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During the projection period, the solar tracker for the power generation market is expected to increase at a CAGR of 16.3 percent, from US$ 18.90 billion in 2021 to US$ 54.23 billion in 2028.
The increase in CAGR is due to the demand for solar tracker for power generation, which is expected to revert to pre-pandemic levels once the pandemic is over.
Rising investments in various utility-scale solar tracker projects throughout developing countries are expected to boost solar’s part of the renewable energy mix, boosting solar tracker for power generation market growth. Despite the epidemic, global shipments have climbed significantly, prompting large corporations to focus on expanding their supply networks to satisfy post-pandemic demand.
Environmental degradation, rising fuel prices, and growing public awareness of the benefits of renewable energy are projected to propel the worldwide solar tracking system market forward.
The global demand for solar tracker for power generation is likely to be restrained by high maintenance requirements, high costs compared to stationary competitors and a more sophisticated system than fixed racking. Government initiatives, reduced design complexity, and solar tracker research are expected to drive the solar tracker market forward.
Power generation by solar panel market growth is threatened by high capital investment and a lack of required infrastructure. The initial large capital investments necessary to deploy these devices are the primary limitation for the sales of solar tracker for power generation. Another problem that inhibits power generation and distribution investment in the sector is a lack of critical infrastructure.
Lack of awareness of the benefits of fixed-tilt installations over tracker installations has impeded expansion in regions such as the Asia Pacific and Europe.
The investments in solar tracker for power generation are expected to be fuelled by green energy goals. Countries are contributing to the global effort to reduce carbon emissions by setting their own green energy goals. For example, by the end of 2023, Brazil wants 42.5 percent of its primary energy supply to be renewable.
The UK government plans to generate approximately half of its electricity from renewables by 2025, according to the quick carbon analysis. Germany is likewise on track to generate 65 percent of its total energy from renewable sources by 2030.
In Asia, China aims to generate 16% of its energy from renewable sources by 2030. Following the country’s investments in solar tracking system, the renewable energy sector is predicted to hold a 26 percent share, exceeding the aim.
Increased operational efficiency with tracker deployment is anticipated to boost the solar tracker for power generation market growth. Simple solar tracker circuit installations are less efficient than solar farms and individual solar installations with tracking systems.
Furthermore, these systems tend to make better use of space, which is necessary for both fixed-tilt and moving systems. These features, together with the availability of single-axis and dual-axis solar trackers, give clients a variety of alternatives and are projected to fuel global market expansion.
- The single-axis solar segment is expected to develop at a 7% annual rate through 2028, owing to its improved uniformity and longer lifetime. The key aspects that are expected to improve the industry landscape are increased efficiency, cheaper costs, and ease of operation.
- In 2021, photovoltaic technology accounted for more than 99 percent of the solar tracker for power generation market. The solar PV industry’s service providers are concentrating on developing innovative products with increased power production, environmental compatibility, and unit optimization in order to increase product penetration.
- The solar tracker for power generation market in North America is predicted to grow at a 5% CAGR from 2022 to 2028, owing to the large-scale integration of clean energy resources into the energy mix. Fiscal incentives, federal tax credits, and leveraging schemes, as well as changing renewable energy grid connectivity requirements, will propel the power generation process scenario.
- As the number of new solar projects grows at a rapid rate and various market participants develop innovative products, photovoltaic (PV) technology will capture 99 percent of the market share in 2021.
This solar tracker for power generation market is controlled by tracker manufacturers such as NEXTracker, Soltec, and Arctech Solar, according to the competitive landscape.
NEXTracker has the largest solar tracker project market share in the world, with contracts from governments all over the world. Other significant competitors in the industry, including Array Technologies, Exosun, and Solar Steel, are expanding their customer base and building a strong presence. In the next few years, this is projected to result in a competitive industry for tracker sales.
Key Industry Developments
Trina Solar introduced the TrinaTracker Agile 1P Dual Row, a dual-row, one-in-portrait, single-axis tracker that works with modules ranging from 400 to 670 watts. After the Vanguard series debuted in December, the Agile series joined the TrinaTracker family.
To explain the cost and output of the additional solar tracking features, Mass Megawatts announced plans for a solar tracker trailer trip using modest solar units. The tour will begin at the end of 2021, according to the business. The mobile units should assist sell the new innovation to many potential consumers who would not be easily convinced to get engaged with the new technology, with one unit exhibiting the tracker and another unit being almost identical without the solar tracking system.
These insights are based on a report Solar Tracker for Power Generation Market by Future Market Insights