Solar Trackers Market Growth Outlook 2031: Projected 15.6% CAGR from USD 5.1 Bn to USD 25.2 Billion

The global solar trackers market was valued at US$ 5.1 billion in 2020 and is projected to expand at a CAGR of 15.6% from 2021 to 2031, reaching US$ 25.2 billion by the end of 2031.

Download Sample Report Copy Here: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1625

Analysts' Viewpoint

Solar trackers play a crucial role in ensuring business continuity for utilities and non-utility sectors amid the COVID-19 crisis. Despite requiring more maintenance compared to fixed systems, solar trackers offer significant advantages such as land optimization and technological advancements that offset these disadvantages. Increased government subsidies worldwide are driving market growth, particularly in the Asia Pacific region.

Market Dynamics

Europe vs. North America:

Europe: High Direct Normal Irradiance (DNI) makes solar trackers a preferred technology. Dual-axis solar trackers are expected to increase in CSP and CPV plants. Single-axis trackers dominate utility-scale projects due to lower costs and higher efficiency.
North America: Declining Feed-in Tariff (FIT) rates and incentive schemes have impacted the non-utility sector. However, government stimulus for large-scale solar tracker installations in the U.S. and Canada is fueling market growth.
COVID-19 Impact:

The pandemic has spurred demand for renewable energy, driven by trends like remote work and online schooling.
Companies are investing in R&D to scale their solar tracker businesses and improve communication to manage supply chain disruptions.

Technology Trends:

CPV vs. CSP: CPV panels must face the sun directly, while CSP concentrates solar radiation onto a small surface to generate energy.
Robotic devices are being used for solar tracker maintenance, enhancing operational efficiency and remote monitoring capabilities.
3
Product Analysis

Single Axis Trackers:

Dominant due to cost efficiency and higher electricity output compared to dual-axis trackers.
Single-axis trackers rotate on one axis, either horizontally or vertically aligned.

Dual Axis Trackers:

Rotate on two axes to maximize solar radiation capture.
Preferred in CSP and CPV plants for their higher energy output.

Request TOC Here: https://www.transparencymarketresearch.com/sample/sample.php?flag=T&rep_id=1625

Regional Insights

Europe:

Leading the market with over 60% share of the global annual installed capacity in 2020.
High DNI and government support for renewable energy drive market growth.

Asia Pacific:

Expected to see exponential growth due to major developments in the renewable energy sector, especially in China and India.

North America:

Government incentives are compensating for declining FIT rates, with a focus on utility-scale projects.

Competitive Landscape

Key players include:

Haosolar: Largest market share by annual installed capacity in 2020.
Abengoa Solar and SunPower: Significant players in the market.
Mecasolar, Energia Ercam, First Solar (Ray Tracker): Other notable companies.
Qbotix: Innovating with robotic devices for solar tracker maintenance.

Key Developments:

NEXTracker: Completed a significant contract for smart solar trackers with 174 Power Global.
SolControl: Used for remote assistance and monitoring of solar plants in Ukraine.

Market Segmentation

By Technology:

Solar PV
Concentrated Photovoltaic (CPV)
Concentrated Solar Power (CSP)

By Product:

Single Axis
Dual Axis
Fixed Solar Systems

By Application:

Utility
Non-utility

Regions Covered:

Europe
Asia Pacific
Latin America
North America
Middle East & Africa

Key Companies Profiled:

Abengoa Solar
SunPower
Mecasolar
Energia Ercam
First Solar
Qbotix

Market Snapshot

Market Value (2020): US$ 5.1 Bn
Market Value (2031): US$ 25.2 Bn
Growth Rate (CAGR): 15.6%
Installed Capacity (2020): 6,998.8 MW
Installed Capacity (2031): 37,196.86 MW
Forecast Period: 2021-2031
Competition Landscape: Detailed company profiles, market share analysis, and recent developments.
This outlook suggests a robust growth trajectory for the solar trackers market, driven by technological advancements, government support, and increasing demand for renewable energy solutions globally.

Purchase Full Report Here: https://www.transparencymarketresearch.com/checkout.php?rep_id=1625<ype=S

State Tower, 90 State Street, Suite 700,
Albany NY - 12207, United States

About Us Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

This release was published on openPR.