Solar Tracker for Power Generation Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Solar Tracker for Power Generation Market grew at a CAGR of 5.8% between 2017-2021 and is estimated to be US$ 4012.3Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.5% and is expected to reach a valuation of US$ 7,531.6Mn by 2032 end.
One of the renewable energy sources with the strongest recent growth in the United States has been solar photovoltaics (PV). The same has been created as an ongoing, sustainable source of energy production. The market for solar trackers used in electricity generation is anticipated to grow significantly.
HEIGHTENED DEMAND FOR GREEN ENERGY
The upward trend in carbon emissions is driving global demand for green and clean energy. According to the quick carbon analysis, the UK government intends to produce nearly half of its electricity from renewable sources. The industry is also growing due to increased funding for green energy programs. As a result of the rising need for green energy, the global market for solar trackers for power generation is growing.
HIGH CAPITAL COSTS
Installation of a solar tracker is costly and time-consuming. The price of installing solar trackers includes the cost of labor and physical space. The initial, significant financial outlay needed to install these devices is the main barrier to the global market for solar trackers. As a result, the high capital cost required to use the solar tracker for electricity generation is impeding the market’s growth.
SURGING DEMAND FOR RENEWABLE ENERGY SOURCES
Additionally, the global solar tracker for the power generation market will have lucrative prospects during the forecast period due to the growing need for renewable energy sources. Renewable energy sources account for about 29% of the electricity generated globally. It is projected that during the following years, it will increase greatly, expanding the sector. For instance, in just four years, the installed capacity of solar energy rose from 217.34 GW in 2015 to 578.55 GW.
Market Segments Covered in Report
By Region and Country:
Why is the photovoltaic (PV) segment expected to grow with the highest CAGR during the forecast period?
The greatest technology sector, with a revenue share of almost 85.59%, was solar photovoltaic (PV). The main factor behind the largest share of PV technology is the compatibility of PV cells with conventional photovoltaic module technologies. The usage of solar PV in utility and non-utility applications will be further boosted by the growing cost of power caused by the supply-demand gap.
Compared to the mirrors, lenses, and Fresnel collectors used on the CSP and CPV technology trackers, the use of solar trackers on PV modules is subject to fewer design restrictions. Over the predicted period, these attributes will promote the development of solar trackers in PV technology.
A new technology in the solar sector is CPV. CPV systems generate inexpensive solar power due to their affordable production costs and fewer raw material requirements. This technology uses optics such as lenses to concentrate a large amount of sunlight on a small surface of PV materials to generate electricity.
Why is the dual-axis segment expected to grow with the highest CAGR during the forecast period?
More than 50.86% of total revenue came from the dual axis sector, which is also expected to grow at the highest CAGR throughout the forecast period. Due to their capacity to track the sun horizontally and vertically, dual-axis trackers enable maximal absorption of the sun’s rays.
Dual-axis trackers generate 8% to 10% more energy than single-axis trackers. Dual-axis trackers have high O&M costs because of their higher land requirements, sophisticated technology, and increased motor and control system maintenance needs. This limitation significantly hinders the widespread use of dual-axis trackers.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The solar tracker market is comparatively well-consolidated. Manufacturers of solar trackers control this market. Customers’ preferences, a well-established supply chain, and a well-known brand name have all been cited for the company’s success. Due to businesses concentrating on developing advanced technology-based products due to the demand for advanced technology for tracking reasons, a wide variety of solar trackers for power generation market prospects are projected to open up.
To increase their geographic reach and product offering, manufacturing companies have recently used various organic and inorganic expansion tactics, resulting in several new trends in the solar tracker for the power generation market.
The recent developments in the Global Solar Tracker for Power Generation Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product, Technology, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 6.5%.
Heightened demand for green energy anticipate for market expansion.
Major global Solar Tracker for Power Generation Market players are NEXTracker Inc., Powerway, Trina Solar, Meca Solar, SunPower Corporation, Abengoa Solar, Array Technologies Inc., Haosolar Co. Ltd., SOLTEC, SmartTrak, Solar Systems (Pvt) Ltd., Scorpius Trackers, AllEarth Renewables, DEGER energie GmbH & Co. KG, Arctech
High capital costs restricts the market.
Asia Pacific Region is expected to account for the largest market revenue share in the Global Solar Tracker for the Power Generation market.
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