Global Solar Tracker Market Growth or Demand Increase for what contain:
A solar tracker is a device that helps a solar panel or solar reflector towards the sun to harness more sunlight. Regardless of the weather, the trackers are fixed to the solar panels so they can change positions about the sun. By doing this, the solar panels' overall efficiency is increased and the solar modules are positioned correctly to capture the most solar energy. Active, passive, single-axis and dual-axis trackers are a few of the frequently used variations, depending on the design and tracking mechanism. They have several benefits, including the production of extra energy, binary format availability, and low space requirements. Furthermore, solar trackers use a variety of electrical components, such as actuators, motors, and sensors, to position the solar cell so that the sun's radiation is focused to capture the most energy. The collected solar energy is further converted into electricity, which is used in a variety of end-user industries, including utility, commercial, and residential. Moreover, one of the primary drivers of market growth is a significant increase in the number of solar panel installations around the world. Additionally, the market is growing due to the adoption of supportive government policies that encourage different solar energy projects.
Global Solar Tracker Market CAGR Estimation:
Global Solar Tracker Market size was valued at USD 15.85 billion in 2023 and is expected to reach USD 54.20 Bn by 2030, at a CAGR of 19.2 %.
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Global Solar Tracker Market Segmentation:
by Type
Single Axis
Dual Axis
Dual axis trackers are substantially more expensive than single-axis trackers, depending on the drive type. Dual-axis trackers have larger land needs and higher operating and maintenance expenses since they require more sophisticated technology and high-maintenance motors and control systems. The widespread use of dual-axis trackers is seriously hampered by these issues. Compared to a fixed tilt installation, a dual-axis tracker can increase the total cost of your PV plant by up to 50%. Dual-axis trackers are not attractive for most types of installations because two-axis trackers offer yield gains of 30–40%, meaning the cost is more than the yields. Since dual-axis trackers' poles may be high enough for crops, they are usually used on highly specialized installations like farms for dual land use.
by Application
Residential
Commercial
Utility
Throughout the Solar Tracker Market forecast period, the Utility category is anticipated to expand at the fastest rate of growth (CAGR). The need for renewable energy sources and rising power prices will probably lead to a rise in the use of solar trackers in utility applications. For the duration of the projection, this trend is anticipated to persist. Utility solar systems are installed on the ground, thus single-axis trackers can be used to follow the sun all day long. Because of feed-in tariff programs and growing government subsidies, trackers are being used widely in utility applications, particularly in North America and Europe.
by Technology
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
Concentrated Photovoltaic (CPV)
Global Solar Tracker Market Overview:
The global solar tracker market size was valued at USD 4.41 billion in 2022, expanding at a compound annual growth rate (CAGR) of 26.2% from 2023 to 2030. Rising concerns over energy conservation and transition from non-renewable energy to renewable energy is expected to surge demand for solar energy and eventually solar trackers over the forecast period on a global level. Solar tracker utilizes various electrical components including actuators, motors, and sensors to orient the solar cell for concentrating the sunlight in order to maximize the energy captured. The captured solar radiations are further converted into electricity which is utilized by various end-user segments. Rising use of solar power as a potential source of commercial energy generation has gained popularity due to decreasing solar PV panel cost which is excepted to further augment solar tracker market growth.
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Global Solar Tracker Market Growth or Demand in which regions:
North America accounts for the major market share in the global market and this trend is expected to continue till 2030. The growth is primarily attributed to rising emphasis on renewable energy and the Paris Agreement on Climate Change that has recommended the usage of renewable energy in the nation’s energy supply.
Global Solar Tracker Market Scope and Methodology:
Solar trackers play a pivotal role in maximizing solar panel efficiency by dynamically adjusting their position to track the sun's movement throughout the day. This capability not only boosts energy output but also improves the economic viability of solar installations across diverse geographical regions.
Key factors driving market growth include:
Technological Advancements: Ongoing innovations in tracking algorithms and sensor technologies are improving tracker precision and reliability.Cost Efficiency: Reductions in solar tracker costs coupled with favorable government policies promoting renewable energy adoption are expanding market opportunities.Environmental Sustainability: Growing emphasis on reducing carbon footprints and increasing sustainability initiatives are propelling the demand for solar energy solutions.
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Global Solar Tracker Market Key Players:
1. Array Technologies, Inc. (U.S.)
2. NEXTracker (U.S.)
3. Array Technologies (U.S.)
4. Trina Solar (China)
5. SunPower Corporation (U.S.)
6. ArcelorMittal Projects (Luxemburg)
7. Soltec (Spain)
8. Convert Italia (Italy)
9. PV Hardware (Spain)
10. Arctech Solar (U.S.)
11. Solar Steel (Spain)
12. Ideematec (Germany)
13. Scorpius Trackers (India)
14. Sun Action Trackers (U.S.)
15. DEGERENERGIE GMBH & CO. KG (Germany)
16. GameChange Solar (New York)
17. STI Norland (Spain)
18. MECASOLAR (Spain)
19. Mechatron (India)
20. OPTIMUM TRACKER (France)
21. Powerway Renewable Energy Co. Ltd. (China)
22. Schletter (Germany)
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Key questions answered in the Global Solar Tracker Market are:
• What is Global Solar Tracker Market ?
• What is the growth rate of the Global Solar Tracker Market?
• Which are the factors expected to drive the Global Solar Tracker market growth?
• What are the different segments of the Global Solar Tracker Market?
• What growth strategies are the players considering to increase their presence in Global Solar Tracker?
• What are the upcoming industry applications and trends for the Global Solar Tracker Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Global Solar Tracker Market?
• What major challenges could the Global Solar Tracker Market face in the future?
• What segments are covered in the Global Solar Tracker Market?
• Who are the leading companies and what are their portfolios in Global Solar Tracker Market?
• What segments are covered in the Global Solar Tracker Market?
• Who are the key players in the Global Solar Tracker market?
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