The global solar tracker market was valued at $8.9 billion in 2021, and is projected to reach $16.0 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
Solar trackers can improve solar panel efficiency and speed up the process by which solar owners recover their installation expenditures. Solar trackers are support structures that help solar panels to follow the path of the sun as well as absorb more solar radiation. Depending on the type of tracker, they can raise efficiency of panels by 10% to 45%. They are more frequently found on large-scale solar projects such as community solar farms than on individual homes due to the high cost of the equipment and installation.
The increased emphasis on sustainable energy is fueling the expansion of the global market for solar trackers. A significant increase in the number of solar panel installations worldwide is one of the key factors that propels growth of the solar tracker market. Furthermore, the market for solar trackers is expanding as a result of adoption of helpful government laws that support numerous solar energy projects. Companies are focusing on producing advanced technology-based products as a result of rise in industrial demand for advanced equipment for tracking purposes. For instance, Soltec introduced SFOne solar tracker for high-power modules in June 2021. It is made to work with modules that have 78 and 72 cells, and it is self-powered by a module, which lowers operating costs.
The solar tracker market is segmented on the basis of technology, type, application, and region. On the basis of technology, the market is classified into concentrated PV tracker and photovoltaic. By type, it is categorized into single axis and double axis. On the basis of application, it is divided into residential, commercial, and utility. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights key areas of investments. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain intense competition in the industry.
Solar trackers can improve solar panel efficiency and speed up the process by which solar owners recover their installation expenditures. Solar trackers are support structures that help solar panels to follow the path of the sun as well as absorb more solar radiation. Depending on the type of tracker, they can raise efficiency of panels by 10% to 45%. They are more frequently found on large-scale solar projects such as community solar farms than on individual homes due to the high cost of the equipment and installation.
The increased emphasis on sustainable energy is fueling the expansion of the global market for solar trackers. A significant increase in the number of solar panel installations worldwide is one of the key factors that propels growth of the solar tracker market. Furthermore, the market for solar trackers is expanding as a result of adoption of helpful government laws that support numerous solar energy projects. Companies are focusing on producing advanced technology-based products as a result of rise in industrial demand for advanced equipment for tracking purposes. For instance, Soltec introduced SFOne solar tracker for high-power modules in June 2021. It is made to work with modules that have 78 and 72 cells, and it is self-powered by a module, which lowers operating costs.
The solar tracker market is segmented on the basis of technology, type, application, and region. On the basis of technology, the market is classified into concentrated PV tracker and photovoltaic. By type, it is categorized into single axis and double axis. On the basis of application, it is divided into residential, commercial, and utility. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights key areas of investments. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain intense competition in the industry.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the solar tracker market analysis from 2021 to 2031 to identify the prevailing solar tracker market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the solar tracker market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global solar tracker market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Single Axis Tracker
- Double Axis Tracker
By Technology
- Photovoltaic
- Concentrated Solar Tracker
By Application
- Residential
- Commercial
- Utility
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- Italy
- UK
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest Of Asia Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- NEXTracker, Inc.
- Array Technologies, Inc.
- PVHardware
- Arctech Solar
- Nclave renewable
- Convert Italia
- STI Norland
- STI Norland.
- gonvarri steel services
- GameChange Solar
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SOLAR TRACKER MARKET, BY TYPE
CHAPTER 5: SOLAR TRACKER MARKET, BY TECHNOLOGY
CHAPTER 6: SOLAR TRACKER MARKET, BY APPLICATION
CHAPTER 7: SOLAR TRACKER MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Solar Tracker Market," the solar tracker market size was valued at $8.9 billion in 2021, and is estimated to reach $16.0 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.Solar tracker is often used to optimize the energy output from solar panels. Solar panels are always pointed directly at the sun, owing to its mechanism solar panel tracks daily rotation of sun from east to west. It enhances solar irradiation received by solar-energy collector and helps in increasing output of electricity that is generated.
Solar tracker possesses various properties such as it offers minimal wind resistance and provides electrical and thermal stability. Hence, owing to such functionalities, it is extensively used for residential, commercial, agriculture, and other purposes such as in on-grid for roofs of houses, traffic signals, street lights, cottages, and small power plants.
The market is primarily driven by expanding global demand for energy, growing environmental awareness, and depletion of fossil fuels. Demand for solar trackers is expected to increase during the forecast period as a result of growing government initiatives in nations such as the U.S., India, and China to shift to solar energy. In addition, it is anticipated that solar tracker companies would benefit from new growth prospects brought on by ongoing product innovations in solar technology as well as growing usage of IoT and artificial intelligence.
Increase in steel costs further raises cost of these tracking systems, which are employed in majority of utility-scale projects. This is one of the main reasons impeding growth of the solar tracker market. Steel often accounts for more than 65% of the entire cost of solar tracking systems, making them more expensive. Moreover, installation of a solar tracking system is more expensive overall than placing regular solar panels, which hinders its use in residential areas where energy demand is less. This factor is estimated to hamper the solar tracker market growth.
Development of solar trackers for unusual settings, such as capped landfills, has been identified as the main trend in the global market for solar trackers. Solar trackers are typically fixed on posts that are hammered into the ground or on posts with ballast. In addition, factors such as growing manufacturing industry, availability of feedstock at reduced prices, and arrival of local players has led manufacturers to offer solar trackers at low prices. This factor is expected to create remunerative opportunities for expansion of the solar tracker market in the future.
Key players operating in the global solar tracker market analysis include Array Technologies, Inc., Convert Italia, Nextracker Inc., SunPower Corporation, Trina Solar, DEGERENERGIE GMBH & CO. KG, GameChange Solar, STI Norland, Ideematec, PV Hardware, MECASOLAR, Mechatron, OPTIMUM TRACKER, Powerway Renewable Energy Co. Ltd., and Schletter.
Impact of COVID-19 on the global solar tracker market
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The adoption of solar tracker for electricity generation, which was strongly dependent on China and India, as well as the world economy both suffered from the health crisis brought on by the spread of COVID-19. Due to supply chain interruption and a lack of raw materials, manufacturing units were forced to shut down during the lockdown which is negatively impacting the solar tracker for power generation market statistics. Additionally, a labor shortage caused supply chain issues in the United States, which was a dominating country in the solar tracker market, as well as a nation lockdown hampered industrial progress. Further, the disruptions to transport and logistics affected due to strict government regulations as well as nationwide lockdown led to a significant pause in delivering the product, rising shipment cost and price of fuel, taxes, workforce, and disruptions to shipping facilities. However, it is anticipated that sales of solar trackers for power generation will increase in the next years due to elements including supportive government policies and initiatives to fulfill expanding energy demand using renewable energy sources.Key Findings of the Study
- By type, the solar axis segment is estimated to display highest growth rate, in terms of revenue, registering a CAGR of 6.3% from 2022 to 2031
- By technology, the photovoltaic segment is anticipated to register highest CAGR of 6.3% during the forecast period.
- By application, the utility segment is anticipated to register highest CAGR of 6.3% during the forecast period.
Companies Mentioned
- Nextracker, Inc.
- Array Technologies, Inc.
- Pvhardware
- Arctech Solar
- Nclave Renewable
- Convert Italia
- Sti Norland
- Sti Norland.
- Gonvarri Steel Services
- Gamechange Solar
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 216 |
| Published | August 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 8.9 billion |
| Forecasted Market Value ( USD | $ 16 billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
