Global Solar Tracker for Power Generation Market Size, Trends, and Growth Opportunity, By Technology (Concentrated PV Tracker, Non-Concentrated PV Tracker), By Type (Active Solar Tracker, Passive Solar Tracker), By Product (Single Axis, Double Axis), By Application (Residential, Commercial, Agricultural, Others), By Region and forecast till 2027.
Global Solar Tracker for Power Generation Market
Global Solar Tracker for Power Generation Market was valued at USD 6,260.00 million in 2021 and is slated to reach USD 10,255.11 million by 2027 at a CAGR of 6.76% from 2022-2027.
The process of capturing solar energy is called solar tracking. A solar tracker is a device used to direct Fresnel reflectors, heliostat mirrors, and solar panels toward the sun. These solar trackers are used to increase the output and efficiency of solar panels and capture as much solar energy as possible throughout the day. They also produce power, which is why they are sometimes known as solar trackers for generating electricity. The worldwide solar industry is being driven by the increase in energy consumption on a global scale. A solar panel's output can be increased by 25 to 35 percent when using solar trackers in comparison to modules at a fixed angle.
Market Drivers
The demand for clean and green energy is increasing due to the rising trend in carbon emissions. By 2025, the UK government wants to generate roughly half of its electricity from renewable sources, according to the quick carbon analysis. In addition, the market is growing as a result of rising investments in green energy projects. The increased need for green energy is causing the global market for solar trackers for power generation to grow. A single-axis solar tracker has a capacity increase of 25% to 35%, however, fixed PV panel arrangements are 50% more expensive. Its simple design offers a shorter payback period and the maximum PV panel installation per square density. Since they may provide 20–30% more energy without the additional cost and complexity of dual-axis tracking systems, horizontal single-axis trackers (HSAT) are currently the most preferred choice for trackers. Also, the price of single-axis tracking systems is falling, which is driving up demand for these systems and boosting the market for solar trackers for power generation in general. In addition, concerns including environmental deterioration and rising fuel costs will spur business expansion. Together with several supportive government laws that support solar energy projects, increased public awareness of the advantages of renewable energy also hastens the market's expansion.
Further, during the forecast period of 2022 to 2029, the global solar tracker for the power generation market will have lucrative growth prospects due to the growing need for renewable energy sources. Around 29% of the electricity generated now globally comes from renewable sources. In the years to come, it is predicted to grow greatly, expanding the sector. For instance, in just four years, solar energy's installed capacity rose from 217.34 GW in 2015 to 578.55 GW. Manufacturers in the industry have several opportunities for expansion attributed to the rising levels of product innovation and development. Take STI Control's brand-new technology, which was unveiled in September 2021. Solar power generation can be completely controlled with the aid of this technology. A system network controller, a tracker smart controller, and an intelligent weather controller are all included.
Market Restraints
The process of installing a solar tracker is costly and time-consuming. Installing solar trackers involves additional expenses for manpower and physical space. Solar trackers' initial, significant financial investment necessary for installation is their main barrier to growth in the global market. Because of this, the high initial cost needed is impeding the use of solar trackers for power generation and hence slowing the growth of the market as a whole. The expansion of the market has been stifled in regions like Europe and Asia-Pacific due to a lack of awareness and knowledge of the benefits of fixed tilt systems over solar tracker installations. Furthermore, a scarcity of resources is hampering market expansion. As a result, a significant impediment to the global expansion of the solar tracker market is a lack of sufficient infrastructure. This creates additional significant growth obstacles for the solar tracker for the power generation market.
Impact of COVID-19
The market for solar trackers for power generation was negatively impacted by the coronavirus outbreak since the pandemic severely damaged the supply chain for the wind power industry. The international economy as well as the usage of solar trackers for energy generation, which was heavily dependent on China and India, both suffered from the health crisis brought on by the spread of COVID-19. Due to supply chain disruptions and a lack of raw materials, these businesses were forced to close during the lockout, which had a negative impact on the market data for solar trackers used for power generation. A national lockout hindered industrial production, and a labor shortage in the United States, a dominant force in the solar tracker market, produced supply chain concerns.
