Chemview Consulting

Solar Tracker Market

Global Solar Tracker Market Analysis and Opportunity Assessment by Type, Application, Movement, Region, and Country – Forecast 2022 – 2032

The market is expected to generate an incremental $ opportunity of US$ 6,852.7 Mn between 2022 and 2032

Category: Clean Energy & Power

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ID: CVC-00322

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Format: PDF+Excel Dataset

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Published Date: October 2022

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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.

Market Dynamic

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.

Solar Tracker Market

Market Segments Covered in Report

By Type:

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

By Application:

  • Utility
  • Non-utility

By Movement:

  • Single Axis
  • Dual Axis

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

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.

Region-Wise Analysis

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

  • North America accounted for 42.6% of the market, and this trend is anticipated to remain until 2032. The Paris Agreement on Climate Change encouraged the use of renewable energy in the country’s energy supply, and the growing emphasis on renewable energy is principally responsible for the growth.
  • The projection period is expected to see the highest growth across the Middle East and Africa. Due to the region’s great solar potential and increased investment in solar projects, particularly in the UAE and Saudi Arabia, the next ten years will likely see significant expansion in the region. Due to substantial investments made by both domestic and foreign parties, Saudi Arabia held the highest share in the Middle East and Africa among them.

Competition Analysis

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:

  • 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:

  • 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

Global Solar Tracker Market 2022-2032: Report Coverage and Highlights

  • Assessment of the historical and current market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
  • Key drivers, restraints, opportunities, and key emerging trends impacting market growth
  • Predictions on critical supply, demand, and technological trends and changes in consumer behavior
  • Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
  • Segment-wise, country-wise, and region-wise market analysis
  • Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
  • Key product innovations and regulatory framework
  • Covid-19 impact on the market and how to navigate
  • Strategic market analysis and recommendations on crucial winning strategies
Research Scope Details
Forecast period 2022-2032
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

Frequently Asked Questions

In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 10.1%.

Green energy targets fuel investments in the solar industry.

High investment and lack of required infrastructure pose a threat to market growth.

Key Global Solar Tracker Market players 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

North America is expected to account for the largest market revenue share in the Global Solar Tracker Market.

