Selbyville, Delaware,, Sept. 24, 2024 (GLOBE NEWSWIRE) --
The utility solar tracker market is projected to hit USD 34.6 billion by 2032, as reported in a research study by Global Market Insights Inc. The decline in photovoltaic (PV) panel costs has significantly reduced the investment required for solar energy projects. As PV panels become more affordable, the return on investment for solar power systems improves, making it economically viable for larger installations. According to IRENA's 2024 report, the global average cost of PV modules decreased by 22% from 2022 to 2024, reaching $0.28 per watt. This cost reduction encourages the use of solar trackers, which enhance energy production by adjusting the angle of the panels to follow the sun's path. The adoption of solar trackers increases, as they further maximize energy yields and boost the efficiency of solar power systems, aligning with the growing trend of large-scale solar energy deployments.
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However, harsh weather conditions can significantly impact the performance and longevity of solar trackers. These environmental factors may cause mechanical wear, damage to components, or reduced efficiency in tracking the sun's movement. In areas prone to severe weather, additional measures are often required to protect and maintain the equipment, leading to higher maintenance costs and operational challenges. The potential for increased upkeep and the need for weather-resistant designs can be a substantial constraint impeding the utility solar tracker market growth.
The dual-axis segment will show a remarkable growth rate from 2024 to 2032. The rising demand for dual-axis utility solar trackers stems from their superior ability to maximize solar energy capture. Unlike single-axis trackers, dual-axis systems adjust both horizontally and vertically, allowing solar panels to follow the sun's movement more precisely throughout the day and year. This enhanced tracking capability leads to higher energy output and efficiency, which is crucial for large-scale solar projects seeking to optimize performance. As utility-scale solar installations grow and the need for maximum energy yields becomes more critical, dual-axis trackers offer a compelling solution.
North America utility solar tracker market will show a significant growth rate through 2032, due to increasing awareness of environmental issues and the drive for clean energy. Favorable government policies, including tax credits and renewable energy incentives, further support the adoption of solar technologies. Additionally, advancements in solar tracker technology have improved efficiency and reduced costs, making them more attractive for large-scale projects. As North America continues to expand its renewable energy capacity to meet sustainability goals and energy demands, solar trackers play a crucial role in optimizing solar power generation.
Major players in the utility solar tracker market include FTC Solar, ANTAI TECHNOLOGIES CO. LTD., MECASOLAR, Trina Solar, Array Technologies, Inc., Scorpius Trackers, Arctech, PVHardware, SOLTEC, STI Norland, Nextracker Inc., GameChange Solar, and NCLAVE.
Collaborations and acquisitions are driving advancements in solar technology, enabling companies to integrate innovative tracking features and diversify product portfolios. These strategic moves enhance efficiency, expand market presence, and boost competitiveness by offering comprehensive solar solutions, including utility solar trackers.
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Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
Chapter 2 Executive Summary
2.1 Business trends
2.2 Product trends
2.3 Regional trends
Chapter 3 Utility Solar Tracker Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Increasing adoption of solar energy
3.3.1.2 Rise in utility-scale solar projects
3.3.1.3 Environmental sustainability goals
3.3.2 Industry pitfalls & challenges
3.3.2.1 High capital cost
3.4 Growth potential analysis
3.5 Porter's analysis
3.6 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