Recent Development
In May 2021, GE Renewable Energy announced the fulfillment of the Turbine Supply, Service, and Warranty contracts for the Dogger Bank solar tracker for the third and
Global Solar Tracker for Power Generation Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Solar Tracker for Power Generation Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Solar Tracker for Power Generation Market, By Technology
5.1 Y-o-Y Growth Comparison, By Technology
5.2 Global Solar Tracker for Power Generation Market Share Analysis, By Technology
5.3 Global Solar Tracker for Power Generation Market Size and Forecast, By Technology
5.3.1 Concentrated PV Tracker
5.3.2 Non-Concentrated PV Tracker.
6 Global Solar Tracker for Power Generation Market, By Type
6.1 Y-o-Y Growth Comparison, By Type
6.2 Global Solar Tracker for Power Generation Market Share Analysis, By Type
6.3 Global Solar Tracker for Power Generation Market Size and Forecast, By Type
6.3.1 Active Solar Tracker
6.3.2 Passive Solar Tracker
7 Global Solar Tracker for Power Generation Market, By Product
7.1 Y-o-Y Growth Comparison, By Product
7.2 Global Solar Tracker for Power Generation Market Share Analysis, By Product
7.3 Global Solar Tracker for Power Generation Market Size and Forecast, By Product
7.3.1 Single Axis
7.3.2 Horizontal
7.3.3 Vertical
7.3.4 Polar Aligned
7.3.5 Titled
7.3.6 Double Axis
7.3.7 Tip-Tilt
7.3.8 Azimuth-Altitude
8 Global Solar Tracker for Power Generation Market, By Application
8.1 Y-o-Y Growth Comparison, By Application
8.2 Global Solar Tracker for Power Generation Market Share Analysis, By Application
8.3 Global Solar Tracker for Power Generation Market Size and Forecast, By Application
8.3.1 Residential
8.3.2 Commercial
8.3.3 Agricultural
8.3.4 Others
9 Global Solar Tracker for Power Generation Market, By Region
9.1 Global Solar Tracker for Power Generation Market Share Analysis, By Region
9.2 Global Solar Tracker for Power Generation Market Share Analysis, By Region
9.3 Global Solar Tracker for Power Generation Market Size and Forecast, By Region
10 North America Solar Tracker for Power Generation Market Analysis and Forecast (2022-2027)
10.1 Introduction
10.2 North America Solar Tracker for Power Generation Market Share Analysis, By Technology
10.3 North America Solar Tracker for Power Generation Market Size and Forecast, By Type
10.4 North America Solar Tracker for Power Generation Market Size and Forecast, By Product
10.5 North America Solar Tracker for Power Generation Market Size and Forecast, By Application
10.6 North America Solar Tracker for Power Generation Market Size and Forecast, By Country
10.6.1 U.S.
10.6.2 Canada
10.6.3 Mexico
11 Europe Solar Tracker for Power Generation Market Analysis and Forecast (2022-2027)
11.1 Introduction
11.2 Europe Solar Tracker for Power Generation Market Share Analysis, By Technology
11.3 Europe Solar Tracker for Power Generation Market Size and Forecast, By Type
11.4 Europe Solar Tracker for Power Generation Market Size and Forecast, By Product
11.5 Europe Solar Tracker for Power Generation Market Size and Forecast, By Application
11.5 Europe Solar Tracker for Power Generation Market Size and Forecast, By Country
11.6.1 Germany
11.6.2 France
11.6.3 UK
11.6.4 Rest of Europe
12 Asia Pacific Solar Tracker for Power Generation Market Analysis and Forecast (2022-2027)
12.1 Introduction
12.2 Asia Pacific Solar Tracker for Power Generation Market Share Analysis, By Technology
12.3 Asia Pacific Solar Tracker for Power Generation Market Size and Forecast, By Type
