Dublin, May 07, 2024 (GLOBE NEWSWIRE) -- The "Solar Tracker For Power Generation Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The solar tracker for power generation market size has grown strongly in recent years, from $6.75 billion in 2023 to $7.41 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth observed can be attributed to several factors, including improved energy yield from solar installations, cost reductions associated with solar technologies, growing environmental awareness, incentive programs supporting renewable energy adoption, and a focus on achieving energy independence.
The solar tracker for power generation market size is expected to see strong growth in the next few years, reaching $10.71 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The anticipated growth in the forecast period can be attributed to factors such as advanced tracking technologies, the continued expansion of global solar installations, the integration of energy storage, ongoing efficiency improvements in solar technology, and the emergence of new solar markets.
Major trends expected in the forecast period include technological advancements leading to enhanced efficiency, a growing adoption of dual-axis trackers for improved solar panel positioning, increased digitalization and data-driven optimization in solar tracking systems, the integration of artificial intelligence (AI) and machine learning (ML) for intelligent tracking solutions, and the use of smart inverters to optimize energy production.
The anticipated surge in solar panel installations globally is poised to drive the growth of the solar tracker market. The increasing focus of governments on renewable energy initiatives and the rising investments from residential consumers in environmentally sustainable energy sources have led to substantial growth in solar panel installations worldwide. This rapid expansion in solar panel installations is expected to fuel the demand for solar trackers, widely utilized to optimize energy output and efficiency in new installations. For example, in September 2022, data from the U.S Energy Information Administration indicated that U.S. shipments of solar photovoltaic (PV) modules (solar panels) reached a record 28.8 million peak kilowatts (kW) in 2021, up from 21.8 million peak kW in 2020. Furthermore, small-scale solar power installations increased by 5.4 GW in 2021, marking a 23% rise from the 4.4 GW recorded in 2020. Therefore, the upswing in solar panel installations is anticipated to drive the demand for solar trackers in the forecast period.
The increasing adoption of renewable energy is set to propel the growth of the solar tracker market. Renewable energy, harnessed from naturally replenishing sources like sunlight, wind, and hydropower, is not only environmentally sustainable but also indefinitely available. Solar trackers play a crucial role in maximizing energy production, improving efficiency, and making solar power economically viable and sustainable within the renewable energy landscape. As of December 2021, the International Energy Agency forecasted that renewables would contribute to about 95% of the global increase in power capacity until 2026, with solar PV accounting for over half of this surge. Hence, the growing adoption of renewable energy is expected to be a significant driver for the solar tracker market.
Prominent companies in the solar tracker market are dedicated to product innovation, aiming to enhance energy efficiency and overall performance. Product innovation involves the introduction of new and improved technologies or features that elevate the efficiency, precision, and durability of solar tracking systems, ultimately boosting the energy output of solar panels. For instance, in September 2022, Array Technologies Inc., a U.S.-based provider of utility-scale solar tracker technology, launched the Array OmniTrack and Array STI H250 products, enhancing its existing DuraTrack product line. Array OmniTrack is designed to simplify site preparation, ease installation, increase project ROI, and lower total project expenses. Meanwhile, Array STI H250 serves as a cost-effective alternative, particularly suitable for sites with irregular boundaries, highly inclined blocks, or fragmented project areas. These product lines, meeting domestic sourcing content standards, cater to diverse client needs and evolving requirements in the utility-scale solar industry. Customers benefit from Array's extensive product portfolio and a track record of innovation, receiving solutions tailored to their site-specific requirements and priorities.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Report Scope
- Markets Covered:
- By Product: Single Axis; Dual Axis
- By Technology: PV; CSP
- By Application: Residential Solar Tracker; Commercial and Industrial; Utility
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Companies Profiled:
- NEXTracker
- Array Technologies
- PV Hardware Solutions
- Arctech Solar Holding
- Soltec Power Holdings
- FTC Solar
- AllEarth Renewables
- Mechatron Solar
- Convert Italia
- SunPower
- Trina Solar
- Degerenergie
- GameChange Solar Services India
- Soluciones Tecnicas Integrales Norland
- Ideematec Deutschland
- MecaSolar
- Optimum Tracker
- Powerway Renewable Energy.
- The Schletter Group
- Xiamen Grace Solar Technology
- Jiangsu Aikang Industrial Group
- Dalian CDS Solar Energy Technology
- Clenergy Technology
- Amberroot Systems
- Ephysx Technologies
- Greenera Energy
- Hyquip Systems
- Nordic Semiconductor
- Canadian Solar
- Risen Energy
For more information about this report visit https://www.researchandmarkets.com/r/uq5k4b
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