Pune, India, Nov. 16, 2022 (GLOBE NEWSWIRE) -- The global solar tracker market to grow at a CAGR of 13.5% and reach USD 16.73 billion during forecast period of 2022-2029. The market was valued USD 6.05 billion in 2021. The market growth is attributed to factors such as growing adoption of renewable sources for power generation. The 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.
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.
February 2022 - Solar Steel is developing a project called Digital Twins of photovoltaic plants for the design, engineering, and O&M phases. The digital twin virtually reproduces the behaviour and performance of a process or product. This allows for predicting failures and anomalous situations, being able to perform certain actions to avoid them
April 2021 - Array Technologies, Inc. bagged a contract with Primoris Services Corporation to supply up to 4 GW of solar trackers to be used in more than ten projects across North America.
April 2021- After the launch of the Vanguard series in December 2020, Trina Solar announced the launch of TrinaTracker Agile 1P Dual Row. It is a dual-row, one-in-portrait and shows compatibility with single-axis tracker modules from 400 W to 670 W.
June 2020: Nexans Solar Technologies inked its maiden deal with the French photovoltaic company, Reden, to design, manufacture, and deliver its flagship KEYLIOS Solar Trackers. Nexans will be installing more than 800 trackers at Reden’s four solar parks in southwest France.
March 2020: NEXTracker announced the successful completion of its largest tracker deal, touted to be the largest of its kind in the industry, with 174 Power Global. The contract involved shipment of smart solar trackers of 3.4 GW capacities to seven projects run by 174 Power across the US.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 13.5% |
| 2029 Value Projection | 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, By Application, By Movement and By Region |
| Growth Drivers | Key Players to Focus on Launching New Products to Strengthen the Market Growth |
| Initiation of Virtual Power Plant Projects Worldwide to Animate the Market |
COVID-19 Impacts:
COVID-19 Influence on Global Solar Tracker Market to Hamper Growth
The global economy felt a state of shock due to the virus outbreak. To curb its spread, different preventive measures were put in place. The lockdowns & restrictions have made economies squelch across the globe, thereby disrupting supply chains, delaying many solar projects. Thus the solar industry suffered its share of immediate challenges due to COVID-19, such as shortage of manpower, and lack of equipment required to make trackers. However, the market is expected to boom back again in upcoming years.
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Drivers and 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.
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.
Initiation of Virtual Power Plant Projects Worldwide to Animate the Market
One of the leading developments in the solar industry that is fueling the solar tracker market growth is the initiation and implementation of virtual power plant (VPP) projects in major economic hubs worldwide. For instance, AGL Energy, an energy management company based in Australia, developed a VPP model in 2017 by installing and connecting a vast array of solar battery systems across 1000 commercial and residential spaces in Adelaide.
The entire network will be managed by cloud-based control system. Similar projects have been initiated in the US as well, although on a smaller scale. In Colorado, for example, a cooperative utility named Holy Cross Energy developed a VPP comprising four homes that have rooftop solar panels, heat pumps, electric vehicle chargers, and energy storage. VPP and solar trackers are capable of increasing energy efficiency of solar panels by a substantial degree as the trackers can optimize energy capture, while the VPP can re-route stored energy that can get wasted if not utilized as well as provide flexibility and enhance grid reliability.
However, high investment and lack of required infrastructure may hinder the market growth
List of Key Players Mentioned 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)
- Scorpius Trackers (India)
- Sun Action Trackers (U.S.)
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Segments:
Single Axis Segment to Dominate Market Due to Economic Feasibility
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.
Key Benefits for Solar Tracker Market:
- The Solar Tracker market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analysis of the Solar Tracker market during the forecast period (2022–2029).
- The report outlines the current market trends and future scenario of the global Solar Tracker market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
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Regional Insights:
North America to Remain at Forefront Backed by Extensive Use of Solar Electricity in the Region
North America holds the dominant solar tracker market share due to increasing adoption of solar trackers to ensure operational efficiency. Also, technological developments in the region are expected to drive the market during the forecast period. North America stood at USD 3.57 billion in 2021.
Latin America is expected to hold the second-highest global market share due to high import of solar trackers. Majorly these trackers are imported from North America. The market in Latin America is anticipated to surge in the coming years as Brazil and Mexico have emerged as some of the largest importers of solar devices and solutions. In Asia Pacific, the market will be led by China and India, where investments in renewables have grown astronomically in the past couple of decades. Moreover, China is the dominant producer of solar components, which will provide an additional boost to the regional market.
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.
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. 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.
Key Players to Focus on Launching New Products to Strengthen the Market Growth
The market is consolidated by major companies striving to maintain their position by focusing on new launches. For instance, in April 2021, Mass Megawatts is planning to launch a small solar tracker trailer tour that will provide information on the cost and output of the additional solar tracking features. It will be out in the market by the end of 2021. These small mobile units will help in demonstrating the efficiency of the tracker and others without it. Therefore, it will help potential customers to know the potential of the product. Moreover, other key players are adopting proactive strategies such as new partnerships, mergers, and collaborations to favor the market's growth in the upcoming years.
Global Solar Tracker Market Size Segmentation:
By Type
- Photovoltaic (PV)
- Concentrated Solar Power (CSP)
By Application
- Utility
- Non-utility
By Movement:
- Single Axis
- Dual Axis
Table of Contents
- 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
- North America 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 Country
- US Market Analysis, Insights and Forecast – By Application
- Utility
- Non-Utility
- Canada Market Analysis, Insights and Forecast – By Application
- Utility
- Non-Utility
- US Market Analysis, Insights and Forecast – By Application
Continued…
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