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Solar Tracker Market Size, Trends And Strategies For 2024-2033
Solar Tracker Market Size
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According to The Business Research Company's, The solar tracker market size has grown rapidly in recent years. It will grow from $9.22 billion in 2023 to $10.71 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. The growth in the historic period can be attributed to increased solar efficiency, falling solar costs, renewable energy incentives, energy independence, environmental awareness..
The solar tracker market size is expected to see rapid growth in the next few years. It will grow to $19.22 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to advanced tracking technologies, global solar installations, energy storage integration, efficiency improvements, emerging solar markets.. Major trends in the forecast period include single-axis vs. dual-axis tracking, smart and autonomous tracking, floating solar trackers, real-time monitoring and data analytics, climate-adaptive tracking..
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Market Drivers and Trends:
An increase in the number of solar panel installations across the globe is expected to propel the growth of the solar tracker market. Increasing government shifts toward renewable energy projects and growing investment by residential customers towards environmentally friendly energy sources have contributed to strong growth in solar panel installations across the globe. The rapid growth in solar panel installations is expected to boost demand for solar trackers, as they are widely used to enhance energy output and efficiency in new installations. For instance, in September 2022, according to the U.S Energy Information Administration, a US-based federal statistical system responsible for energy information, from 21.8 million peak kW in 2020, U.S. shipments of solar photovoltaic (PV) modules (solar panels) increased to a record 28.8 million peak kilowatts (kW) in 2021. Additionally, installations of small-scale solar power climbed by 5.4 GW in 2021, up 23% from 2020. (4.4 GW. Thus, an increase in the number of solar panel installations is expected to boost demand for solar trackers during the forecast period.
New product developments are the key trend gaining popularity in the solar tracker market. Major companies operating in the solar tracker market are focused on developing innovative products to meet industry-specific technical demands and strengthen their market position across the globe. For instance, in October 2021, Arctech, a company that provides tracking, racking, and BIPV solutions, launched a new device called system Skyline II, a 1P single-axis tracker equipped with a pentagonal torque tube design. Skyline II only triggers wind stows at 22m/s, which leads to up to 2% more energy yield per year resulting in a decrease in energy cost.
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Major Key Players of the Market:
NEXTracker Inc., Soltec Power Holdings SA, Arctech Solar Holding Co. Ltd., Array Technologies Inc., Exosun SA, Gonvarri Solar Steel SL, Powerway Renewable Energy Co. Ltd., Meca Solar Mobility SL, SunPower Corporation, Haosolar Co. Ltd., Scorpius Trackers Private Limited, AllEarth Renewables Inc., DEGER energie GmbH & Co. KG, Convert Italia SpA, GameChange Solar, PV Hardware Solutions S.L.U., FTC Solar Inc., Mahindra Susten Pvt. Ltd., Abengoa Solar S.A., Grupo Clavijo Elt SL, Titan Tracker SL, Sun Action Trackers LLC, SunLink Corporation, Mechatron Solar Inc., Northern States Metals, DCE Solar, Valmont Industries Inc., NCLAVE Renewable S.L., Amberroot Systems, Ephysx Technologies Pvt.Ltd., Greenera Energy Pvt. Ltd.
Solar Tracker Market 2024 Key Insights:
• The solar tracker market size is expected to see rapid growth in the next few years. It will grow to $19.22 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%.
• Surging Solar Panel Installations Fueling Solar Tracker Market Growth
• Product Developments Enhance Solar Tracker Market
• North America was the largest region in the solar tracker market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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