Solar Tracker Market Overview
According to a research survey conducted by ChemView Consulting, the current valuation of the Global Solar Tracker Market is worth US$ 4,236.8 Mn in 2022. The market value of stainless steel is expected to reach US$ 11,089.5 Mn by 2032, growing at a CAGR of 10.1% over the forecast period.
A system known as a solar tracker places an object about the sun at an angle. Putting photovoltaic (PV) panels that remain perpendicular to the sun’s beams and setting up space telescopes to determine the sun’s direction constitute the most popular solar tracking system.
A PV tracking system changes a solar panel’s path in response to the sun’s position in the sky. More sunlight enters the solar panel, less light is reflected, and more solar energy is absorbed when the board is kept perpendicular to the sun. It is possible to turn the point into power.
ChemView Consulting has analyzed that carbon reduction has accelerated the adoption of renewable energies as the globe transitions to a clean energy future. Solar technology and other renewable energy technologies have dramatically improved, enabling quick deployment and offering affordable solutions for decarbonizing the energy sector. As a modular strategy easily scalable for large and small enterprises, the unequal adoption of a solar tracking system has drawn increasing attention as an energy justice issue.
The greatest technology sector, with a revenue share of almost 85.0%, 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 Type:
- Photovoltaic (PV)
- Concentrated Solar Power (CSP)
By Application:
- Utility
- Non-utility
By Movement:
- Single Axis
- Dual Axis
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 Market
- Based on the type, photovoltaic has consistently been in higher demand. 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 application, utility is increasing in demand. Solar trackers are anticipated to be used more frequently in utility applications due to rising electricity costs and growing demand for renewable energy sources. Throughout the predicted period, this tendency is expected to persist.
- North America accounted for 42.6% of the market, and this trend is anticipated to remain until 2032. The Paris Agreement on Climate Change encouraged the use of renewable energy in the country’s energy supply, and the growing emphasis on renewable energy is principally responsible for the growth.
Competition Summary
Key companies covered in the market study are Abengoa Solar S.A., AllEarth Renewables, Array Technologies Inc., DEGERenergie GmbH & Co. KG, Nclave, Powerway Renewable Energy Co. Ltd., Soltec Tracker, SunPower Corporation, Titan Tracker, Trina Solar Limited.
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Report Key Highlights
- Detailed information on factors that will assist Global Solar Tracker Market growth during the next ten years.
- Assessment of the historical and current Global Solar Tracker Market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
- The growth of the market across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa
- Segment-wise, country-wise, and region-wise market analysis
- Key drivers, restraints, opportunities, and key emerging trends impacting market growth
- Predictions on critical supply, demand, and technological trends and changes in consumer behavior
- Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
- Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
- Covid-19 impact on the market and how to navigate
- Strategic market analysis and recommendations on crucial winning strategies
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