Solar Tracker Global Market Report 2023
Major players in the solar tracker market are NEXTracker Inc., Array Technologies Inc., PVHardware, Arctech Solar, Soltec Trackers, Nclave Renewable, Convert Italia, STI Norland, Soluciones Tecnicas Integrales Norland SL, Nextracker Inc (Flex Ltd), Scorpius Trackers, Gonvarri Steel Services, GameChange Solar, Solar Steel, and Abengoa Solar.
New York, March 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Solar Tracker Global Market Report 2023" - https://www.reportlinker.com/p06318502/?utm_source=GNW
The global solar tracker market grew from $7.84 billion in 2022 to $9.26 billion in 2023 at a compound annual growth rate (CAGR) of 18.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The solar tracker market is expected to grow to $16.91 billion in 2027 at a CAGR of 16.2%.
The solar tracker market consists of sales of Horizontal Single-Axis Solar Tracker (HSAT), Horizontal Tilted Single-Axis Solar Trackers (HTSAT, Vertical Single-Axis Solar Trackers (VSAT), and Vertical-Tilted Single-Axis Solar Trackers (VTSAT).Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The solar tracker refer to a system that positions solar panels at an angle relative to the sun to absorb more sunlight and generate more electricity. Active solar tracking systems utilize powered ymachinery such as gears and motors to move solar panels, whereas passive tracker attains motion by heating compressed liquid by the sun.
North America was the largest region in the solar tracker market in 2022. The regions covered in the solar tracker market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main axis type of solar tracker includes a single axis and dual axis.A single-axis solar tracking system moves a PV panel on an approximate trajectory relative to the Sun’s position using a tilted PV panel mount and one electric motor.
The axis of rotation can be horizontal, vertical, or oblique.The solar tracker is deployed on different technologies which include solar photovoltaic (PV), concentrated solar power (CSP), and concentrated photovoltaic (CPV).
They are widely used in residential, commercial & industrial, and utility applications.
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.
In January 2022, Array, a USA-based manufacturer of solar trackers, acquired STI Norland for $652.16 million. With this acquisition, STI Norland will be part of the Array, and this deal is an essential first step in Array’s expansion strategy, to increase its business presence across the globe. The merging of Array and STI Norland is predicted to have dominant positions in the solar market outside China and India. It also allows the company to continue relationships with key international customers and create access to a lower-cost, proven product. STI Norland is a Spanish-based manufacturer of solar trackers.
The countries covered in the solar tracker market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The solar tracker market research report is one of a series of new reports that provides solar tracker market statistics, including solar tracker industry global market size, regional shares, competitors with a solar tracker market share, detailed solar tracker market segments, market trends and opportunities, and any further data you may need to thrive in the solar tracker industry. This solar tracker market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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