  1. Executive Summary
    • Global Market Snapshot
    • Key Success Factors
    • Strategic Analysis and Recommendations
  2. Market Overview
    • Market Taxonomy
    • Market Definitions
  3. Research End-Useology
    • Preliminary Investigation & Research Design
    • Secondary Research & Primary Research
    • Data Analysis & Econometric Modeling
    • Expert Data Validation
  4. Key Emerging Trends Analysis
    • Supply-Side Trends
    • Demand-Side Trends
  5. Global Solar Tracker Market Value (US$ Mn) and Volume (Tons) Analysis
    • Global Market Value (US$ Mn) Analysis, 2017 – 2032
    • Incremental $ Opportunity Index, 2022-2032
    • Global Market Volume (Tons) Analysis, 2017 – 2032
  6. Global Solar Tracker Market Pricing Analysis
    • Regional Level Pricing Analysis and Forecast
      • Manufacturers Level Pricing
      • Distributor Level Pricing
    • Global Pricing Analysis Benchmark
    • Cost Breakdown Analysis
  7. Cross-Sectional Analysis
    • Cross Analysis of Application W.R.T. Elemental Composition
  8. Supply Vs. Demand Analysis
    • Regional Supply Vs. Demand Gap Assessment
    • Top Producing Countries Analysis
  9. Market Background
    • Macroeconomic Factors
    • Forecast Factors
    • Market Dynamics
      • Driver
      • Restraint
      • Opportunity
    • Supply Chain Analysis
      • List Raw Material Suppliers
      • List of Manufacturers
      • List of Distributors
      • List of Application
      • Average Profitability Margin Analysis
    • Covid-19 Impact Assessment
      • Economy/Cluster Projections
      • Covid-19 Economic Assessment
      • Potential Impact on Target Market
      • Recovery Scenario
    • Regulatory Framework
      • Regulations of Key Countries
      • Potential Impact of Regulations
    • Porter’s Five Forces Analysis
    • Elemental Composition Landscape
  10. Global Solar Tracker Market 2017 – 2032 by Type
    • Introduction
    • Historical and Current Market (2017-2021) and Future Market Analysis (2022-2032) By Type [Value (US$ Mn) and Volume (Tons) Analysis]
      • Photovoltaic (PV)
      • Concentrated Solar Power (CSP)
    • Market Attractiveness Analysis by Type
  11. Global Solar Tracker Market 2017 – 2032 by Application
    • Introduction
    • Historical and Current Market (2017-2021) and Future Market Analysis (2022-2032) By Application [Value (US$ Mn) and Volume (Tons) Analysis]
      • Utility
      • Non-utility
    • Attractiveness Analysis by Application
  12. Global Solar Tracker Market 2017 – 2032 by Movement
    • Introduction
    • Historical and Current Market (2017-2021) and Future Market Analysis (2022-2032) By Movement [Value (US$ Mn) and Volume (Tons) Analysis]
      • Single Axis
      • Dual Axis
    • Attractiveness Analysis by Movement
  13. Global Solar Tracker Market Historical Analysis 2017 – 2021 and Forecast 2023 – 2032 by Region
    • Introduction
    • Key Market Trends
    • Historical and Current Market (2017-2021) and Future Market Analysis (2022-2032) By Region [Value (US$ Mn) and Volume (Tons) Analysis]
      • North America
      • Latin America
      • Europe
      • Asia-Pacific
      • Middle East
      • Africa
    • Market Attractiveness Analysis by Region
  14. North America Solar Tracker Market Historical Analysis 2017 – 2021 and Forecast 2022-2033
    • Introduction
    • Key Market Trends
    • Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
      • By Country
        • U.S.
        • Canada
      • By Type
      • By Application
      • By Movement
    • Market Attractiveness Analysis
      • By Country
      • By Type
      • By Application
      • By Movement
  1. Latin America Solar Tracker Market Historical Analysis 2017 – 2021 and Forecast 2023 – 2032
    • Introduction
    • Key Market Trends
    • Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
      • By Country
        • Brazil
        • Mexico
        • Rest of Latin America
      • By Type
      • By Application
      • By Movement
    • Market Attractiveness Analysis
      • By Country
      • By Type
      • By Application
      • By Movement
  1. Europe Solar Tracker Market Historical Analysis 2017 – 2021 and Forecast 2023 – 2032
    • Introduction
    • Key Market Trends
    • Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
      • By Country
        • Germany
        • Italy
        • France
        • UK
        • Spain
        • Netherlands
        • Norway
        • Russia
        • Rest of Europe
      • By Type
      • By Application
      • By Movement
    • Market Attractiveness Analysis
      • By Country
      • By Type
      • By Application
      • By Movement
  1. Asia-Pacific Solar Tracker Market Historical Analysis 2017 – 2021 and Forecast 2023 – 2032
    • Introduction
    • Key Market Trends
    • Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
      • By Country
        • China
        • Japan
        • South Korea
        • India
        • Indonesia
        • Thailand
        • Vietnam
        • Australia & New Zealand
        • Rest of Asia-Pacific
      • By Type
      • By Application
      • By Movement
    • Market Attractiveness Analysis
      • By Country
      • By Type
      • By Application
      • By Movement
  1. Middle East Solar Tracker Market Historical Analysis 2017 – 2021 and Forecast 2023 – 2032
    • Introduction
    • Key Market Trends
    • Pricing Analysis
    • Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
      • By Country
        • Saudi Arabia
        • Turkey
        • U.A.E.
        • Rest of the Middle East
      • By Type
      • By Application
      • By Movement
    • Market Attractiveness Analysis
      • By Country
      • By Type
      • By Application
      • By Movement
  1. Africa Solar Tracker Market Historical Analysis 2017 – 2021 and Forecast 2023 – 2032
    • Introduction
    • Key Market Trends
    • Pricing Analysis
    • Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
      • By Country
        • South Africa
        • Nigeria
        • Egypt
        • Rest of Africa
      • By Type
      • By Application
      • By Movement
    • Market Attractiveness Analysis
      • By Country
      • By Type
      • By Application
      • By Movement
  2. Competition Analysis
    • Tier Structure Breakdown
    • Market Share Analysis
    • Production Capacity Analysis
    • Company Footprint Analysis
      • Product Footprint of Players
      • Regional Footprint of Players
      • Channel Footprint of Players
    • Competition Dashboard
  3. Company Profiles
    • Abengoa Solar S.A.
      • Company Overview
      • Product & Financial Portfolio
      • Manufacturing Facilities
      • Recent Developments
      • SWOT Analysis
      • Strategy Overview
    • AllEarth Renewables
    • Array Technologies Inc.
    • DEGERenergie GmbH & Co. KG
    • Nclave
    • Powerway Renewable Energy Co. Ltd.
    • Soltec Tracker
    • SunPower Corporation
    • Titan Tracker
    • Trina Solar Limited
  4. Assumptions and Acronyms

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