12.4 Asia Pacific Solar Tracker for Power Generation Market Size and Forecast, By Product
12.5 Asia Pacific Solar Tracker for Power Generation Market Size and Forecast, By Application
12.6 Asia Pacific Solar Tracker for Power Generation Market Size and Forecast, By Country
12.6.1 China
12.6.2 Japan
12.6.3 India
12.6.4 Rest of Asia Pacific
13 Latin America Solar Tracker for Power Generation Market Analysis and Forecast (2022-2027)
13.1 Introduction
13.2 Latin America Solar Tracker for Power Generation Market Share Analysis, By Technology
13.3 Latin America Solar Tracker for Power Generation Market Size and Forecast, By Type
13.4 Latin America Solar Tracker for Power Generation Market Size and Forecast, By Product
13.5 Latin America Solar Tracker for Power Generation Market Size and Forecast, By Application
13.6 Latin America Solar Tracker for Power Generation Market Size and Forecast, Country
13.6.1 Brazil
13.6.2 Rest of Latin America
14 Middle East Solar Tracker for Power Generation Market Analysis and Forecast (2022-2027)
14.1 Introduction
14.2 Middle East Solar Tracker for Power Generation Market Share Analysis, By Technology
14.3 Middle East Solar Tracker for Power Generation Market Size and Forecast, By Type
14.4 Middle East Solar Tracker for Power Generation Market Size and Forecast, By Product
14.5 Middle East Solar Tracker for Power Generation Market Size and Forecast, By Application
14.6 Middle East Solar Tracker for Power Generation Market Size and Forecast, By Country
14.6.1 Saudi Arabia
14.6.2 UAE
14.6.3 Egypt
14.6.4 Kuwait
14.6.5 South Africa
15 Competitive Analysis
15.1 Competition Dashboard
15.2 Market share Analysis of Top Vendors
15.3 Key Development Strategies
16 Company Profiles
16.1 Signify Holding (Netherlands)
16.1.1 Overview
16.1.2 Offerings
16.1.3 Key Financials
16.1.4 Business Segment & Geographic Overview
16.1.5 Key Market Developments
16.1.6 Key Strategies
16.2 Eaton (Ireland)
16.2.1 Overview
16.2.2 Offerings
16.2.3 Key Financials
16.2.4 Business Segment & Geographic Overview
16.2.5 Key Market Developments
16.2.6 Key Strategies
16.3 SEPCO (U.S.)
16.3.1 Overview
16.3.2 Offerings
16.3.3 Key Financials
16.3.4 Business Segment & Geographic Overview
16.3.5 Key Market Developments
16.3.6 Key Strategies
16.4 Sol by Sunna (U.S.)
16.4.1 Overview
16.4.2 Offerings
16.4.3 Key Financials
16.4.4 Business Segment & Geographic Overview
16.4.5 Key Market Developments
16.4.6 Key Strategies
16.5 Saur Energy (India)
16.5.1 Overview
16.5.2 Offerings
16.5.3 Key Financials
16.5.4 Business Segment & Geographic Overview
16.5.5 Key Market Developments
16.5.6 Key Strategies
16.6 Clear Blue Technologies Inc., (Canada)
16.6.1 Overview
16.6.2 Offerings
16.6.3 Key Financials
16.6.4 Business Segment & Geographic Overview
16.6.5 Key Market Developments
16.6.6 Key Strategies
16.7 SunMaster Solar Lighting Co.,Ltd. (China)
16.7.1 Overview
16.7.2 Offerings
16.7.3 Key Financials
16.7.4 Business Segment & Geographic Overview
16.7.5 Key Market Developments
16.7.6 Key Strategies
16.8 SolarOne Solutions, Inc. (U.S.)
16.8.1 Overview
16.8.2 Offerings
16.8.3 Key Financials
16.8.4 Business Segment & Geographic Overview
16.8.5 Key Market Developments
16.8.6 Key Strategies
16.9 Best Solar Street Lights USA (U.S.)
16.9.1 Overview
16.9.2 Offerings
16.9.3 Key Financials
16.9.4 Business Segment & Geographic Overview
16.9.5 Key Market Developments
16.9.6 Key Strategies
16.10 Solar Lighting International, Inc. (U.S.)
16.10.1 Overview
16.10.2 Offerings
16.10.3 Key Financials
16.10.4 Business Segment & Geographic Overview
16.10.5 Key Market Developments
16.10.6 Key Strategies
