Solar Tracker Market

Market Snapshot

Market Synopsis:

The Global Solar Tracker Market was valued at USD 5.9 Billion in 2021 and is expected to reach a value of USD 12.4 Billion by 2028. The Global Market is anticipated to expand by exhibiting a Compound Annual Growth Rate (CAGR) of 13.3% over the forecast period.

To position the solar cell for focusing the sunlight on maximizing the amount of energy captured, Solar Trackers use a variety of electrical components, including actuators, motors, and sensors. The solar radiations caught are then turned into electricity, used by different end-user segments. The popularity of solar energy as a viable source for commercial power has increased because of the falling cost of solar PV panels, which is anticipated to boost the market growth further. In the recent few years, one of the renewable energy sources with the quickest development has been solar PV technology. The Global Solar Tracker Market is anticipated to expand because of environmental degradation, rising fuel prices, and raising public awareness of clean energy sources. The reasons hindering the global market for Solar Trackers are anticipated high maintenance demand, increased cost compared to stationary competitors, and a complex system vs. fixed racking.

The market for Solar Trackers is expected to develop because of opportunities such as government efforts, a reduction in design complexity, and Solar Tracker research. The share of solar in the mix of renewable energy sources will rise because of rising investments in several utility-scale projects throughout developing countries, which is expected to stimulate market growth. Major corporations are now concentrating on extending their supply networks to meet the post-pandemic demand because, despite the pandemic crisis, global shipments have significantly increased.

Market Segmentation:

The Solar Tracker Market is segmented based on Technology, Type, Application, and Region. Based on the Technology, the market is further segmented into Solar Photovoltaic (PV), Concentrated Solar Power (CSP), and Concentrated Photovoltaic (CPV). Furthermore, based on the segment Type, the market is further segmented into Single Axis and Dual Axis. In addition, based on the Application segment, the market is segmented into Utility and Non-Utility.

Based on Technology:

Compared to the mirrors, lenses, and Fresnel collectors used on the Concentrated Solar Power (CSP) and Concentrated Photovoltaic (CPV) technology trackers, the use of Solar Trackers on Solar Photovoltaic (PV) modules is subject to fewer design restrictions. Over the predicted period, these attributes will promote developing Solar Trackers in PV technology. New technology in the solar sector is CPV. Due to its low production costs and minimal need for raw materials, CPV systems generate affordable solar energy. To create point, this technology concentrates a lot of sunlight onto a tiny surface of PV materials using optics, like lenses. Utilizing the sun's energy potential, concentrated solar power (CSP) can offer consumers worldwide dependable sustainable electricity even when the sun isn't shining.

Based on Application:

Solar Trackers are anticipated to be used more frequently in utility applications due to rising electricity costs and growing demand for renewable energy sources. Throughout the predicted period, this tendency is expected to persist. Since solar utility installations are ground mounted, and Single-Axis trackers may be used to follow the sun all day, they are the most popular solar tracking system in the utility industry. Due to growing government subsidies, feed-in tariff programs, and other factors, trackers are widely utilized in utility applications. The high cost of trackers is one of the primary constraints preventing their use in non-utility applications. Although installing Solar Trackers can be very expensive, it produces 25% to 30% more solar power than a fixed solar panel. Due to the impossibility of using trackers because of land restrictions, non-utility applications have a lower market share than utility applications.

Asia Pacific is forecast to expand at the highest CAGR during the prediction period

Due to rising off-grid electricity consumption and tightening regulations aimed at reducing conventional power generation, the Asia-pacific region will experience growth. The business environment will be boosted by favorable governmental regulations, standards, and subsidies for installing solar panels. In addition, the market landscape will improve because of ongoing technological advancements that combine cutting-edge software and algorithms across solar PV equipment.

Competitive Landscape:

The key players in the Global Solar Tracker Market include- AllEarth Renewables, DEGERenergie GmbH & Co. KG, Array Technologies Inc., Abengoa Solar S.A., SunPower Corporation, Trina Solar Limited, Nclave, Soltec Tracker, Titan Tracker, Powerway Renewable Energy Co. Ltd., Energia Ercam SL, Mecasolar España SL, First Solar Inc., Arctech Solar Holding Co. Ltd., Sun Action Trackers, NEXTracker Inc. and others.

Segmentation of the Global Solar Tracker Market: