The market is expected to generate an incremental $ opportunity of US$ 6,852.7 Mn between 2022 and 2032
Category: Clean Energy & Power Published Date : October 2022 ID: CVC-00322 Format: PDF Pages: 300
Global Solar Tracker Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Solar Tracker Market was worth US$ 4,236.8 Mn and is expected to grow at a CAGR of 10.1% over the forecast period. While the historical CAGR is 8.6%, the market is expected to hit US$ 11,089.5 Mn by 2032 end.
A system known as a solar tracker places an object about the sun at an angle. Putting photovoltaic (PV) panels that remain perpendicular to the sun’s beams and setting up space telescopes to determine the sun’s direction constitute the most popular solar tracking system.
A PV tracking system changes a solar panel’s path in response to the sun’s position in the sky. More sunlight enters the solar panel, less light is reflected, and more solar energy is absorbed when the board is kept perpendicular to the sun. It is possible to turn the point into power.
GREEN ENERGY TARGETS TO FUEL INVESTMENTS IN THE SOLAR INDUSTRY
Carbon reduction has accelerated the adoption of renewable energies as the globe transitions to a clean energy future. Solar technology and other renewable energy technologies have dramatically improved, enabling quick deployment and offering affordable solutions for decarbonizing the energy sector. As a modular strategy easily scalable for large and small enterprises, the unequal adoption of a solar tracking system has drawn increasing attention as an energy justice issue.
For instance, Mahindra Sustain chose NEXTracker as the Sakaka Solar Park supplier. The project is being carried out as a part of Saudi Arabia’s national initiative to deploy renewable energy sources. By 2023 and 58.7 GW by 2030, the project is anticipated to have a total capacity of 9.5 GW.
HIGH INVESTMENT AND LACK OF REQUIRED INFRASTRUCTURE POSE A THREAT TO MARKET GROWTH
The increase in steel costs, which further raises the price of the tracking systems employed in most utility-scale projects, is one of the main reasons impeding the solar tracker market growth. Steel often accounts for more than 65.0% of the entire cost of solar tracking systems, making them more expensive.
Additionally, the solar tracking system’s overall cost is higher than setting up standard solar panels, which discourages its use in residential settings where energy demand is often lower. For comparison, the price of installing 15 ground-mounted solar panels with a power rating of 300 watts is USD 14,625. Each solar module would cost an additional USD 500 for installation due to this increase in start-up costs.
Market Segments Covered in Report
By Region and Country:
Which solar tracker type accounts for dominant share in the market?
The greatest technology sector, with a revenue share of almost 85.0%, 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. New technology in the solar sector is CPV. Due to their low production costs and minimal need for raw materials, CPV systems generate affordable solar energy. To create a point, this technology concentrates a lot of sunlight onto a tiny surface of PV materials using optics, like lenses.
Why is it expected that the demand for Utility segment will be highest during the forecast period?
With a revenue share of more than 80.0%, utilities dominated the application market in 2021. Solar trackers are anticipated to be used more frequently in utility applications due to rising electricity costs and growing demand for renewable energy sources. Throughout the predicted period, this tendency is expected to persist.
Since solar utility installations are ground-mounted and single-axis trackers may be used to follow the sun all day, they are the most popular solar tracking system in the utility industry. Due to growing government subsidies and feed-in tariff programs, notably in the North American and European areas, trackers are widely utilized in utility applications.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.
Due to the increasing industrial demand for sophisticated technology for tracking reasons, businesses are concentrating on developing goods based on advanced technology. Manufacturing organizations are implementing various organic and inorganic expansion techniques to extend their geographic reach and product offering. Major solar tracker manufacturers base their strategy on bagging orders for large purchases, allowing them to take advantage of economies of scale. Solar tracker research & development is a key differentiator for businesses in this market.
The key developments in the Global Solar Tracker Market are:
A list of some of the key suppliers present in the market are:
Global Solar Tracker Market 2022-2032: 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 2030|
|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 Type, Application, Movement, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|