Solar Tracker Market size reached USD 15.85 billion in 2022 and is expected to reach USD 54.20 billion by 2029, growing at a CAGR of 19.2 % during the forecast period.
Solar Tracker Market Overview
The report published by Maximize Market Research helps clients to understand the competitive landscape in detail, which is a guide for strategic planning. The report provides insights regarding the market to help clients understand the demand for their product in the future with the emerging trends in the Solar Tracker industry. The Solar Tracker market overview provides detailed information on the size of the market, trade statistics, leading players and various market metrics such as life cycle, trends, etc.
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Solar Tracker Market Report Scope and Research Methodology
The report comprehensively analyses the global market’s trends, forecasts, and monetary values. The market report includes the drivers, challenges, major restraints to the market, and opportunities prevailing for the Solar Tracker Market The report offers an in-depth analysis of the segments as well as sub-segments in local, global and regional markets. The report includes a bottom-up approach to estimate the Solar Trackermarket size. Key market participants and new entrants’ services, revenue, financial status, portfolio, growth strategies, and regional presence are all involved in Solar Tracker Market report.
The Solar Tracker market report includes demand projections, market trends, and micro and macro factors. It also identifies the factors that are driving and restricting the Solar Tracker market’s growth. The qualitative and quantitative approaches are included in the report for the analysis of the data of the Solar Tracker market. Primary and secondary data collection methods were used in the report. Research using SWOT, PESTLE, and Porter’s Five Force tools is used for the analysis of the market. The analysis identified key upcoming developments that are expected to influence the demand during the forecast period.
Solar Tracker Market Regional Insights
The Regional Analysis in the report helps to understand the Solar Tracker market in several countries. The report includes a detailed analysis of all the factors, market size, growth rate, and import and export in regions covering North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
Solar Tracker Market Segmentation
by Type
Single Axis
Dual Axis
Based on the Drive type, the Dual axis trackers are significantly more costly than single-axis trackers. Dual-axis trackers require more complex technology, as well as high-maintenance motors and control systems, resulting in high O&M costs and higher land requirements. These problems are significant restraints for the widespread adoption of dual-axis trackers. A dual-axis tracker can add up to 50% to the overall cost of your PV plant over a fixed tilt installation. Two-axis trackers have yield gains of 30-40%, which means the cost is higher than the yields, making dual-axis trackers unattractive for most types of installations. Dual-axis trackers are typically employed on highly specialized installations such as farms for dual land use since the poles with dual-axis tracking may be high enough for crops, animal grazing beneath the panels, and farm equipment to pass underneath the panels.
by Application
Residential
Commercial
Utility
Based on Application, the Utility segment is expected to grow at the highest CAGR during the forecast period. Increasing power costs, along with increased demand for renewable energy sources, are likely to boost the usage of solar trackers in utility applications. This trend is expected to continue over the forecast period. Because utility solar systems are ground-mounted, single-axis trackers may be utilized to track the sun throughout the day. Trackers are being utilized extensively in utility applications due to rising government subsidies and feed-in tariff programs, notably in North America and Europe.
by Technology
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
Concentrated Photovoltaic (CPV)
Single-axis trackers are very universal on utility-scale installations these days. These days single axis trackers are almost standard for utility-scale installations. Approximately 72% of utility-scale installations in 2022 utilized single-axis tracking technology.
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Solar Tracker Market Key Players
1. Array Technologies, Inc. (U.S.)
2. NEXTracker (U.S.)
3. Array Technologies (U.S.)
4. Trina Solar (China)
5. SunPower Corporation (U.S.)
6. ArcelorMittal Projects (Luxemburg)
7. Soltec (Spain)
8. Convert Italia (Italy)
9. PV Hardware (Spain)
10.Arctech Solar (U.S.)
11.Solar Steel (Spain)
12.Ideematec (Germany)
13.Scorpius Trackers (India)
14.Sun Action Trackers (U.S.)
15.DEGERENERGIE GMBH & CO. KG (Germany)
16.GameChange Solar (New York)
17.STI Norland (Spain)
18.MECASOLAR (Spain)
19.Mechatron (India)
20.OPTIMUM TRACKER (France)
21.Powerway Renewable Energy Co. Ltd. (China)
22.Schletter (Germany)
Key questions answered in the Solar Tracker Market are:
- What is Solar Tracker?
- What are the global trends in the Solar Tracker Market?
- What was the Solar Tracker market size in 2022?
- Which trends are expected to generate additional revenue for the Solar Tracker market growth?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Solar Tracker Market?
- How is the intervention from regulatory authority is shaping the Solar Tracker Market?
- What growth strategies are the players considering to increase their presence in the Solar Tracker Market?
- Who held the largest market share in the Solar Tracker Market?
- What are the Key driving factors for the growth of the Solar Tracker Market?
- What are the different segments of the Solar Tracker Market?
- What are the factors restraining the growth of the Solar Tracker Market?
- What is the demand pattern of the Solar Tracker Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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