Pune, India, Sept. 19, 2022 (GLOBE NEWSWIRE) -- The global solar tracker market size is expected to grow from USD 6.88 billion in 2022 to USD 16.73 billion in 2029, exhibiting a CAGR of 13.5% during the forecast period. As per the report, the market is projected to rise during the forecast period due to the growing adoption of renewable sources for power generation. Awareness about Green Energy to augment market growth in coming years. This information is given by Fortune Business Insights™ in a new report, titled, “Solar Tracker Market 2022-2029.”
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.
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| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 13.5% |
| 2029 Value Projection | USD 16.73 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 6.05 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 291 |
| Segments covered | By Type (Photovoltaic (PV), Concentrated Solar Power (CSP)), By Movement (Single Axis, Dual Axis), By Application (Utility, Non-Utility) and Regional |
| Growth Drivers | Rising Demand for Renewable Energy Sources to Fuel Market Growth |
| Contracts with Major Companies Allow Key Players to Strengthen their Position |
Driving Factor:
The rising demand for renewable energy sources to reduce carbon emissions is driving the solar tracker market growth. In the present situation, renewable sources account for around 29% of the total electricity generation across the globe. This is expected to see a considerable rise in the upcoming years. For instance, in 2015, global solar energy accounted for 217.34GW, increasing to 578.55 GW in just four years.
On the other hand, factors such as the initial requirement of heavy capital investments and lack of required infrastructure are slowing down the 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.
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.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/solar-tracker-market-100448
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:
The companies operating in the market focus on acquiring contracts from different countries in the segmented regions. Also, 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.
A List of Key Manufacturers Operating in the Global Market:
- NEXTracker
- Array Technologies
- Trina Solar
- SunPower Corporation
- ArcelorMittal Projects
- Soltec
- Convert Italia
- PV Hardware
- Arctech Solar
- Solar Steel
- Ideematec
- SunPower
- Scorpius Trackers
- Sun Action Trackers
Solar Tracker Market Segmentation:
By Type:
- Photovoltaic (PV)
- Concentrated Solar Power (CSP)
By Movement:
- Single Axis
- Dual Axis
By Application:
- Utility
- Non-utility
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions & Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Key Developments: Merger & Acquisition, Partnership, etc.
4.3. Latest Technological Advancement
4.4. Regulatory Landscape
4.5. Industry SWOT Analysis
4.6. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Solar Tracker Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Solar Tracker Market Analysis (USD Billion, MW) Analysis, Insights, and Forecast, 2018-2029
6.1. Key Findings
6.2. Market Analysis, Insights and Forecast – By Type
6.2.1. Photovoltaic
6.2.2. Concentrated Solar Power
6.3. Market Analysis, Insights and Forecast – By Movement
6.3.1. Single Axis
6.3.2. Dual Axis
6.4. Market Analysis, Insights and Forecast – By Application
6.4.1. Utility
6.4.2. Non-Utility
6.5. Market Analysis, Insights and Forecast – By Region
6.5.1. North America
6.5.2. Europe
6.5.3. Asia Pacific
6.5.4. Latin America
6.5.5. Middle East & Africa
Continued…
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