Solar Tracker Market to Worth USD 16.73 Billion by 2029: Fortune Business Insights

Pune, india, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The solar tracker market size was valued USD 6.05 billion in 2021 and USD 6.88 billion in 2022 respectively. The global market size is expected gain momentum by reaching USD 16.73 billion by 2029, growing at CAGR of 13.5% during forecast period of 2023 to 2029. This information is provided by Fortune Business Insights, in its report, titled, "Solar Tracker Market, 2022-2029."

According to analyst increasing awareness about green energy and renewable sources to generate power is expected to drive the market during the foreseeable years. For instance, China aims to achieve 16% of its energy from renewable sources by 2030. To achieve their goal of green energy, they are heavily investing in such technologies. The renewable energy sector in the region is expected to hold a 26% share to meet its target of clean energy.

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Solar Tracker Market Scope:

Solar Tracker Market Drivers & Restraints:

Rising Adoption for Renewable Energy Sources to Propel Market Growth

The solar tracker demand is expected to rise during the forecast period due to rising green energy targets and increasing investment in the solar energy sector. Also, integrating software technologies such as artificial intelligence and control algorithms with renewable energy are expected to boost the market. Furthermore, increasing renewable power generation source adoption is anticipated to fuel the market growth during the forecast period.

Improvements in solar tracker technology, such as the use of advanced materials and smart tracking systems, are making them more cost-effective and efficient, which is helping to drive market growth. Governments around the world are implementing policies and providing incentives to promote the use of solar energy, which is helping to drive the growth of the solar tracker market.

However, high investment and lack of required infrastructure may hinder the market growth.   

COVID-19 Impact:

Restricted Import/Export Activities Amid Pandemic to Hamper Market Growth

The outbreak of COVID-19 pandemic has affected various industries, including the energy and power sectors. The product demand declined during the lockdown due to several restrictions imposed by governments. Transportation and manufacturing operations were halted to restrict the virus spread, which affected the productivity and profitability of key market players. Stringent restrictions were applied on import/export activities to curb the virus spread, which, in turn, affected the solar tracker market growth.
   

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Report Coverage:

The report sheds light on current market trends and recent developments in the industry that affect the market growth. Also, the impact of COVID-19 pandemic on market development and expansion is highlighted further in this report. Furthermore, drivers and restraints affecting the market growth are discussed in this report to elaborate on the possible lucrative opportunities for the key market players. The regional information regarding market share and development is provided further. The report focuses on providing factual information and statistical data regarding the current market state and future development during the forecast period.  


Market Segmentation:

By type, the market for solar trackers is bifurcated into photovoltaic and concentrated solar power. On the basis of movement, the market is segmented into single axis and dual axis.

Based on movement, the single-axis segment held the highest share of 91.9% in 2020. These single-axis trackers generate ample power required in solar panels. These are economically feasible and have less complex operations compared to the dual-axis.

In terms of application, it is divided into utility and non-utility. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.


Regional Insights

North America to Remain at Forefront Backed by Extensive Use of Solar Electricity in the Region

North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to the extensive use of solar electricity in the region. According to the U.S. Energy Information Association, the total solar electricity generation increased from 5 million kWh in 1984 to about 133 billion kWh in 2020. Therefore, the demand for these trackers to expand the efficiency of solar panels will propel the product's demand. The market stood at USD 9.99 billion in 2020.

Asia Pacific is expected to showcase a significant solar tracker market share. This is attributable to the rising shift towards renewables sources of energy in developing countries such as China and India. Moreover, China and Japan are the leading countries in the world in terms of using solar energy. Thus promoting the regional market.

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Competitive Landscape:

Contracts with Major Companies Allow Key Players to Strengthen their Position

The companies operating in the market focus on acquiring contracts from different countries in the segmented regions. In addition, having a strong supply chain and product portfolio allows companies to attract global customers and expand their business. Furthermore, the key players implement product differentiation and development strategies to enhance their product portfolio.

Key Industry Development:

• January 2022: PVHardware supplied 387 MWp of its Monoline 2V bifacial in the South Jeddah Noor PV project, located in the province of Saudi Arabia. With such continuous major projects at a large track record, PVH has surpassed 3GW contracted across the country.

List of Key Players Profiled in the Report:  

• NEXTracker (U.S.)
• Array Technologies (U.S.)
• Trina Solar (China)
• SunPower Corporation (U.S.)
• ArcelorMittal Projects (Luxemburg)
• Soltec (Spain)
• Convert Italia (Italy)
• PV Hardware (Spain)
• Arctech Solar (U.S.)
• Solar Steel (Spain)
• Ideematec (Germany)
• SunPower (U.S.)
• Scorpius Trackers (India)
• Sun Action Trackers (U.S.)
  
  
  

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Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions & Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Emerging Trends – For Major Countries
  • Key Developments: Merger & Acquisition, Partnership, etc.
  • Latest Technological Advancement
  • Regulatory Landscape
  • Industry SWOT Analysis
  • Porters Five Forces Analysis
• Qualitative Analysis – Impact of COVID-19
  • Impact of COVID-19 on the Solar Tracker Market
  • Steps Taken by the Government to Overcome the Impact
  • Key Developments in the Industry in Response to COVID-19
  • Potential Opportunities and Challenges due to COVID-19 Outbreak
• Global Solar Tracker Market Analysis (USD Billion, MW) Analysis, Insights, and Forecast, 2018-2029
  • Key Findings
  • Market Analysis, Insights and Forecast – By Type
    • Photovoltaic  
    • Concentrated Solar Power
  • Market Analysis, Insights and Forecast – By Movement
    • Single Axis
    • Dual Axis
  • Market Analysis, Insights and Forecast – By Application
    • Utility
    • Non-Utility
  • Market Analysis, Insights and Forecast – By Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa
• Competitive Analysis
  • Company Market Share Analysis, 2021

• • Company Profile

• • • • Business Overview
      • Product Application, & Services
      • Financials (Based on Availability)
      • Recent Developments

Continued…

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1. Technological advancements: Improvements in solar tracker technology, such as the use of advanced materials and smart tracking systems, are making them more cost-effective and efficient, which is helping to drive market growth.