New York , March 18, 2024 (GLOBE NEWSWIRE) -- The global single axis solar PV tracker market size is projected to grow at a CAGR of over 19% from 2024 to 2036. The market is expected to garner a revenue of USD 90 billion by the end of 2036, up from a revenue of USD 18 billion in the year 2023. This growth of the market is poised to be dominated by growing demand for solar energy. For instance, the generation of power from solar PV rose by a record of over 269 TWh in the year 2022 which is the highest as compared to power generated in 2021 from solar PV. Hence, the demand for solar PV tracker market is estimated to rise over the coming years.
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Furthermore, solar PV is experiencing a significant rise in investment. In 2022, the investment in solar PV stood at over USD 299 billion in the world. This investment has risen notably since 2013 when it amounted to close to USD 99 billion. As a result, the opportunities to make various advancements in solar PV are projected to expand which is why the deployment of single axis solar PV is anticipated to surge.
Single Axis Solar PV Tracker Market: Key Takeaways
- Market in Europe region to gather the highest market share.
- The utility segment to generate the largest share in the market.
- North American market to have notable growth in the market.
Growing Urban Population to Boost the Growth of Global Single Axis Solar Tracker Market
There has been a rising shift of population from rural regions to urban regions on account of growing employment opportunities, education, and more. By 2030, it is estimated that over 4 billion of the population globally will be living in urban regions. However, with the rise in urban population, the need for electricity is also estimated to grow. Additionally, since the standard of living of the people in urban regions has improved significantly, the consumption of energy has also surged. To tackle this expanding need for energy, the preference for renewable energy such as solar PV is growing. Therefore, the market revenue for single axis solar trackers is also predicted to grow.
Single Axis Solar PV Tracker Industry: Regional Overview
The global single axis solar PV tracker market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Need to Reduce Gas Imports to Drive Market Expansion in Europe
The European market for single axis solar PV trackers is estimated to gather the highest market share of over 43% over the coming years. This growth of the market in this region is set to be dominated by the rising need to reduce dependence on gas imports. This is because this region is suffering from a shortage of gas owing to the growing Russia-Ukraine invasion. As a result, the preference for solar energy is surging. In 2022, Europe saved about USD 28 billion in fossil fuel imports by generating solar energy. As a result, this region is also expected to experience a surge in the demand for single axis solar PV trackers.
Rising Population to Expand the Market Share in North America
The North American market for single axis solar PV trackers is also set to have notable growth in the market over the coming years. The main element to dominates the market expansion in this region is the growing population. Currently, the population in North America is over 381,048,004. This indicates a surge of about 0.56% compared to the year 2023.
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Single Axis Solar PV Tracker Segmentation by Application
- Residential
- Commercial
- Utility
The utility segment in single axis solar PV tracker market is poised to generate the largest revenue share 57% during the forecast period. The growth of this segment is set to be dominated by a growing reduction in the price of solar PV projects. For instance, for solar PV projects, LCOE might fall from 0.049 USD/kWh in 2022 to 0.02–0.08 USD/kWh by 2030 and 0.014–0.05 USD/kWh by 2050.
Single Axis Solar PV Tracker Segmentation by Technology
- Photovoltaics
- Concentrated Solar Trackers
The photovoltaics segment in single axis solar PV tracker market is projected to generate the highest revenue share of 60% during the forecast period. This growth of the market is poised to be encouraged by the growing consumption of electricity. The consumption of electricity in the globe has expanded to approximately 25,499 terawatt-hours in 2022.
Single Axis Solar PV Tracker Segmentation by Types
- Horizontal Type
- Vertical Type
A few of the well-known market leaders in the global single axis solar PV tracker market that are profiled by Research Nester are All Earth Renewables, ArcelorMittal SA, Arctech Solar Holding Co Ltd, Array Technologies Inc., First Solar Inc., GameChange Solar, Gensol Engineering Ltd., Grupo Gransolar SL, Hanwha Corp., Haosolar Co. Ltd., Canadian Solar Inc., and others.
Recent Development in the Market
- On July 5, 2023, ArcelorMittal SA announced that CHAR technologies have obtained an investment of about USD 5 Billion through ArcelorMittal’s XCarb.
- On January 8, 2024, the world’s foremost solar tracking, racking, and BIPV solution provider, Arctech Solar Holding Co., Ltd came into strategic cooperation with Alpon Energy.
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