(Latest Update) Solar Tracker Market Size to Worth Around US$ 64.6 Bn by 2030

Tokyo, May 09, 2022 — The global solar tracker market size was estimated at US$ 19.94 billion in 2021. The increasing emphasis on clean and green energy is propelling the worldwide solar tracker market forward. The worldwide solar tracker market is also expanding as people become more conscious of environmental issues. A large increase in the number of solar panel installations around the world is one of the main factors driving the growth of the solar tracker industry.

Furthermore, the solar tracker industry is expanding as a result of new government rules that encourage the development of various solar energy projects.Companies are focusing on developing advanced technology-based products as a result of the rising industry demand for sophisticated technology for tracking reasons. Manufacturing companies utilize a combination of organic and inorganic expansion strategies to expand their geographical reach and product portfolio.

Report Highlights

  • On the basis of product, single axis tracker segment holds the largest market share in the global solar tracker market. Single axis solar trackers take up more space than fixed panels since their movement might cast shadows on surrounding panels, reducing their efficiency.
  • On the basis of technology, solar photovoltaic (PV) segment holds the largest market share in the global solar tracker market. The increased use of solar photovoltaic (PV) in non-utility and utility applications will be aided by the growing cost of power due to the demand supply gap.
  • On the basis of application, utility segment holds the largest market share in the global solar tracker market. The usage of trackers in utility applications is likely to increase as electricity costs rise in relation with the demand for renewable energy sources.

Scope of the Report

Report Attributes Details
Market Size in 2021 USD 19.54 Billion
CAGR 15.6% from 2022 to 2030
Revenue Forecast by 2029 USD 56.69 Billion
Base Year 2021
Forecast Data 2022 to 2030
Companies Covered NEXTracker, Array Technologies, Soltec, Convert Italia, Arctech Solar, SunPower, Sun Action Trackers, STi Norland, Scorpius Trackers, Exosun

Regional Snapshot

North America is the largest segment for solar tracker market in terms of region.The U.S. is dominating the solar tracker market in the North America region. Partnerships, joint ventures, product launches, and collaboration are among the strategies used by market players. These techniques are assisting in the expansion of the regional market. For example, the US Department of Energy launched the SunShot Initiative in 2011 with the goal of making solar energy cost competitive with conventional energy sources by 2020 by cutting prices to less than 1 USD/watt. The initiative has provided money to more than 350 projects.

Europe region is the fastest growing region in the solar tracker market.The UK hold the highest market share in the Europe solar tracker market. The increased investment from government entities is credited with driving the expansion of the European solar tracker business. The expansion of the solar tracker market in Europe is being aided by technical improvements. In addition, the growing use of solar trackers to deploy solar panels is propelling the European solar tracker industry forward.

Market Dynamics

Drivers

Surge in demand for green energy

The growing trend of carbon emissions is driving the demand for green and clean energy. The UK government tactics to producearound half of its electricity from renewables by 2025, as per the rapid carbon analysis. In addition, the growing investments in green energy projects is boosting the market growth. As a result, the surge in demand for green energy is propelling the growth of global solar tracker market.

Restraints

High capital investments

The installation of solar tracker requires high cost of investments. The cost of labor and space is adding to the cost of implementation of solar tracker. The preliminary large capital investments essential to install these devices are the prime limitation for the global solar tracker market.

Opportunities

Growing demand for renewable sources

The renewable energy sources currently account for roughly 29% of total global electricity generation. In the following years, it is predicted to rise significantly, boosting the market. For example, worldwide solar energy installed capacity was 217.34 GW in 2015, rising to 578.55 GW in just four years. Thus, growing demand for renewable sources is creating opportunities for the growth of global solar tracker market.

 

Lack of infrastructure

The lack of awareness of the profits of fixed tilt installations over solar tracker installations has hindered expansion in regions such as Europe and Asia-Pacific. In addition, the lack of resources is also hindering the market growth. As a result, lack of infrastructure is a major challenge for the expansion of global solar tracker market.

Recent Developments

  • The TrinaTracker Agile 1P Dual Row, a dual row, one in portrait, single axis tracker compatible with 400 W to 670 W modules, was released in April 2021 by Trina Solar. Following the introduction of the Vanguard series in December, the Agile series is the newest addition to the TrinaTracker family.
  • STI Control debuted its new system, STI Control, in September 2021. This technology gives you complete control over solar tracking system, allowing to generate more power. Tracker smart controller, system network controller, and intelligent weather controller are three components included.

Market Segmentation

By Product

  • Single Axis
    • Horizontal
    • Vertical
    • Polar Aligned
    • Titled
  • Dual Axis
    • Tip-Tilt
    • Azimuth-Altitude

By Technology

  • Solar Photovoltaic (PV)
  • Concentrated Solar Power (CSP)
  • Concentrated Photovoltaic (CPV)

By Type

  • Active Solar Tracker
  • Passive Solar Tracker

By Application

  • Utility
  • Residential
  • Commercial & Industrial

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

 

Source: GLOBE NEWSWIRE

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