ID: MRFR/E&P/4418-HCR | 185 Pages | Published By Priya Nagrale on March 2023
The solar PV tracker market is projected to register a CAGR of 18.5% from 2022 to 2030. The solar PV tracker market size is expected to reach approximately USD 17021.01 Million by 2030. A system known as a solar tracker places an object at an angle toward the sun. Placing 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 solar 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 panel is kept perpendicular to the sun. It is possible to turn the energy into power.
The health catastrophe brought on by the spread of COVID-19 hurt the economy and the use of solar trackers for power generation, which was highly dependent on China and India. Due to supply chain disruption and a lack of raw materials, manufacturing facilities were forced to close during the lockout, which had a detrimental impact on the market statistics for solar trackers for power generation. In addition, supply chains were slowed by a national lockdown and labor scarcity in the United States, a market leader in solar trackers. The nationwide lockdown and the stringent government rules that caused delays in product delivery also led to higher gasoline and transportation expenses, higher taxes, higher labor costs, and disruptions to shipping facilities. The sales of solar trackers for power generation will increase over the next years due to supportive government policies and measures to fulfill the expanding need for energy with renewable sources.
As the globe transitions to a clean energy future, carbon reduction has hastened the use of renewable energies. Solar technology and other clean energy technologies have advanced significantly, enabling quick deployment growth and providing cost-effective options for decarbonizing the energy sector. Artificial intelligence is a modern technology that offers practical advantages and cost-effectiveness when integrated with renewable energy. This technology tracks control strategy based on real-time weather data and control strategy under real terrain circumstances.
Carbon reduction has accelerated the adoption of renewable energies as the globe transitions to a clean energy future. Solar technology and other clean energy technologies have dramatically improved, allowing for rapid deployment expansion and offering affordable solutions for decarbonizing the energy industry. The unequal adoption of a solar PV tracking system has garnered more attention as an energy justice issue because it is a modular, easily scalable technique for large and small businesses.
The increase in steel costs, which further raises the cost of the tracking systems employed in most utility-scale projects, is one of the main reasons hindering the growth of the solar tracker market. Steel often accounts for more than 65% of the entire cost of solar tracking systems, making them more expensive. Additionally, the solar tracking system's overall cost is higher than setting up standard solar panels, which discourages its use in residential settings where energy demand is often lower.
Artificial intelligence is one of the contemporary technologies combined with renewable energy and offers functional benefits and financial efficiency. Incorporating this technology helps track control strategy under real terrain conditions and control strategy based on real-time weather data. Along with weather sampling, feedback distribution, and continual information comparison, the AI control system can also optimize the algorithm for the tracker angle, which may increase the power generation of solar power plants by up to 7%.
The solar PV tracker market segmentation, based on system type, is the parabolic trough, power towers, linear fresnel, and dish/engine type. The solar PV tracker market growth was prominently high under the parabolic trough category in 2021. Solar trackers are used by concentrated sun thermal systems, which utilize solar energy for heating water and producing steam.
The solar PV tracker market segmentation, based on tracking type, is fixed tilt, single axis, and dual axis. In 2021, the dual-axis trackers accounted for the largest market share of the market. Due to their capacity to track the sun horizontally and vertically, dual-axis trackers enable maximal absorption of the sun's rays. Dual-axis trackers can generate 8% to 10% more energy than single-axis trackers.
Based on the drive system, the market is divided into active and passive systems. The active systems dominated the market for solar PV trackers in 2021. Active tracking systems use sensors to find the best location for the solar panel, ensuring that it is parallel to the sun. Since they do not require a controller, passive systems are typically selected for low-capacity power systems.
By end-use, the market has been segmented into residential, commercial, and utilities. In 2021 the utility category had a major share of the market. Solar trackers are anticipated to be used more frequently in utility applications due to rising electricity costs and growing demand for renewable energy sources. Since solar utility installations are ground-mounted and single-axis trackers may be used to follow the sun all day, they are the most popular solar tracking system in the utility industry.
By region, the solar PV tracker market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America dominated the market share in 2021. 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. Through several measures, the American government is likewise aiming to promote the use of solar power in the economy.
Asia-Pacific accounted for the fastest growth rate in the market in 2021 due to quick industrialization & commercialization and rising solar technology installation. Favorable regulatory regulations, tax incentives, and ambitions to integrate cutting-edge software across all installed PV systems will also enhance the market environment.
The competitive environment of this industry shows that the leading solar tracker manufacturers dominate the market. With contracts from several nations in every region, NEXTracker has the largest market share ly. The company's success has been attributed to a solid supply chain, customer preferences, and an established brand identity. There are a few additional companies in the industry, which broadens their consumer base and helps them develop a solid foothold there. In September 2022, FTC Solar, Inc., a leading solar tracker system, software, and engineering service provider, introduced a new and distinctive module in portrait (1P) Solar Tracker Solution called Pioneer.
List of the Prominent Companies in the solar PV tracker market research include Arctech Solar (India), Convert Italia (Italy), Exosun (U.S.), First Solar (U.S.), Grupo Clavijo (Spain), Ideematec (Germany), Mahindra Susten (India), NClave (Spain), NEXTracker (U.S.), PV Hardware (U.S.), Scorpius Trackers (India), Solar Steel(Spain), Soltec(U.S.), STi Norland (Spain), Sun Action Trackers (U.S.), and SunLink (U.S.), among others.
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the solar PV tracker market report segmented by system type, tracking type, drive system, and end-use by value (in US dollars). Also, to understand the consumption/ demand created by consumers in solar PV tracker market forecast between 2022 and 2030
To identify and infer the drivers, restraints, opportunities, and challenges solar PV tracker market growth
To find out the factors which are affecting the solar PV tracker market size among consumers
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Solar PV Tracker Market Size||2030: USD 17021.01 Million|
|(CAGR)||18.5% CAGR (2022-2030)|
|Solar PV Tracker Market Forecast Period||2022-2030|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||System Type, Tracking Type, Drive System, and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Arctech Solar (India), Convert Italia (Italy), Exosun (U.S.), First Solar (U.S.), Grupo Clavijo (Spain), Ideematec (Germany), Mahindra Susten (India), NClave (Spain), NEXTracker (U.S.), PV Hardware (U.S.), Scorpius Trackers (India), Solar Steel(Spain), Soltec(U.S.), STi Norland (Spain), Sun Action Trackers (U.S.), and SunLink (U.S.)|
|Key Market Opportunities||Integrating software technologies|
|Key Market Drivers||Green energy targets to fuel investments in the solar industry|
The solar PV tracker market forecast period is 2022 - 2030
The market is expected to register a CAGR of 18.5% over the next 10 years, according to the solar PV tracker market research.
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD 17021.01 Million by 2030.
Arctech Solar (India), Convert Italia (Italy), Exosun (U.S.), First Solar (U.S.), Grupo Clavijo (Spain), Ideematec (Germany), Mahindra Susten (India), NClave (Spain), NEXTracker (U.S.), PV Hardware (U.S.), Scorpius Trackers (India), Solar Steel(Spain), Soltec(U.S.), STi Norland (Spain), Sun Action Trackers (U.S.), and SunLink (U.S.) are the major companies operating in the market.