The global Solar Tracker Market was worth USD 6.05 billion in 2021 and is poised to amplify at a CAGR of 13.5% over 2022-2030, thereby amassing USD 16.73 billion by end of the assessment timeframe
Solar Tracker: Overview
A solar tracker is a device that allows a payload to be oriented toward the Sun. Solar panels, parabolic troughs, fresnel reflectors, lenses, and heliostat mirrors are some of the common payloads.
Trackers are used in flat-panel solar systems to reduce the angle of incidence between incoming sunlight and a photovoltaic panel, also known as the cosine error. When this angle is reduced, the amount of energy produced from a fixed amount of installed power generation capacity increases.
Key market trends- Growth determinants and restraints
The Global solar tracker Market is developing at a faster pace with significant development rates throughout the most recent couple of years and is assessed that the market will fill fundamentally in the esteem period for example 2022 to 2030.
The growing number of government incentives to promote the value and usage of solar panels has had a significant impact on the market for solar trackers. In accordance with this, the growing focus on utility-scale projects, as well as severe clean energy objectives and rising off-grid electricity demand, are all contributing to the solar tracker market’s growth. Additionally, rising energy consumption, rising environmental concerns, and rising awareness of the world’s finite supply of fossil fuels are all contributing to the solar tracker market’s rise. The falling cost of wind and solar components is a major element driving the market’s growth.
Aside from that, the growing awareness about energy conservation and the transition from non-renewable to renewable energy is propelling the solar tracker market forward. The lack of essential infrastructure and lack of knowledge, on the other hand, may function as a major stumbling block to the solar tracker market’s growth pace.
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Segmentation Analysis of this market
Based on technology
- Concentrated solar tracker
- Non-concentrated
Based on end-user
- Single ais tracker
- Double axis tracker
Based on application
- Residential
- Commercial
- Agricultural
North America is expected to hold the largest market share
North America, Europe, Latin America, Asia Pacific, and Middle East and Africa are the major regions constituting the geographical landscape of Global solar tracker market. North America dominates the market with the largest market share among others.
Competitive Landscape
The Key players in the Global solar tracker market are Nextracker Inc., Array Technologies, Inc., Abengoa, Powerway Renewable Energy Co., Ltd., Trina Solar, Haosolar Co. Ltd, Soltec, Scorpius Trackers, AllEarth Renewables, DEGERENERGIE GMBH & CO. KG, Arctech, First Solar, Convert Italia, PVHardware, SunPower Corporation, MECASOLAR, STI Norland, GameChange Solar, Gonvarri Industries, ArcelorMittal, and Ideematec among others.
Major development
The Global solar tracker market is anticipated to increase at a fundamental rate during the figure time period, somewhere in the range of 2022 to 2030. In 2020, the market was developing at a consistent rate and with the growing reception of systems by key players, the market is supposed to ascend over the projected skyline.
Major questions answered in this report
- What is the growth rate of this Market?
- What are the primary growth determinants of this market?
- Which are the major regions constituting the geographical landscape of Global solar tracker Market?
- Which are the prominent companies operating in Global solar tracker Market?
Key takeaways from the report-
- The Global solar tracker market registers a growing CAGR of over 13.5% from 2022 to 2030.
- North America is expected to lead the market with the highest market share.
- The growing number of government incentives to promote the value and usage of solar panels has had a significant impact on the market for solar trackers.
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