Pune, india, July 11, 2023 (GLOBE NEWSWIRE) -- The global solar tracker market size was valued at USD 6.94 billion in 2022. The market size is projected to grow from USD 7.88 billion in 2023 to USD 19.61 billion by 2030, exhibiting a CAGR of 13.9% during the forecast period.
A solar tracker is an apparatus designed to orient an object at an optimal angle in relation to the sun. The renewable energy sector is witnessing a surge in research and development endeavours aimed at diminishing dependence on fossil fuels. These efforts are driving technological advancements throughout the industry. Fortune Business Insights presents this information in their report titled "Global Solar Tracker Market, 2023–2030."
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Solar Tracker Market Scope:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 13.9 % |
| 2030 Value Projection | USD 19.61 billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 6.94 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 281 |
| Segments covered | Type, Movement, Application, and Region |
| Growth Drivers | Green Energy Targets to Fuel Investments in Solar Industry |
| Growing Adoption of Renewable Sources for Power Generation to Boost Market |
Market Drivers & Restraints:
Global Shift Toward Renewable Energy Accelerates as Governments Set Ambitious Goals
Governments globally are setting ambitious targets and goals to embrace green energy and reduce reliance on fossil fuels, leading to increased adoption of renewable energy sources, including solar power, globally. A notable example is Brazil, where the new legal framework for solar energy exempts those who start photovoltaic generation in 2022 from paying taxes until 2045. This favorable policy is expected to incentivize the adoption of solar power in the country.
However, increasing steel prices may stifle the solar tracker market growth.
COVID-19 Impact:
Strict Transportation Laws Plunged Energy Markets During Pandemic
The COVID-19 pandemic has caused an unprecedented global health emergency, resulting in a profound crisis that has impacted various industries, including the energy sector. The energy industry faced numerous challenges in 2020, including repeated lockdowns and transportation restrictions, which led to an economic slowdown and a decline in global trade activity. As a result, energy consumption decreased by 4% during this period.
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Segmentation:
Increasing Solar Photovoltaic Installations Will Drive the Growth of Segment
Based on type, the Solar Tracker market is segmented into photovoltaic and concentrated solar power. Photovoltaic installations are very large compared to concentrated solar power installed in different regions, due to which it dominates the solar tracker market share. Concentrated Solar Power (CSP) technology uses mirrors to accumulate the sunrays and focus on a single point. As a result, only dual-axis trackers are preferred in these installations. The most commonly used solar technologies for homes and businesses are solar photovoltaics for electricity, passive solar design for space heating and cooling, and solar water heating.
Utility Segment to Take Lead with Rising Solar Grid Integrations
By application, the market is bifurcated into non-utility and utility. The utility segment is poised to take the lead as solar grid integrations become increasingly prevalent in numerous countries.
The market is studied geographically across Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Regional Insights
North America Takes the Lead in Solar Tracker Adoption, Boosting Market Demand
The market in North America is led by the U.S. with the highest deployment of solar trackers to enhance the functionality of installed solar panels. During the projected timeframe this trend is expected to position North America as the market leader.
Furthermore, Mexico and Brazil have appeared as significant importers of solar technologies and trackers in Latin America, further increasing the solar tracker market share.
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Competitive Landscape
Key Players Maintain Dominance with Well-Established Supply Chain
The solar tracker industry’s competitive landscape is characterized by the market dominance of key manufacturers, including Array Technologies, NEXTracker, Soltec, and PV Hardware. Among them, NEXTracker holds the largest market share globally. This is attributed to its well-established supply chain, strong customer preference, and recognized brand name. These factors have contributed to NEXTracker's position as a leader in the market.
Key Industry Development:
April 2023 - Nextracker Inc. plans to double India's solar tracker manufacturing capacity to 10 gigawatts in the next few years. They will manufacture the semiconductors under the production-linked incentives scheme and indigenously produce 100% of the products. The company said India's target of 500 GW renewable capacity by 2030 would see at least 7-8 GW of projects annually have trackers.
February 2023 - PVHardware announced it will build Spain's world’s largest solar tracker factory. This facility will occupy a space of 65,000 square meters of area. The firm wants to take its capacity to 25 GW, making it the world’s top solar tracker producer.
List of Key Players Profiled in the Market Report:
• NEXTracker (U.S.)
• Array Technologies (U.S.)
• Trina Solar (China)
• SunPower Corporation (U.S.)
• ArcelorMittal Projects (Luxembourg)
• 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
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on Solar Tracker Market
- Global Solar Tracker Market Analysis (USD Billion, MW) Analysis, Insights, and Forecast, 2019-2030
- 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
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- Company Profile
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- Business Overview
- Product Application, & Services
- Recent Developments
- Financials (Based on Availability)
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