New York, United States , Feb. 08, 2024 (GLOBE NEWSWIRE) -- The Global Solar Tracker Market Size is to Grow from USD 34.73 Billion in 2023 to USD 254.07 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 22.02% during the projected period.
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A solar tracker is a device that directs a solar panel or solar reflector towards the sun in order to collect more sunlight. The trackers are attached to the solar panels so they can move in relation to the sun regardless of the weather. This increases the overall efficiency of the solar panels and ensures that the solar modules are positioned correctly to maximize solar energy. Depending on the design and tracking mechanism, some of the commonly used variations of trackers are active, passive, single-axis, and dual-axis. They generate additional energy, are available in binary format, and require little space, to name a few advantages. In addition, the development of concentrated photovoltaics and more cost-effective and efficient solar photovoltaics are just two examples of the numerous product innovations that have contributed significantly to growth. It is simpler to generate power at a low cost because of to the innovative design of these systems. Growing off-grid energy demand and the incorporation of cloud computing and Internet of Things (IoT)-based solutions are two more factors that are expected to drive the market. However, the rising cost of steel, one of the main obstacles to the growth of the solar tracker market, raises the cost of tracking systems used in the majority of utility-scale projects.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Solar Tracker Market Size, Share, and COVID-19 Impact Analysis, By Type (Single Axis Tracker, Double Axis Tracker), By Technology (Photovoltaic (PV), Concentrated Solar Power (CSP)), By Application (Utility Sector, Residential Sector, Commercial Sector), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The single axis tracker segment dominates the market with the largest revenue share over the anticipation period.
Based on the type, the global solar tracker market is segmented into single axis tracker, and double axis tracker. Among these, the single axis tracker segment is dominating the market with the largest revenue share over the anticipation period. Single-axis solar trackers' simple design allows for the most photovoltaic panel placement per square area while also resulting in a shorter payback period. In addition, boosting power capacity for ongoing and upcoming projects is a difficulty for governments and energy firms. For single-axis solar trackers, a 20–30% capacity surge can be quite beneficial.
The photovoltaic (PV) segment is witnessing significant CAGR growth through the predicted period.
On the basis of technology, the global solar tracker market is segmented into photovoltaic (PV), and concentrated solar power (CSP). Among these, the photovoltaic (PV) segment is witnessing significant CAGR growth through the predicted period. The growing cost of electricity due to the supply-demand gap will lead to a rise in the use of solar PV in both utility and non-utility applications. Cheap solar power is produced as a result of PV systems' low raw material requirements and low manufacturing costs.
The utility sector segment is expected to hold the largest share of the global solar tracker market during the anticipation period.
Based on the application, the global solar tracker market is classified into utility sector, residential sector, and commercial sector. Among these, the utility sector segment is expected to hold the largest share of the global solar tracker market during the anticipation period. Utility solar installations are the most common type of solar trackers used in the utility industry because they are ground-mounted and can be used with single axis trackers to follow the sun during the day. Because of feed-in tariff schemes and growing government subsidies, trackers are widely used in utility applications, particularly in North America and Europe.
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North America dominates the market with the largest market share over the anticipation period.
North America is dominating the market with the largest market share over the anticipation period. The region for solar trackers is expected to grow significantly during the forecast period due to its superior power durability and widespread use in distributed utilities. In addition, Mexico's continued urbanization, rising power consumption, rising energy security, and rising infrastructure investment are some of the key factors driving the demand for solar trackers in this region.
Asia Pacific is expected to grow the fastest during the forecast period. China and India introduced forty major solar technology contracts, including the installation of state-of-the-art photovoltaic panels and single-axis solar trackers. In addition, a growing preference for solar-based energy sources to meet the increasing power demand in the manufacturing sectors is expected to bring about changes in the business environment. Rising consumer awareness of renewable energy sources and rising energy demand are expected to drive growth in India's solar tracker market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global solar tracker market are DCE Solar, Soltec Power Holdings SA, Arctech Solar Holdings Co Ltd., PV Hardware Solutions, S.L.U., Solar Flexrack, Array Technologies, Meca Solar, Ideematec Deutschland GmbH, NEXTracker Inc., Valmont Industries Inc. and Others.
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Recent Developments
- In February 2023, PV Hardware announced plans to build the world's largest solar tracker factory in Spain. The total area of this facility will be 65,000 square meters. By increasing its capacity to 25 GW, the company hopes to become the leading global manufacturer of solar trackers.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Solar Tracker Market based on the below-mentioned segments:
Global Solar Tracker Market, Type Analysis
- Single Axis Tracker
- Double Axis Tracker
Global Solar Tracker Market, Technology Analysis
- Photovoltaic (PV)
- Concentrated Solar Power (CSP)
Global Solar Tracker Market, Application Analysis
- Utility Sector
- Residential Sector
- Commercial Sector
Global Solar Tracker Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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