologies are being developed to enhance the overall performance and effectiveness of photo voltaic trackers. One good sized technological development is the use of advanced control systems and sensors in solar trackers. These systems enable unique tracking of the sun's movement and optimize the positioning of solar panels, maximizing the absorption of sunlight and growing energy generation. Improved monitoring algorithms enhance the accuracy and responsiveness of solar trackers, ensuring they adapt rapidly to altering weather prerequisites and solar angles.
Global Solar Tracker Market Share, by Technology, 2022
The Photovoltaic (PV) technology sub-segment accounted for the highest market share in 2022. Compatibility of PV cells with preferred photovoltaic modules technologies is the primary cause for the highest market share of PV technology. The rising price of electricity owing to supply-demand mismatch will in addition augment the use of solar PV in utility and non-utility applications. The use of solar trackers on PV modules requires much less design regulations in contrast to mirrors, lenses, and Fresnel collectors on the CSP and CPV science trackers. These facets will force the growth of PV solar trackers over the forecast period.
Global Solar Tracker Market Share, by Type, 2022
The dual axis tracker sub-segment accounted for the largest market share in 2022. Dual axis trackers enable high absorption of the sun’s rays on account of their potential to follow the sun both horizontally and vertically. Dual axis trackers help in generating 8% to 10% extra strength than single axis trackers. Higher land necessities and greater complex technology coupled with greater requirement for motors and control systems have helped in the growth of this sub-segment.
Global Solar Tracker Market Share, by Application, 2022
The utility sub-segment accounted for the largest market share in 2022. Increasing electrical energy prices coupled with rising demand for renewable sources for power generation is predicted to increase the use of solar trackers in utility applications. This trend is projected to continue during the forecast period. The most extensively used solar trackers in utility zone is the single axis tracking device as utility solar installations are ground mounted, and single axis trackers can be used to observe the sun at some stage in daytime hours. Trackers are being used on a large-scale in utility functions in light of increasing government subsides coupled with feed-in tariff schemes specifically in North American and European region.
Global Solar Tracker Market Share, by Region, 2022
The North America solar tracker market accounted for the highest market share in 2022 and is expected to continue on this growth trajectory in the forecast period. The increase is primarily attributed to rising emphasis on renewable energy and the Paris Agreement on Climate Change that has recommended the utilization of renewable energy in the nation’s power supply. The government in the U.S. is also concentrated on increasing the utilization of solar power ithrough a number of initiatives. In the December 2011, DOE (U.S. Department of Energy) launched the SunShot Initiative with an intention to make the solar enterprise cost-competitive with conventional energy sources via reducing prices to less than 1 USD/watt via 2020. The initiative has sponsored more than 350 initiatives which includes companies, private, universities, and country wide laboratories.
Competitive Scenario in the Global Solar Tracker Market
The world solar tracker market is characterized by adynamic landscape, with numerous key players vying for market share. The market is driven by various factors such as technological advancements, product performance, cost-effectiveness, and customer support. Some of the prominent companies running in the global solar tracker market encompass Abengoa Solar S.A., AllEarth Renewables, Array Technologies Inc., DEGERenergie GmbH & Co. KG., Nclave, Powerway Renewable Energy Co. Ltd., Soltec Tracker, SunPower Corporation, Titan Tracker, and Trina Solar Limited amongst others. These companies are constantly investing in research and development to enhance the effectiveness and reliability of their solar tracker systems.
| Aspect | Particulars |
| Historical Market Estimations | 2021 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Technology |
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| Segmentation by Type |
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| Segmentation by Application |
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| Key Companies Profiled |
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