Solar Tracker Market

Solar Tracker Market Research, 2031

The global solar tracker market size was valued at $8.9 billion in 2021 and is projected to reach $16.0 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.

Covid-19 is negatively impacting the solar tracker for power generation market statistics. Additionally, a labor shortage caused supply chain issues in the United States, which was a dominating country in the solar tracker market, as well as a nation lockdown hampered industrial progress. However, it is anticipated that sales of solar trackers for power generation will increase in the coming years owing to supportive government policies and initiatives to fulfil expanding energy demand using renewable energy sources.

Solar trackers use a variety of electrical parts, such as actuators, motors, and sensors to position the solar cell for focusing the sun's radiation to maximize the amount of energy captured. Electricity is produced further from the solar energy that has been gathered which is used in various end user industry such as residential, commercial, utility and others.

Additionally, the increased emphasis on sustainable energy is fueling the expansion of the global market for solar trackers. A significant increase in the number of solar panel installations worldwide is one of the key factors that propels growth of the solar tracker market. Furthermore, the market for solar trackers is expanding as a result of adoption of helpful government laws that support numerous solar energy projects. Companies are focusing on producing advanced technology-based products as a result of rise in industrial demand for advanced equipment for tracking purposes. For instance, Soltec introduced SFOne solar tracker for high-power modules in June 2021. It is made to work with modules that have 78 and 72 cells, and it is self-powered by a module, which lowers operating costs.

However, it is also anticipated that adoption trends for solar tracking systems for power generation will be constrained by their complex design requirements, high maintenance costs, and minimal power. Initial huge investment required to install such devices are the primary constraints for the market growth. Lack of sufficient infrastructure discourages investments, which has a negative effect on major trends & opportunities in the solar tracker market. These factors are responsible for the decline in the solar tracker market growth

The solar tracker market forecast is segmented on the basis of technology, type, application, and region. On the basis of technology, the market is classified into concentrated PV tracker and photovoltaic. By type, it is categorized into single axis and double axis. On the basis of application, it is divided into residential, commercial, and utility. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global solar tracker market analysis profiles leading players that include Array Technologies, Inc., Convert Italia, Nextracker Inc., SunPower Corporation, Trina Solar, DEGERENERGIE GMBH & CO. KG, GameChange Solar, STI Norland, Ideematec, PV Hardware, MECASOLAR, Mechatron, OPTIMUM TRACKER, Powerway Renewable Energy Co. Ltd., and Schletter. The global solar tracker market industry provides in-depth competitive analysis as well as profiles of these major players.

By type,single-axis tracker segment holds the highest market share in 2021. This is attributed to Single-axis trackers becoming more and more common, primarily as they are less expensive and easier to construct than dual-axis trackers. Power capacity needs to be increased for both ongoing and future projects, which is a problem for energy corporations and governments. Installation of single-axis solar trackers can result in a 20–30% increase in capacity.

By technology, photovoltaic segment is the fastest growing segment and witnessed the highest CAGR during the forecast period. Owing to Photovoltaic technology tracker is simple to manufacture, has cost-effective installation and low maintenance costs, owing to which it is widely preferred across the globe. Photovoltaic trackers accept direct sun and can diffuse light that is absorbed by the sun. These functionalities increase the overall demand for photovoltaic technology based solar tracker market.

By application, utility segment is the fastest growing segment in 2021. This is attributed to Utilization of solar tracker in the utility sector has increased, owing to the fact that solar trackers help increase electricity production by around one-third, and by 40% in some regions depending upon sunlight, compared with modules at a fixed angle. Therefore, use of trackers help generate more energy and, in turn, more economic benefits to countries.

By region, asia-pacific is the fastest growing region during the forecast period.Owing to demand for the product is driven by rapid industrialization and commercialization, followed by rising solar technology installation. Furthermore, favorable regulatory policies, schemes, and tax subsidies to incorporate advanced software across the installed PV systems will enhance the market environment.

Impact of COVID-19 on the global solar tracker market

The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The adoption of solar tracker for electricity generation, which was strongly dependent on China and India, as well as the world economy both suffered from the health crisis brought on by the spread of COVID-19. Due to supply chain interruption and a lack of raw materials, manufacturing units were forced to shut down during the lockdown which is negatively impacting the solar tracker for power generation market statistics. Additionally, a labor shortage caused supply chain issues in the United States, which was a dominating country in the solar tracker market, as well as a nation lockdown hampered industrial progress. Further, the disruptions to transport and logistics affected due to strict government regulations as well as nationwide lockdown led to a significant pause in delivering the product, rising shipment cost and price of fuel, taxes, workforce, and disruptions to shipping facilities. However, it is anticipated that sales of solar trackers for power generation will increase in the next years due to elements including supportive government policies and initiatives to fulfil expanding energy demand using renewable energy sources.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the solar tracker market analysis from 2021 to 2031 to identify the prevailing solar tracker market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the solar tracker market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global solar tracker market trends, key players, market segments, application areas, and market growth strategies.

 Solar Tracker Market Report Highlights