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Solar Tracker market is projected to grow at a CAGR of 19.9% by 2033: Visiongain
Visiongain has published a new report: Solar Tracker Market Report 2023-2033: Forecasts by Product (Single Axis, Dual Axis), by Application (Utility, Residential, Commercial) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global solar tracker market is expected to surpass US$6.80 billion in 2022. The market is projected to reach a market value of US$49.10 billion by 2033.
Growing Solar Energy Demand to Open New Avenues for the Industry
Expanding solar energy usage has been a significant driving force behind the growth of the solar tracker industry. Solar trackers are devices that follow the sun's movement throughout the day to maximize solar panel efficiency. By aligning solar panels with the sun's rays, solar trackers can increase energy production compared to fixed-mount systems. Over the years, the cost of solar panel production has decreased significantly, making solar energy a more cost-effective and viable option for electricity generation. As solar energy becomes more affordable, there is a greater demand for optimizing energy output through solar tracking systems.
Solar Tracker is a Capital Intensive Technology
Solar trackers require more complex mechanical and electronic components compared to fixed-tilt systems. This includes motors, sensors, gears, and control systems that can add to the overall cost. Installing solar trackers is more involved than fixed-tilt systems, as they require accurate positioning and calibration. This can lead to higher labor costs and potential installation challenges. Solar trackers have more moving parts than fixed-tilt systems, which can lead to higher maintenance costs over their operational lifetime.
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How will this Report Benefit you?
Visiongain’s 220-page report provides 86 tables and 110 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global solar tracker market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for solar tracker. Get financial analysis of the overall market and different segments including type, platform, sensor type, application, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing solar tracker market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
Scale of Solar Installations to Open New Opportunities
Large-scale solar installations, such as solar farms and utility-scale projects, benefit significantly from solar tracking technology. These projects often require maximizing energy production to meet the demands of the grid, making solar trackers an essential component. Solar PV’s installed power capacity is poised to surpass that of coal by 2027, becoming the largest in the world. Cumulative solar PV capacity almost triples in IEA’s forecast, growing by almost 1 500 GW over the period, exceeding natural gas by 2026 and coal by 2027. Annual solar PV capacity additions increase every year for the next five years.
Growing Renewable Energy Industry
Renewable energy technologies like solar, wind, hydro, geothermal, and bioenergy continue to evolve and improve, making them more efficient, affordable, and accessible. Technological advancements allow for better energy capture, storage, and distribution, making renewable sources increasingly competitive with fossil fuels. The costs of renewable energy generation have been decreasing steadily over the years. Solar and wind energy, in particular, have become more economically viable compared to traditional fossil fuels in many regions. As costs continue to fall, more consumers and industries are likely to adopt renewable energy solutions.
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https://www.visiongain.com/report/solar-tracker-market-2023/
Competitive Landscape
Global solar tracker market is competitive in nature. Large number of well-established and small scale companies are operating in this industry. Some leading companies engaged in this industry are Allearth Renewables, Arctech Solar Holding Co., Ltd., Array Technologies, Inc., FTC Solar , Gamechange Solar, Gonvarri Solar Steel, Ideematec, Nextracker Inc., PV Hardware, Soltec Power Holdings S.A., Trina Solar, and Valmont Industries, Inc. Companies are adopting different strategies such as new tracker technology, merger & acquisitions, partnership, collaboration, and investment in order to stay competitive in the industry.
In August 2023, Leeward Renewable Energy and Nextracker Expand Strategic Partnership with 3-Year Volume Commitment Agreement for 3 Gigawatts of Solar Tracker Technology. Agreement furthers shared commitment to advancing the U.S. supply chain, facilitating domestic manufacturing and job creation.
In February 2023, Array Technologies awarded a contract to supply solar trackers for the 130MWdc Glenrowan Solar Farm project, a key site for the Second Victorian Renewable Energy Target Auction (VRET2). CIMIC Group company Pacific Partnerships, through its energy business Pacific Partnerships Energy, is developing the solar farm and CIMIC’s UGL is undertaking construction, operations and maintenance.
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To find more Visiongain research reports on the Energy sector, click on the following links:
Solar Panel Recycling Market Report 2023-2033
Building Integrated Photovoltaic (BIPV) Solar Power Market Report 2021-2031
Do you have any custom requirements we can help you with? Any need for a specific country, geo region, market segment or specific company information? Contact us today, we can discuss your needs and see how we can help: contactus@visiongain.com
About Visiongain
Visiongain is one of the fastest growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
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