Solar Tracker Market Growth Opportunities and Forecast till 2030
The Global Solar Tracker Market Size valued for USD 3.8 Billion in 2021 and is anticipated to reach USD 28.9 Billion by 2030 with a CAGR of 25.4% from 2022 to 2030.
A solar tracker is a tool that enables photovoltaic solar panels to track the sun's motion and receive the most sunlight possible throughout the day. Solar trackers can boost a solar panel system's energy production by up to 30–40% compared to stationary solar panels by monitoring the sun. Solar trackers function by employing sensors to determine the location and orientation of the sun, after which the solar panels are moved into position. Solar trackers can be divided into two categories: single-axis and dual-axis. Solar panels are moved along one axis by single-axis trackers, often from east to west, to monitor the sun's daily motion across the sky. Solar panels are moved by dual-axis trackers along both vertical and horizontal axes, in accordance with the sun's daily and seasonal movements.
Solar trackers are in high demand because they offer various advantages over stationary solar panels. First of all, solar trackers increase the energy production of a solar panel system, resulting in larger energy yields and a quicker return on investment. Second, since fewer solar panels are required to produce the same quantity of energy, solar trackers can assist lower the land footprint of a solar power plant. The capacity factor of a solar panel system, which is the proportion of actual energy output to maximum output, can be increased with solar trackers to assist lower the levelized cost of energy (LCOE).
Solar Tracker Market
Solar Tracker Market Size in 2021
US$ 3.8 Billion
Solar Tracker Market Forecast By 2030
US$ 28.9 Billion
Solar Tracker Market CAGR During 2022 – 2030
Solar Tracker Market Analysis Period
2018 - 2030
Solar Tracker Market Base Year
Solar Tracker Market Forecast Data
2022 - 2030
By Type, By Application, and By Region
Solar Tracker Market Regional Scope
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled
AllEarth Renewables, Abengoa Solar S.A., Array Technologies Inc., Nclave, DEGERenergie GmbH & Co. KG, Titan Tracker, Powerway Renewable Energy Co. Ltd., SunPower Corporation, Soltec Tracker, and Trina Solar Limited.
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Solar Tracker Market Dynamics
Growing demand for renewable energy sources, falling solar panel prices, and developments in solar tracking technology have all contributed to the market expansion of solar trackers worldwide in recent years. Because they can increase the productivity and profitability of solar panel installations, solar trackers are growing in popularity. Solar trackers can increase the energy production of solar panels by up to 40% when compared to stationary solar panels by tracking the course of the sun.
The increasing use of solar energy in both residential and commercial applications is another factor fueling the market for solar trackers. Governments and companies all around the world are recognizing the economic and environmental advantages of solar energy and are making significant investments in the industry. Additionally, the demand for renewable energy sources, such as solar energy, is being driven by the rising concerns about climate change and the need to reduce carbon emissions.
In addition, the market for solar trackers is seeing technological and design advancements that are enhancing the efficiency and efficacy of solar trackers. In order to increase the energy production of solar panels, manufacturers are creating dual-axis trackers that can follow the sun's movement both horizontally and vertically. The effectiveness and dependability of solar tracking systems can be increased by the inclusion of wireless communication and control functions in some modern solar tracker systems.
The market nevertheless confronts significant difficulties, despite the rising demand for solar trackers. The high initial cost of solar tracker installations is one of the major obstacles. Some consumers may find it difficult to purchase a solar tracker system since they are more expensive than fixed solar panel systems, especially for residential installations. Solar trackers also need additional
Solar Tracker Market Insight
The solar tracker market is divided into type, application, and geographic markets. By type, the industry is split into dual axis and single axis. The majority of solar tracker installations employ single-axis trackers, which are the most often used variety. They offer large energy gains compared to fixed solar panels and are appropriate for installations in places with a high percentage of direct sunlight. Single-axis trackers are often less expensive than dual-axis trackers, and because of their straightforward construction, they are also simpler to install and maintain.
Dual-axis trackers provide more accurate tracking of the sun's motion and produce more energy than single-axis trackers. They are perfect for installations where it is important to track the position of the sun in various dimensions but there is less direct sunlight. When compared to fixed solar panels, dual-axis trackers can increase the energy production of solar panels by up to 45%. However, dual-axis trackers are generally more expensive and complex to install and maintain than single-axis trackers.
The application segment is sub-segmented into utility and non-utility.
Large-scale solar power plants that produce electricity for utilities and distribution businesses are included in the utility section. Utility-scale solar trackers are made to maximize energy production and lower the levelized cost of electricity (LCOE). Utility-scale solar projects have become more cost-competitive due to the rising demand for renewable energy and the falling price of solar panels, which has expanded the use of solar trackers in this market.
Solar trackers are used in residential, commercial, and industrial settings under the non-utility market. Non-utility solar trackers are often smaller and used for localized power generation, such as rooftop solar installations, off-grid power systems, and hybrid systems. Solar trackers are becoming more and more popular in the non-utility sector due to rising demand for renewable energy sources as well as goals of cost reduction and energy independence.
Global Solar Tracker Market Geographical Competition
North America is a key market for solar trackers, driven by rising government support for renewable energy, falling solar panel costs, and the presence of major solar tracker manufacturers. With the bulk of installations, the United States is the largest market for solar trackers in the area. The likes of Nextracker, Array Technologies, and SunPower Corporation are significant players on the North American market.
Another significant market for solar trackers is Europe, which is primarily driven by the region's expanding adoption of solar energy, government subsidies, and rising need for energy independence. Large-scale solar arrays are being built in nations like Spain, Italy, and Germany, which are leading the market. Soltec, Exosun, and STi Norland are significant market players in Europe.
Due to the region's rising energy needs, falling solar panel prices, and government backing for renewable energy sources, Asia Pacific is the world's largest market for solar trackers. The biggest markets for solar trackers in the region are China and India, where a number of domestic and foreign businesses are fighting for customers.
Global Solar Tracker Industry Segment Analysis
Market By Type
· Dual Axis
· Single Axis
Market By Application
Solar Tracker Market Leading Companies
The players profiled in the report are AllEarth Renewables, Abengoa Solar S.A., Array Technologies Inc., Nclave, DEGERenergie GmbH & Co. KG, Titan Tracker, Powerway Renewable Energy Co. Ltd., SunPower Corporation, Soltec Tracker, and Trina Solar Limited.
Solar Tracker Market Regions
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa