Global Solar Tracker Market Extends at a Healthy CAGR of 20.13% by 2030    

Introduction

A solar tracker is a system that positions an object relative to the sun at an angle. The most prevalent solar tracking system involves positioning photovoltaic (PV) panels perpendicular to the sun's rays and using space telescopes to determine the sun's position. A PV solar tracking system adjusts the orientation of a solar panel based on the sun's position in the sky. By keeping the panel perpendicular to the sun, the solar panel receives more sunlight, less light is reflected, and more solar energy is absorbed. This energy can be converted to electricity.

Market Dynamics

The Need For Energy Conservation Is Driving The Market

Globally, rising concerns about energy conservation and the transition from nonrenewable to renewable energy are anticipated to increase demand for solar energy and, eventually, solar trackers during the forecast period. A solar tracker employs a number of electrical components, such as actuators, motors, and sensors, to orient the solar cell in order to maximise the energy captured by concentrating the sun's rays. The captured solar radiations are converted into electricity, which is then utilised by a range of end-user segments. The rising use of solar power as a potential source of commercial energy generation has gained popularity as a result of the declining price of solar PV panels, which is anticipated to further stimulate market expansion.

Initiatives For Green Energy Are Driving The Market

Demand for green and clean energy is being driven by the rising trend of carbon emissions. According to the rapid carbon analysis, the British government intends to generate roughly half of its electricity from renewable sources by 2025. In addition, increasing investments in green energy projects contribute to the expansion of the market. Consequently, the rising demand for renewable energy is driving the expansion of the global solar tracker market.

The expansion of the solar tracker industry is a result of new government regulations that encourage the development of various solar energy projects. Due to the growing industry demand for sophisticated technology for tracking purposes, businesses are concentrating on developing products based on advanced technology. To expand their geographical reach and product offerings, manufacturing companies employ a combination of organic and inorganic expansion strategies.

Renewable Energy Sources Are The Need Of The Hour

Approximately 29 per cent of global electricity production is currently derived from renewable energy sources. In the subsequent years, it is anticipated to increase significantly, thereby stimulating the market. In 2015, the global installed capacity for solar energy was 217.34 gigawatts (GW), and in just four years, it increased to 578.55 GW. Consequently, the increasing demand for renewable energy is creating opportunities for the expansion of the global solar tracker market.

The increasing emphasis on green and clean energy is driving growth in the global solar tracker market. As people become more environmentally conscious, the global market for solar trackers is also expanding.

Regional Analysis

In 2021, North America accounted for the largest revenue share, exceeding 25 per cent, and this trend is anticipated to continue until 2030. The growth is primarily attributable to the increasing emphasis on renewable energy and the Paris Agreement on Climate Change, which recommends the use of renewable energy as the nation's primary source of energy. Through a variety of initiatives, the U.S. government aims to increase the use of solar energy in the economy. DOE (U.S. Department of Energy) launched the SunShot Initiative in 2011 with the objective of making the solar industry cost-competitive with conventional energy sources by 2020 by reducing costs to less than $1 USD per watt. The initiative has sponsored over three hundred and fifty projects, including those from corporations, private universities, and national laboratories.

The Middle East and Africa are expected to experience the greatest growth over the forecast period. The region is anticipated to experience significant growth over the next ten years as a result of its high solar potential and a rise in solar project investments, particularly in the UAE and Saudi Arabia. Saudi Arabia held the largest share in the Middle East and Africa in 2021 as a result of substantial domestic and international investments. The country also experienced significant growth as a result of the investments made by U.S. solar companies due to the country's favourable climate.

Key Highlights

• The global Solar Tracker Market was valued at USD 3.38 billion in 2021 and is projected to reach USD 21.15 billion by 2030 at a CAGR of 20.13% from 2022 to 2030.
• The need for energy conservation and the initiatives for green energy are driving the market.
• This market can be segmented on the basis of type, technology, application, regions and competitors.
• By 2030, North America is anticipated to have the largest market share, with the Middle East emerging as the fastest-growing market.

Competitive Players

Competitors Analysis

Some of the prominent players in the global solar tracker market include Abengoa Solar S.A., AllEarth Renewables, Array Technologies Inc., DEGERenergie GmbH & Co. KG, Nclave, Powerway Renewable Energy Co. Ltd., Soltec Tracker, SunPower Corporation, Titan Tracker, Trina Solar Limited.

Recent Developments

Recent Developments

• Trina Solar released April 2021 the TrinaTracker Agile 1P Dual Row, a single-axis, dual-row tracker compatible with 400 W to 670 W modules. The Agile series is the most recent addition to the TrinaTracker family, succeeding the Vanguard series, which debuted in December.
• STI Control's new system, STI Control, was introduced in September 2021. This technology gives you complete control over your solar tracking system, enabling you to generate more electricity. Included are three components: a smart controller for the tracker, a network controller for the system, and an intelligent weather controller.

Segmentation

Segmentation

Technology Outlook

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

Type Outlook

• Single Axis
• Dual Axis

Application Outlook

• Utility
• Non-utility  

Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa