Solar Tracker for Power Generation Market

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.

Market Dynamic

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 Product:

• Single Axis
• Dual Axis

By Technology:

• Photovoltaic (PV)
• CSP

By Application:

• Residential
• Commercial & Industrial
• Utility

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

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.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• Asia-Pacific is anticipated to develop profitably over the projected period, with a market share of 45.3%, because of China’s extensive use of solar trackers for electricity generation. According to estimates, good government measures will also accelerate regional growth.
• In terms of market share and revenue, Europe now dominates the solar tracker for the power generation market, and this dominance is expected to grow over the forecast period. The increase in investments and the regional governments’ promotion of power generation from renewable energy sources are credited with driving the market expansion in this area.

Competition Analysis

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:

• In February 2022, Solar Steel is creating a project dubbed Digital Twins for the design, engineering, and O&M phases of solar projects. A digital twin virtually replicates a process or product’s behaviour and performance. This makes it possible to foresee failures and unusual circumstances and take preventative measures to avert them.
• In April 2021, with Primoris Services Corporation, Array Technologies, Inc. won a contract to provide up to 4 GW solar trackers for use in more than ten projects across North America.

A list of some of the key suppliers present in the market 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

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.