Wilmington, Delaware, United States, June 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global solar trackers market was valued at 5.1 US$ Bn in 2020. It is estimated to expand at a CAGR of 15.6% from 2021 to 2031. The global solar trackers' industry is expected to reach the value of 25.2 US$ Bn by the end of 2031.
- Advantages of low installation cost and high efficiency support adoption of single-axis solar tracker systems
- Advent of robot-assisted solar trackers is attracting companies to enter into profitable tracker deals in order to gain competitive advantage
- Geographical advantage of high Direct Normal Irradiance (DNI) in Europe leading to development of solar energy drives demand
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | 5.1 US$ Bn | |
| Estimated Value | 25.2 US$ Bn | |
| Growth Rate - CAGR | 15.6% | |
| Forecast Period | 2021-2031 | |
| No. of Pages | 216 Pages | |
| Market Segmentation | Technology Analysis, Product Analysis, Application Analysis, | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Companies Covered | Abengoa Solar, SunPower, Mecasolar, Energia Ercam, First Solar, Qbotix | |
Solar tracking technology has considerable economic advantages. The technology allows solar panels to track the movement of the sun and improve their output by 20% to 40% in comparison to fixed solar PV systems. The increased output efficiency is due to the unique functionalities of solar trackers for each application.
Competitive Analysis
The solar trackers market is fragmented, with the presence of both large and mid-size companies. However, a few companies enjoy brand equity through their geographical presence. Haosolar stood as the leading manufacturer of solar trackers in 2020 and held more than 23% market share by annual installed capacity.
Prominent players in the solar trackers market include Abengoa, SunPower, Mecasolar, Energia, First Solar, Ercam, and Qbotix.
Growth Drivers
- Initiatives by governments for the development of solar energy is fueling the solar trackers market
- Role of manufacturers in creating awareness about advantages of solar trackers is augmenting market growth
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Key Findings of Report
Advantages of High Output of CPV Boosts Adoption – Based on technology, the solar trackers market has been divided into concentrated photovoltaics (CPV), solar photovoltaics, and concentrated solar power (CSP). CPV is a key segment of the solar trackers market, as it enables high output of the payload. Low manufacturing cost of CPV systems assists in producing energy at low costs. However, it must be facing the sun for maximal output of the system.
On the other hand, in CSP, solar radiations are limited to a small surface that gets heated. The heat from the surface is then converted into electrical energy using either a sterling engine or a fluid.
Integration of Next-gen Technologies Fueling Market Development – Product innovation, wherein robotic devices assist in the maintenance of solar trackers during operations is anticipated to create lucrative business opportunities in the next few years. Companies in the global industry are engaging in lucrative tracker deals for competitive advantage. For instance, recent announcement of successful completion of some of the largest tracker deals by companies in the U.S. entails shipment of smart products of 3.4 GW capacities to a number of solar energy development projects undertaken by 174 Power Global across the U.S.
Cost-efficiency and High Output Favor Adoption of Single Axis Trackers – In terms of product type, the solar trackers market has been divided into single-axis, dual-axis, and fixed solar systems. Single-axis trackers are gaining popularity owing to cost-efficiency and high electrical energy output over dual-axis trackers.
In terms of function, single-axis trackers rotate on a single axis. Single-axis trackers are polar, vertical, tilted, or horizontally aligned, rotating from east to west during the course of the day. Dual-axis trackers include two axes for rotation and are vertically aligned to trap solar radiation maximally.
Regional Landscape
According to recent solar trackers market analysis, Europe dominated the global market in 2020. Germany, Spain, Italy, and Greece are key countries in the solar trackers market in Europe, these countries accounted for more than 60% annual installed solar tracking capacity in Europe in 2020.
China and Spain are anticipated to record the fastest growth in the next few years, owing to the incentives offered by their governments for energy generation using renewable sources.
In India, the solar trackers market is expected to expand with substantial annual installation of solar tracking systems in Rajasthan and Gujarat in the near future.
The global solar trackers market is segmented as follows;
Global Solar Trackers Market, by Technology
- Solar PV
- Concentrated Photovoltaic (CPV)
- Concentrated Solar Power (CSP)
Global Solar Trackers Market, by Product
- Single Axis
- Dual Axis
- Fixed Solar Systems
Global Solar Trackers Market, by Application
- Utility
- Non-utility
Global Solar Trackers Market, by Region
- Europe
- Asia Pacific
- Latin America
- North America
- Middle East & Africa
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