Solar Tracker Market to Surpass 16.73 Billion by 2030 Drives Due to Increasing Number of Solar Panel Installations
SkyQuest projects that the solar tracker market will attain a USD 16.73 billion value by 2030, with a CAGR of 13.5% over the forecast period (2023-2030). The global solar tracker market is witnessing substantial growth, primarily driven by the increasing number of solar panel installations worldwide. The rising demand for solar energy as a clean and renewable power source has led to a surge in the deployment of solar PV systems across residential, commercial, and utility-scale sectors.
Westford, USA, June 29, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, solar tracking systems have gained significant prominence in the United States due to the growing emphasis on solar efficiency and maximizing power generation from photovoltaic (PV) systems. The panels can maintain an optimal angle relative to the sun’s position by deploying solar trackers, which continuously adjust the position and orientation of solar panels throughout the day.
Browse in-depth TOC on the “Solar Tracker Market.”
- Pages – 242
- Tables – 87
- Figures –77
A solar tracker is a sophisticated system designed to orient an object, typically photovoltaic (PV) panels, at an optimal angle relative to the sun’s position throughout the day. Its primary function is to maximize the absorption of solar radiation and optimize energy generation. Solar trackers ensure that they remain perpendicular to the sun’s rays, thereby maximizing the amount of sunlight the panels receive, by continuously adjusting the position of the PV panels.
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Prominent Players in Solar Tracker Market
- SunPower Corporation
- Soltec
- Arctech Solar
- NEXTracker, Inc.
- Array Technologies, Inc.
- Convert Italia S.p.A.
- GameChange Solar
- Scorpius Trackers
- Exosun
- PVH Solar
- First Solar, Inc.
- Abengoa Solar, S.A.
- Sun Action Trackers
- Mechatron S.A.
- Powerway Renewable Energy Co., Ltd.
- STi Norland
- Grupo Clavijo
- Ideematec Deutschland GmbH
- Mahindra Susten Private Limited
- Titan Tracker SA
Photovoltaic Segment is Expected to Grow the Market Due to the Compatibility of PV Cells
The photovoltaic (PV) segment dominated the global solar tracker market, capturing over 85% of the total revenue. This significant market share can be attributed to the compatibility of PV cells with traditional photovoltaic module technologies. PV technology offers a reliable and efficient means of converting sunlight into electricity, making it a popular choice for solar energy generation. The seamless integration of PV cells with existing photovoltaic modules facilitates widespread adoption in various applications.
The market in North America has experienced substantial growth in installed solar energy capacity, driven by several key factors. One significant driver has been the increasing investments in renewable energy projects, including solar power, throughout the region. Both public and private sectors have recognized the potential of solar energy as a clean and sustainable power source, prompting significant investments in the development of solar installations.
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Utility Segment is Expected to Dominate the Market Due to the Increased Adoption of Solar Tracker Systems
The utility sector emerged as the leading global solar tracker market, primarily driven by several factors. One key factor is the declining cost of various projects associated with photovoltaic (PV) installations. This reduction in project costs has made solar energy more economically viable for utility-scale applications, leading to increased adoption of solar tracker systems.
Regional markets in the Middle East & Africa (MEA) are poised to experience the highest growth in the global solar tracker market during the forecast period. This growth can be attributed to several key factors. The region boasts a vast solar potential due to its abundant sunlight and favorable climatic conditions.
A comprehensive analysis of the major players in the solar tracker market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Solar Tracker Market
- Nextracker and US independent power producer (IPP) Silicon Ranch recently announced a new collaboration that involves the installation of 1.5 GW of Nextracker’s solar trackers across Silicon Ranch’s solar projects. This agreement aims to be completed by the end of 2024, with the potential for expansion as Silicon Ranch’s portfolio grows. Silicon Ranch reduces logistics risks and minimizes its carbon footprint, emphasizing its commitment to sustainable sourcing and environmental stewardship, by opting for American-made trackers using US steel.
- The introduction of Trina Solar’s SuperTrack, featuring a Smart Tracking algorithm that enhances energy output by up to 3 to 8 per cent compared to traditional tracking algorithms in 2022. The SuperTrack system employs Smart Backtracking (SBA) and Smart Tracking (STA) algorithms, offering improved energy generation, particularly in challenging terrains, adverse weather conditions, and low irradiance scenarios.
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Key Questions Answered in Solar Tracker Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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