Solar Tracker Market is expected to display a significant growth by 2027|CAGR: 15%| UnivDatos Market Insights
NOIDA, India, July 8, 2022 /PRNewswire/ — According to a new report published by UnivDatos Markets Insights the Solar Tracker Market is expected to grow at a CAGR of around 6% from 2021-2027. The analysis has been segmented into Technology (Photovoltaic and Concentrated solar power); Type (Single axis and Dual axis); Application (Utility and Non-utility); Region/Country.
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The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the solar tracker market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels.
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The global solar tracker market is experiencing significant growth due to increasing environmental concerns over carbon emission, policy support from governments to adopt renewable technologies, and raise in energy demand along with their inherent thermal storage capacity. Typically, a solar tracking system adjusts the face of the solar panel or reflective surfaces to follow the movement of the Sun. Solar trackers are increasingly used in both utility and residential and commercial-grade solar panels due to improved and more efficient solar trapping technology. Furthermore, major players are focusing on developing technologically advanced products. For instance, in October 2021, Arctech Solar Holding Co. Ltd. and BIPV solutions provider announced the global launch of its latest horizontal single-axis solar tracking system SkyLine II, the first 1P (one-in-portrait) tracker designed with a pentagonal torque tube and synchronous multi-point drive mechanism. As per the company, Due to the design, SkyLine II utilizes the fewest posts per MW in the industry (180 posts/MW), which consequently decreases Engineering Procurement Construction’s cost by about 2%.
The outbreak of COVID-19 had a neutral impact on the solar tracker market. Severe health crises across the world and several casualties led to lockdown across the globe. Hence, disrupted the installation and deployment of new renewable energy projects across the globe. In addition, Investment in renewable and clean energy fell due to lower economic capacity & disruption in the supply chain. Thus, the market has been slightly affected in terms of project delays and supply chain disruptions during Q1 and Q2 2020.
The global Solar Tracker market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on technology, the solar tracker market is classified into photovoltaic and concentrated solar power. Amongst technology, the photovoltaic category accounted for a significant share of the market. The tracking functionality in standard photovoltaic trackers is used to minimize the angle of incidence between the incoming light and the photovoltaic panel. This increases the amount of energy gathered from the direct component of the incoming sunlight. Furthermore, rising investments in various utility-scale projects across the developing nations will increase the share of solar in the renewable energy mix, which is expected to drive the market.
- Based on type, the market is categorized into single axis and dual axis. Among these, the single-axis tracker accounted for the major share of the market in 2020. This is mainly attributed to the increased investor awareness and the need to maximize power output in a competitive market. Single-axis solar trackers are becoming increasingly popular in the market due to their low cost and lower design complexity when compared to dual-axis trackers.
- Based on application, the market is bifurcated into utility and non-utility. Among these, the non-utility segment is to witness significant growth during the forecast period. The increasing adoption of solar PV systems in the non-utility areas (commercial and residential sectors) is primarily driven by expected savings in electricity costs, the need for an alternative source of electricity, and the desire to mitigate climate change risk.
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Solar Tracker Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Italy, France, Spain, and the Rest of Europe)
- Asia-Pacific (China, India, Australia, Japan, and the Rest of Asia-Pacific)
- Rest of the World
Based on the estimation, China is likely to witness high growth due to stringent government regulations leading to a surge in demand for renewable sources of energy which needs a solar tracker system. It is expected that China will reach more than 50% total installed capacity of solar panels in the world by 2050 followed by North America at 20% and Europe and 10%. China has already made its initial 2030 target of reaching 20% and is now shifting from a feed-in tariff system to competitive bidding. Thus, growing solar power installations in countries like China and India are further expected to drive the APAC solar tracker market during the forecast period.
The major players targeting the market include
- Valmont Industries Inc.
- NEXTracker Inc.
- Array Technologies, Inc.
- PV Hardware Solutions SLU
- Arctech Solar Holding Co. Ltd
- Soltec Energias Renovables SL
- Nclave Renewable SL
- Ideematec Deutschland GmbH
- Gonvarri Industries
- GameChange Solar
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global Solar Tracker market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the global Solar Tracker market?
- Which factors are influencing the global solar tracker market over the forecast period?
- What are the global challenges, threats, and risks in the global Solar Tracker market?
- Which factors are propelling and restraining the global Solar Tracker market?
- What are the demanding global regions of the global Solar Tracker market?
- What will be the market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by the companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know If you have any custom needs.
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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