Solar Tracker Market

Solar Tracker Market Size (2024-2029):

The Global Solar Tracker Market size is estimated at US$ 9.43 billion in 2023 and is projected to reach a valuation of US$ 26.84 billion by the end of 2029 and grow with a CAGR of 23.28% during the forecast period 2024-2029.

A solar tracker is a program that places an item at an angle relative to the Sun. The most popular devices for solar trackers are the placement of photovoltaic (PV) screens (solar panels) such that they stay upright to the Sun's rays and the positioning of space telescopes so that they can determine the direction of the Sun. PV solar trackers change the way the solar panel is facing, depending on the location of the Sun in the sky. While having the glass opposite to the Sun, more illumination falls on the solar panel, less light is reflected, and more heat is consumed. The power could be converted to electricity.

The massive increase in population over the last decade has had a direct influence on the amount of power consumed and generated. The capacity of each country's electricity generation has expanded at a healthy rate. Renewable energy sources that help minimize carbon emissions while still providing a cost-effective source of daily power are being considered the best feasible replacement for traditional power sources like coal and oil. Renewable energy sources currently account for roughly 29% of total global electricity generation. In the following years, it is predicted to rise significantly, boosting market growth.

The fundamental distinction between the two is that the quantity of time spent in direct sunlight increases. Furthermore, these systems tend to make better use of space, which is necessary for both fixed-tilt and moving systems. These features, together with the availability of single-axis and dual-axis trackers, give clients a variety of alternatives and are projected to fuel global market share during the forecast period.

Market Drivers: 

The increased environmental concerns made the power industry look for cleaner and greener energy sources, Solar power is one such sustainable resource, and the need for solar trackers to improve solar efficiency is the primary driving factor in the Solar Trackers market. The technological developments in the field, such as the development of single-axis solar trackers are another driving factor in the solar trackers market.

Market Restraints:

The lack of reliable infrastructure in the industry is one restraint that's impeding market growth.

The high capital cost is another factor that can restrain the solar tracker market. 

Market Recent Developments:

• Trina Solar has introduced the TrinaTracker Agile 1P Dual Row, a dual-row, one-in-portrait, single-axis tracker that works with modules ranging from 400 to 670 watts. After the Vanguard series debuted in December, the agile series joined the TrinaTracker family.

SOLAR TRACKER MARKET REPORT COVERAGE:

Market Segmentation: 

Solar Tracker Market - By Product:

• Single Axis
• Duel Axis

Based on product, the Global Solar Tracker market is segmented into Single-Axis and Dual Axis. Out of these, Single-Axis is both the largest and the fastest-growing segment that registered a market share of over 60% in 2021. The segment is expected to expand at a CAGR of 17.4 during the forecast period of 2022 - 2027 as the single-axis tracker can precisely track the Sun on one axis which in turn will improve the efficiency by 24%. With the ability, the output is also increased, but one has to watch out for the capital and maintenance cost of this tracker before opting for it

Solar Tracker Market - By Technology: 

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

Based on Technology, the Global Solar Tracker market is segmented into Concentrated PV, Solar Photovoltaic (PV), and Concentrated Solar Power. Out of these, the Solar PV segment holds the majority of the market share in 2021, with over 45%. Also, Concentrated PV is expected to be the fastest-growing segment, with a CAGR of over 16.3%, which can be attributed to the low cost coupled with the need for fewer materials.

Solar Tracker Market - By Application: 

• Utility
• Commercial
• Residential
• Others

Based on application, the market is divided into utility, commercial, residential, and others. Because solar grid integrations have grown prevalent in many countries, the utility segment is projected to lead the market. Fixed tilt is seen in freestanding systems and rooftop solar installations, obviating the need for trackers. According to the market analysis, the advent of DEG and VPP technologies, which function on the notion of decentralized power, is also predicted to draw investments in solar devices.

Market Regional Analysis:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

North America has a significant market share, and then this pattern is expected to be prevalent during the forecast period. Growth is predominantly due to the increasing focus on sustainable energy as well as the Paris Agreement on Global Warming (Climate Change), which suggested the use of clean energy sources in the country's energy production.

The United States government is working to expand the use of solar energy in the country via a number of programs. In 2011, the U.S. The Department of Energy (DOE) introduced its SunShot project with the aim of making the solar industry cost-effective with fossil fuel energy sites by decreasing costs to below USD/watt by 2021.

Impact of COVID-19 on the Global Solar Tracker Market:

The global health crisis brought on by the spread of COVID-19 had a detrimental influence on the global economy. The virus had a negative impact on the solar tracker business, which was mainly reliant on China and India. Due to supply chain disruptions and a lack of raw materials, several businesses were forced to close during the lockdown.

The viral outbreak sent the world economy into a tailspin. Various preventive measures were implemented in order to halt the spread of the disease. Lockdowns and restrictions have caused economies around the world to stutter, disrupting supply chains and postponing a number of solar projects. As a result of COVID-19, the solar industry faced a number of acute issues, including labor scarcity and a lack of tracker-making equipment. The market, on the other hand, is likely to rebound in the following years.

Market Key Players:

The key players of the Solar Tracker Market include:

1. NEXTracker Inc
2. PVHardware
3. Soltec Trackers
4. Convert Italia
5. Gonvarri Steel Services
6. Array Technologies Inc
7. Arctech Solar
8. Nclave renewable
9. STI Norland
10. GameChange Solar