The increasing emphasis on clean and green energy is propelling the global solar tracker market forward. The global solar tracker market size was estimated at USD 22.72 billion in 2022.
- 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.
Precedence Research predicts, the global solar tracker market is anticipated to reach around USD 64.6 billion by 2030 and growing at a CAGR of 15.6% from 2022 to 2030.
Rising Adoption for Renewable Energy Sources to Propel Market Growth
The solar tracker demand is expected to rise during the forecast period due to rising green energy targets and increasing investment in the solar energy sector. Also, integrating software technologies such as artificial intelligence and control algorithms with renewable energy are expected to boost the market. Furthermore, increasing renewable power generation source adoption is anticipated to fuel the market growth during the forecast period.
Restricted Import/Export Activities Amid Pandemic to Hamper Market Growth
The outbreak of COVID-19 pandemic has affected various industries, including the energy and power sectors. The product demand declined during the lockdown due to several restrictions imposed by governments. Transportation and manufacturing operations were halted to restrict the virus spread, which affected the productivity and profitability of key market players. Stringent restrictions were applied on import/export activities to curb the virus spread, which, in turn, affected the solar tracker market growth.
Why North America region dominated the market?
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.
Why Europe region is growing faster?
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.
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.
Key Industry Development:
January 2022: PVHardware supplied 387 MWp of its Monoline 2V bifacial in the South Jeddah Noor PV project, located in the province of Saudi Arabia. With such continuous major projects at a large track record, PVH has surpassed 3GW contracted across the country.
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