Solar Tracker Market Forecast: Projected Growth And Opportunities In The Coming Years
Solar Tracker Industry Overview
The global solar tracker market size was valued at USD 3.40 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.5% from 2022 to 2030. Rising concerns over energy conservation and transition from non-renewable energy to renewable energy are expected to surge the demand for solar energy and eventually solar trackers over the forecast period at the global level. Solar tracker utilizes various electrical components including actuators, motors, and sensors to orient the solar cell for concentrating the sunlight in order to maximize the energy captured. The captured solar radiations are further converted into electricity, which is utilized by various end-user segments. The rising use of solar power as a potential source of commercial energy generation has gained popularity due to the decreasing solar PV panel cost, which is excepted to further augment market growth.
Gather more insights about the market drivers, restrains and growth of the Global Solar Tracker market
Solar PV technology has been one of the fastest-growing renewable sources of energy over the past few years in the U.S. Increasing government focus on renewable energy has resulted in the development of PV cells as a sustainable and continuous source of energy generation. Rising capacity expansions across the U.S. has led to a decline in the levelized cost of electricity (LCOE). This has made solar PV competitive with other conventional forms of energy in the country. Supporting policies by the U.S. government are responsible for the high implementation of solar energy in the country.
Technological innovations aimed at the development of new methods in tracking systems by companies such as NEXTracker, Array Technologies, AllEarth Renewables, and Solaria are expected to fuel the market growth during the forecast period. The market is price competitive so the solar tracker manufacturers have to be operationally efficient and extremely strategic to be successful.
The market in Europe is expected to witness substantial growth over the forecast period owing to the recent increase in the feed-in tariff (FIT) rates, especially in Germany. The presence of other government subsidies in the region is likely to have a positive impact on the European market over the next ten years. During the FIT boom in Europe, numerous projects employed dual-axis trackers with poor reliability, which led to high O&M costs.
Browse through Grand View Research's Renewable Energy Industry Research Reports.
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Solar Tracker Market Segmentation
Grand View Research has segmented the global solar tracker market based on technology, type, application, and region:
Solar Tracker Technology Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)
- Solar photovoltaic
- Concentrated solar power (CSP)
- Concentrated photovoltaic (CPV)
Solar Tracker Type Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)
- Single Axis
- Dual Axis
Solar Tracker Application Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)
- Utility
- Non-utility
Solar Tracker Regional Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global solar tracker market include:
- 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
Order a free sample PDF of the Solar Tracker Market Intelligence Study, published by Grand View Research.
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