The global solar tracker market revenue was around US$ 9.4 billion in 2022 and is estimated to reach US$ 16 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2023 to 2031.
Solar trackers are frequently used to maximize solar panels' energy production. Because of their mechanism, solar panels always face squarely toward the sun, tracking the sun's daily rotation from east to west. It improves solar irradiation obtained by solar-energy collectors and assists in surging the output of electricity that is generated.
Market Driving Factors
Increasing adoption of renewable sources for power generation to drive market growth. The depletion of natural resources like petroleum, oil, and coal, constant population increase, and electricity costs have shifted from these fossil energy sources to renewable energy sources like hydropower, wind, nuclear, solar, and others. Furthermore, among these, solar energy is one of the most accepted net zero renewable energy sources due to the vast availability of the sun as an energy source to generate electricity. As a result, this has resulted in different entities of various nations providing rebates, subsidies, incentives, and many others to ensure solar energy promotion and adoption.
The increasing adoption of artificial intelligence is estimated to create possibilities in the market. Artificial intelligence is one of the new technologies that has been combined with renewable energy, resulting in a variety of operational benefits and price effectiveness. Furthermore, controls powered by artificial intelligence (AI) offer better returns and give projects a competitive edge for the solar tracker players. As a result, integrating these technologies assists in tracking control strategy under real-world situations and control strategy based on real-time weather data.
Installation of a solar tracking system is more costly overall than placing traditional solar panels, which restricts its usage in residential areas where energy demand is less. This element is estimated to hinder the market growth.
Regional Analysis
North America dominated the market in terms of the highest revenue. This can be majorly attributed to the surged focus on renewable energy and the Paris Agreement on Climate Change, which suggested the usage of renewable energy as the country's primary source of energy. Furthermore, the United States government desired to surge the usage of solar energy in the economy via a variety of initiatives.
Asia Pacific is estimated to dominate the market in terms of the fastest growth rate. This is mainly due to the demand for the product due to the immediate commercialization and industrialization, followed by increasing solar technology installation. Furthermore, favorable regulatory schemes, policies, and tax subsidies to incorporate cutting-edge software across the installed PV systems will improve the market circumstances.
Segmentation Insights
Type Insight
The single-axis tracker segment is estimated to dominate the market in terms of the highest share. This is mainly due to single-axis trackers becoming more and more common, especially as they are slightly more expensive and easier to construct than dual-axis trackers. Furthermore, power capacity requires be surge for both continuous and future projects, which is an issue for energy corporations and governments. Thus, the installation of single-axis solar trackers can result in a 20–30% boost in capacity.
Technology Insight
The photovoltaic segment dominates the market in terms of the fastest growth rate. This is mainly owing to the photovoltaic technology tracker being simple to manufacture, having effective installation, and low maintenance prices due to which it is broadly preferred across the world. Furthermore, photovoltaic trackers receive direct sun and can diffuse light that is absorbed by the sun. These functionalities boost the overall demand for the photovoltaic technology-based solar tracker market.
Application Insight
The utility segment is estimated to dominate the market in terms of revenue. This is because the utilization of solar trackers in the utility sector has surged. After all, solar trackers assist raise electricity production. Thus, the usage of trackers assists generate more energy and, in turn, more economic advantages to nations.
Prominent Companies
Segmentation Outline
The global solar tracker market segmentation focuses on the Type, Technology, Application, and Region.
By Type
By Technology
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL SOLAR TRACKER MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: SOLAR TRACKER MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL SOLAR TRACKER MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL SOLAR TRACKER MARKET, BY TYPE
5.1 OVERVIEW
5.2 SINGLE AXIS TRACKER
5.3 DOUBLE AXIS TRACKER
6 GLOBAL SOLAR TRACKER MARKET, BY TECHNOLOGY
6.1 OVERVIEW
6.2 PHOTOVOLTAIC
6.3 CONCENTRATED SOLAR TRACKER
7 GLOBAL SOLAR TRACKER MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 RESIDENTIAL
7.3 COMMERCIAL
7.4 UTILITY
8 GLOBAL SOLAR TRACKER MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL SOLAR TRACKER MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 NEXTRACKER INC.
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 STI NORLAND
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 ARRAY TECHNOLOGIES INC.
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 GAMECHANGE SOLAR
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 CONVERT ITALIA
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 ARCTECH SOLAR
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 PVHARDWARE
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 NCLAVE RENEWABLE
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 GONVARRI STEEL SERVICES
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
01
お客様のニーズに合わせてレポートをカスタマイズ可能
02
ベテランの市場調査員による専門的な分析
03
安全で簡単に利用できるオンライン決済方法
04
お客様のご要望に応じて、特定の章を購入することができます。
05
すべてのレポートに専門的な日本語翻訳を提供
06
包括的でわかりやすいレポートを迅速にお届けします。
07
購入後も継続的なサポートとアップデートが受けられます。
We Accept
Copyright ©2022 All rights reserved