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Solar Tracker Market: Segmented: By ProductType {Single Axis (Horizontal, Vertical) and Dual Axis}; By Technology (Solar Photovoltaic, Concentrated Photovoltaic and Concentrated Solar Power); By Application (Residential, Commercial and Utility); and Region - Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Solar Tracker Market is anticipated to exceed USD 3,79,180 million by 2030 from USD 1,62,720 million in 2021 at a CAGR of 11.1% throughout the forecast period, i.e. 2021-2030.
Solar tracking is the process of generating power from sunlight. A solar tracker is a system that guides the solar panels, the heliostat mirrors, and the Fresnel reflectors to the light. These solar trackers are used to capture maximum solar energy during the day and increase solar panel output and efficiency. Trackers are responsible for aiming solar panels or modules onto the sun. Such devices adjust their course to follow the sun’s rays to maximize energy recovery.
Solar Tracker Market is expected to project a CAGR of 11.1% during the forecast period, 2021-2030
The market is expected to grow on the back of rising awareness among people relating to clean energy. Factors such as environmental pollution and a rise in the prices of fuels are expected to drive the growth of the market. Furthermore, the rise in government initiatives falls in complexity in design, and ongoing research in the solar tracker is anticipated to boost the growth of the solar tracker market in the coming years.
The Single Axis segment to grow with the highest CAGR of xx% during 2020-2029
Global Solar Tracker Market is segmented by product type into Single Axis (Horizontal, Vertical) and Dual Axis. The single-axis segment held the largest market share of xx% in the year 2019. Single-axis systems track the sun’s rays along a single axis allowing them to improve system performance in the areas of high isolation. Single-axis solar trackers take up more land than fixed panels as their movement can create shadows that can affect the efficiency of neighboring panels.
The Solar Photovoltaic segment to grow with the highest CAGR of xx% during 2020-2030
The market for the solar tracker is also segmented by technology into Solar Photovoltaic (PV), Concentrated Photovoltaic (PV), and Concentrated Solar Power. The solar PV segment is estimated to hold the largest market share of xx% in the year 2019. The compatibility of PV cells with standard photovoltaic module technologies is the major reason for the largest market share of solar PV technology. The increasing cost of electricity owing to the supply-demand gap will most likely enhance the use of solar PV in utility and non-utility applications.
The Utility segment to grow with the highest CAGR of xx% from 2020-to 2030
Global Solar Tracker Market is segmented by application into Residential, Commercial, and Utility. Among these, the utility segment is estimated to hold the largest market share of xx% in 2019. Rising electricity costs coupled with the growing demand for renewable sources of energy generation are anticipated to expand the use of trackers in utility applications.
Rising Awareness among People
The rising awareness among people regarding clean energy usage is the major factor driving the growth of the solar tracker market. The solar trackers are easier and more efficient to use than any other source of energy and power. With the use of these trackers, we can help in reducing the environmental pollution.
High Investments
Developing new renewable sources require large investments to build infrastructure. These investments increase the cost of providing renewable electricity, mainly during the early years. Initially, the developers need to find publicly suitable sites with good resources and with access to the transmission lines. Finding a potential solar site takes several years of monitoring to determine whether they are suitable.
North America to grow with the highest CAGR of xx% during 2020-2030
Global Solar Tracker Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA. Among these, the market in North America is estimated to hold the largest market share of xx% in the year 2019, owing to the rising emphasis on renewable energy and the Paris Agreement on climate change that has recommended the utilization of renewable energy in the nation’s energy supply.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Solar Tracker Market size was estimated at USD 3,79,180 million by 2030 and is expected to reach USD 1,62,720 million in 2021
Bright Source Energy Inc., bengoa SE, Scorpius Trackers, First Solar Inc., NEXTracker, Tata Power Solar Systems Ltd., Arctech Solar, Siemens AG, PV Hardware, Trina Solar Co. Ltd.
The Solar Photovoltaic segment and The Single Axis segment are anticipated to hold the Solar Tracker Market
Drivers Rising Awareness among People
Solar tracking is the process of generating power from sunlight. A solar tracker is a system that guides the solar panels, the heliostat mirrors, and the Fresnel reflectors to the light. These solar trackers are used to capture maximum solar energy during the day and increase solar panel output and efficiency.
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