Solar Tracker Industry Overview
The global Solar Tracker Market reached a valuation of $4.41 billion in 2022 and is anticipated to grow at a significant compound annual growth rate (CAGR) of 26.2% from 2023 to 2030. Growing global awareness regarding energy conservation and the shift from non-renewable to renewable energy sources are projected to substantially increase the demand for solar energy, and consequently, solar trackers, throughout the forecast period. Solar trackers employ various electrical components, including actuators, motors, and sensors, to optimally position solar cells for maximum sunlight concentration, thereby maximizing energy capture. This captured solar radiation is then converted into electricity for utilization across diverse end-user sectors. The increasing adoption of solar power as a viable source for commercial energy generation has gained traction due to the declining costs of solar PV panels, a trend expected to further fuel the growth of the solar tracker market.
In the United States, solar PV technology has emerged as one of the fastest-growing renewable energy sources in recent years. An increasing emphasis by the government on renewable energy has fostered the development of PV cells as a sustainable and continuous energy generation solution. Rising capacity expansions across the U.S. have contributed to a decrease in the levelized cost of electricity (LCOE), enhancing the competitiveness of solar PV compared to traditional energy sources within the country. Furthermore, supportive policies enacted by the U.S. government have been a crucial driver in the widespread adoption of solar energy.
Detailed Segmentation:
- Type Insights
Dual axis tracker accounted for the largest market share of more than 50.83% in 2022 in terms of revenue and is projected to expand at the highest CAGR during the forecast. Dual axis trackers allow maximum absorption of the sun’s rays on account of their ability to follow the sun both horizontally and vertically. Dual axis trackers help in generating 8% to 10% more energy than single axis trackers.
- Technology Insights
Photovoltaic (PV) technology was the largest technology segment in 2022 and accounted for a revenue share of about 91.52% in 2022. Compatibility of PV cells with standard photovoltaic modules technologies is the major reason for largest market share of PV technology. The rising cost of electricity owing to supply-demand gap will further augment the use of solar PV in utility and non-utility applications.
- Application Insights
In terms of revenue, utility was the largest application sector while accounting for over 85.56% of the market share in 2022. Increasing electricity cost coupled with rising demand for renewable source for energy generation is expected to augment the use of solar trackers in utility applications. This trend is projected to continue during the forecast period.
- Regional Insights
North America accounts for the major market share in the global market and this trend is expected to continue till 2030. The growth is primarily attributed to rising emphasis on renewable energy and the Paris Agreement on Climate Change that has recommended the usage of renewable energy in the nation’s energy supply.
Gather more insights about the market drivers, restraints, and growth of the Solar Tracker Market
Key Companies & Market Share Insights
Companies are focusing on developing advanced technology-based products owing to the growing industrial demands for advanced technology for tracking purpose. The manufacturing companies are adopting various organic and in-organic growth strategies for expanding their geographical reach and product portfolio. The strategy framework of major solar tracker manufacturer is centered around bagging orders for large purchases as it gives the manufacturer an opportunity to achieve economies of scale. The research and development of solar trackers is a major differentiating factor for manufacturers in this market. Some of the prominent players in the global solar tracker market are:
- 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
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