Press release
Solar Tracker Market to Expand at 6.1% CAGR, Hitting $16 Billion by 2031
Solar tracker possesses various properties such as it offers minimal wind resistance and provides electrical and thermal stability. Hence, owing to such functionalities, it is extensively used for residential, commercial, agriculture, and other purposes such as in on-grid for roofs of houses, traffic signals, street lights, cottages, and small power plants.
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Asia-pacific is the fastest growing region during the forecast period. Owing to demand for the product is driven by rapid industrialization and commercialization, followed by rising solar technology installation.
Key players operating in the global solar tracker industry analysis include Array Technologies, Inc., Convert Italia, Nextracker Inc., SunPower Corporation, Trina Solar, DEGERENERGIE GMBH & CO. KG, GameChange Solar, STI Norland, Ideematec, PV Hardware, MECASOLAR, Mechatron, OPTIMUM TRACKER, Powerway Renewable Energy Co. Ltd., and Schletter.
The solar tracker market is primarily driven by expanding global demand for energy, growing environmental awareness, and depletion of fossil fuels.
Demand for solar trackers is expected to increase during the forecast period as a result of growing government initiatives in nations such as the U.S., India, and China to shift to solar energy.
It is anticipated that solar tracker companies would benefit from new growth prospects brought on by ongoing product innovations in solar technology as well as growing usage of IoT and artificial intelligence.
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Increase in steel costs further raises cost of these tracking systems, which are employed in majority of utility-scale projects. This is one of the main reasons impeding the solar tracker market growth.
By type, the solar axis segment is estimated to display highest growth rate, in terms of revenue, registering a CAGR of 6.3% from 2022 to 2031
By technology, the photovoltaic segment is anticipated to register highest CAGR of 6.3% during the forecast period.
By application, the utility segment is anticipated to register highest CAGR of 6.3% during the forecast period.
Steel often accounts for more than 65% of the entire cost of solar tracking systems, making them more expensive.
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Development of solar trackers for unusual settings, such as capped landfills, has been identified as the main trend in the global solar trackers market.
Solar trackers are typically fixed on posts that are hammered into the ground or on posts with ballast.
Factors such as growing manufacturing industry, availability of feedstock at reduced prices, and arrival of local players has led manufacturers to offer solar trackers at low prices.
What Is Solar Tracker?
Solar tracker is often used to optimize the energy output from solar panels. Solar panels are always pointed directly at the sun, owing to its mechanism solar panel tracks daily rotation of sun from east to west. It enhances solar irradiation received by solar-energy collector and helps in increasing output of electricity that is generated.
Impact of COVID-19
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.
The adoption of solar tracker for electricity generation, which was strongly dependent on China and India, as well as the world economy both suffered from the health crisis brought on by the spread of COVID-19.
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Additionally, a labor shortage caused supply chain issues in the United States, which was a dominating country in the solar tracker market, as well as a nation lockdown hampered industrial progress.
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