The market for solar trackers was valued at US$ 19.94 billion in 2021 and is projected to reach US$ 64.6 billion by 2030, growing at a CAGR of 15.6% between 2022 and 2030 due to rising concerns about energy conservation and the rapid switch from non-renewable to renewable sources of energy.
Global Solar Tracker Market
The global solar tracker market is anticipated to grow significantly during the upcoming years on account of rising concern over energy conservation along with the surging transition from non-renewable energy to renewable energy. As the world moves towards a more sustainable future, the demand for renewable energy sources has increased significantly. Solar energy is one of the most popular renewable energy sources, and its use has been on the rise in recent years. One of the latest trends in the solar industry is the use of solar trackers. Solar trackers are devices that follow the sun's path and adjust the angle of the solar panels to optimize energy production.
According to precedence research, the global solar tracker market was valued at US$ 19.94 billion in 2021 and it is expected to hit US$ 64.6 billion by 2030, poised to grow at a CAGR of 15.6% from 2022 to 2030.
The report cites the growing demand for renewable energy sources and the need to increase the efficiency of solar panels as the major factors driving the growth of the solar tracker market. The rising integration of artificial intelligence in renewable energy owing to the increasing adoption of advanced technology is expected to propel the growth of the industry.
Types of Solar Trackers:
There are two types of solar trackers - single-axis and dual-axis trackers. Single-axis trackers move the solar panels from east to west, while dual-axis trackers move the solar panels in both directions, tracking the sun's movement from sunrise to sunset. Dual-axis trackers are more efficient and can generate up to 25% more energy than fixed solar panels. However, they are also more expensive and require more maintenance.
Solar trackers are mainly used in utility-scale solar power plants. These power plants are used to generate electricity on a large scale and supply it to the grid. Solar trackers are also used in residential and commercial buildings. However, they are more common in large-scale solar power plants due to their higher efficiency and cost-effectiveness.
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Benefits of Solar Trackers:
The use of solar trackers has several benefits. Firstly, they increase the efficiency of solar panels by up to 25%, as mentioned earlier. This means that solar power plants can generate more electricity using the same number of solar panels. Secondly, solar trackers can help reduce the cost of electricity production. This is because they can generate more electricity using the same amount of solar panels, reducing the cost per unit of electricity. Finally, solar trackers can help reduce the carbon footprint of solar power plants. This is because they generate more electricity using the same amount of solar panels, reducing the need for additional solar panels and associated manufacturing processes.
Increasing demand for renewable energy: The rising demand for clean energy sources such as solar energy drives the demand for solar trackers. Governments worldwide are implementing policies and incentives to promote the use of renewable energy sources, which is expected to boost the demand for solar trackers.
Cost reduction in solar power generation: The cost of solar power generation has been declining over the years, making it a more attractive option for consumers. Solar trackers can increase the efficiency of solar panels, resulting in a higher return on investment for customers.
Technological advancements: The development of advanced tracking systems that use sensors and control systems to optimize the performance of solar trackers is driving the growth of the market. The use of artificial intelligence and machine learning algorithms is also enhancing the efficiency of solar trackers.
Increasing installation of utility-scale solar power plants: The growth of the solar tracker market is closely linked to the development of utility-scale solar power plants. These large-scale solar projects require solar trackers to maximize energy output and reduce costs.
Growing demand for off-grid solar systems: The need for off-grid solar systems is increasing, especially in remote areas with limited access to grid electricity. Solar trackers can help optimize the performance of these systems, making them more reliable and cost-effective.
Impact of COVID-19 on the Global Solar Tracker Market
The outburst of the global pandemic has declined the growth of almost every industry. Stringent regulations imposed by the government of various economies declined the demand for energy. The market growth Both the global economy and the adoption of solar trackers for electricity generation—which was heavily reliant on China and India—were harmed by the health crisis brought on by the spread of COVID-19. Manufacturing facilities were forced to close down during the lockdown due to supply chain disruption and a shortage of raw materials, which has a negative effect on the market statistics for solar trackers for power production. The United States, which dominated the solar tracker market, also experienced a labor scarcity that hampered supply chains, and a national lockdown that slowed down industrial development. A significant delay in delivering the goods was also caused by the disruptions to transportation and logistics brought on by strict government regulations and a countrywide lockdown.
North America accounted for the largest revenue share
The biggest revenue share, over 25.0%, was accounted for by North America in 2021, and this pattern is anticipated to last until 2030. The Paris Agreement on Climate Change, which encouraged the use of renewable energy in the country's energy supply, and the growing emphasis on renewable energy are mainly responsible for the increase. Through several programs, the American government is also aiming to increase the use of solar power in the economy. The SunShot Initiative was started by the US Department of Energy in 2011 to bring solar energy costs down to parity with those of traditional energy sources by the year 2020. More than 350 initiatives, sponsored by the initiative, involve businesses, private universities, and national laboratories.
The forecast era is expected to see the highest growth in the Middle East and Africa. Due to the region's high solar potential and increased investment in solar projects, especially in the UAE and Saudi Arabia, the next ten years are expected to see significant growth in the region. Due to significant investments made by both domestic and international parties, Saudi Arabia retained the largest share in the Middle East and Africa in 2021. Due to the favorable climate, the nation also experienced substantial growth because of investments made by American solar companies.
Market Share Insights
Due to the increasing industrial demand for advanced technology for tracking reasons, businesses are concentrating on developing products based on advanced technology. For the purpose of extending their geographic reach and product offering, manufacturing companies are implementing a variety of organic and inorganic development strategies. Major solar tracker makers base their strategy framework on bagging orders for large purchases because it allows them to take advantage of economies of scale. Solar tracker research and development is a key differentiator for producers in this market. The following are a few well-known companies in the worldwide solar tracker market:
- Abengoa Solar S.A.
- AllEarth Renewables
- Array Technologies Inc.
- DEGERenergie GmbH & Co. KG
- Powerway Renewable Energy Co. Ltd.
- Soltec Tracker
- SunPower Corporation
- Titan Tracker
- Trina Solar Limited
The solar tracker market is expected to continue its rapid growth in the coming years, driven by the increasing demand for renewable energy sources and the need to increase the efficiency of solar panels. Solar trackers have several benefits, including increased efficiency, reduced cost of electricity production, and reduced carbon footprint. As the world moves towards a more sustainable future, the solar tracker market will play an important role in meeting the growing demand for clean energy.
Segments Covered in the Report
- Single Axis
- Polar Aligned
- Dual Axis
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
- Concentrated Photovoltaic (CPV)
- Active Solar Tracker
- Passive Solar Tracker
- Commercial & Industrial
- North America
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of the Middle East & Africa
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