Solar Tracker for Power Generation Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Solar Tracker for Power Generation Market grew at a CAGR of 5.8% between 2017-2021 and is estimated to be US$ 4012.3Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.5% and is expected to reach a valuation of US$ 7,531.6Mn by 2032 end.
Over the forecast period, it is anticipated that growing concerns about energy conservation and switching from non-renewable to renewable energy will increase demand for solar energy and, eventually, solar trackers. Solar trackers use various electrical components, including actuators, motors, and sensors, to position the solar cell for focusing the sunlight to maximise the amount of energy captured.
The solar radiation caught is then turned into electricity, used by different end-user segments. The popularity of solar energy as a viable source of commercial power has increased due to the falling cost of solar PV panels, which is anticipated to boost market growth further.
ChemView Consulting has analyzed that the upward trend in carbon emissions is driving global demand for green and clean energy. According to the quick carbon analysis, the UK government intends to produce nearly half of its electricity from renewable sources. The industry is also growing due to increased funding for green energy programs. As a result of the rising need for green energy, the global market for solar trackers for power generation is growing.
The greatest technology sector, with a revenue share of almost 85.59%, was solar photovoltaic (PV). The main factor behind the largest share of PV technology is the compatibility of PV cells with conventional photovoltaic module technologies. The usage of solar PV in utility and non-utility applications will be further boosted by the growing cost of power caused by the supply-demand gap.
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Segments Covered in Report
By Product:
- Single Axis
- Dual Axis
By Technology:
- Photovoltaic (PV)
- CSP
By Application:
- Residential
- Commercial & Industrial
- Utility
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Solar Tracker for Power Generation Market
- Based on the technology, the greatest technology sector, with a revenue share of almost 85.59%, was solar photovoltaic (PV). The main factor behind the largest share of PV technology is the compatibility of PV cells with conventional photovoltaic module technologies. The usage of solar PV in utility and non-utility applications will be further boosted by the growing cost of power caused by the supply-demand gap.
- Based on the product, more than 50.86% of total revenue came from the dual axis sector, which is also expected to grow at the highest CAGR throughout the forecast period. Due to their capacity to track the sun horizontally and vertically, dual-axis trackers enable maximal absorption of the sun’s rays.
- Based on the region, Asia-Pacific is anticipated to develop profitably over the projected period, with a market share of 45.3%, because of China’s extensive use of solar trackers for electricity generation. According to estimates, good government measures will also accelerate regional growth.
Competition Summary
Key companies covered in the market study are NEXTracker Inc., Powerway, Trina Solar, Meca Solar, SunPower Corporation, Abengoa Solar, Array Technologies Inc., Haosolar Co. Ltd., SOLTEC, SmartTrak, Solar Systems (Pvt) Ltd., Scorpius Trackers, AllEarth Renewables, DEGER energie GmbH & Co. KG, Arctech
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
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