Solar Tracker Market to be Worth $29.31 Billion by 2030: Grand View Research, Inc.

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Jun 13, 2022, 09:00 ET

SAN FRANCISCO, June 13, 2022 /PRNewswire/ -- The global solar tracker market size is expected to reach USD 29.31 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 20.5% from 2022 to 2030. The market is expected to witness substantial growth over the forecast period owing to the growing need for renewable power generation. Solar tracker is installed on a PV system to get an increased energy output during the day. PV system trackers help to minimize the angle of incidence between incoming light and panel, thereby increasing the amount of energy produced. In Concentrated Photovoltaic (CPV) technology, a large part of sunlight is focused on a solar cell using an optical device. Concentrating light requires direct sunlight, thereby limiting this technology to clear locations.

Key Industry Insights & Findings from the report:

Solar tracker helps to increase the efficiency of solar cells. Increasing solar PV demand in various regions is expected to propel market growth over the projected period.
The solar PV segment emerged as the leading technology segment with a revenue share of over 85.0% in 2021. Increasing government focus on renewable energy has resulted in the development of PV cells as a sustainable and continuous source of energy generation.
The dual axis type segment held the largest revenue share of over 50.0% in 2021. Single axis tracker is projected to expand at a considerable CAGR during the forecast period. Single axis trackers are less expensive as compared to dual axis trackers and, therefore, are widely employed in utility and non-utility applications.
The utility application segment accounted for the largest revenue share of more than 80.0% in 2021 and is projected to expand at the highest CAGR during the forecast period. Trackers are being used on a large scale in utility applications in light of the increasing government subsidies, coupled with feed-in tariff schemes, particularly in the North American and European region.
North America accounted for the largest revenue share of more than 25.0% in 2021 owing to favorable policies and incentives for solar PV installation in the country. The Middle East and Africa market is projected to expand at the highest CAGR during the forecast period on account of a rise in the investments in solar energy in the region.

Read 130-page market research report, "Solar Tracker Market Size, Share & Trends Analysis Report By Technology (Solar Photovoltaic, Concentrated Solar Power, Concentrated Photovoltaic), By Type, By Application, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Solar Tracker Market Growth & Trends

The single axis type segment is predicted to witness significant growth from 2022 to 2030. Single axis trackers are more economical than dual axis trackers and easy to maintain. Single axis trackers are less expensive compared to dual axis trackers, therefore, are widely employed in residential and commercial applications. Reduced non-renewable energy consumption, improved efficiency, and lower CO2 emissions are likely to drive the solar power generation market, and thus the market is expected to witness significant growth over the forecast period.

The dual axis type segment accounted for the largest revenue share in 2021 and is projected to exhibit the highest CAGR during the forecast period. Dual-axis trackers comprise two degrees of freedom that act as an axis of rotation. The axis fixed to the ground is considered the primary axis and the one referenced to the primary axis is called the secondary axis. Dual axis trackers have modules that are oriented parallel to the secondary axis of rotation. Dual axis trackers allow maximum absorption of the sun's rays on account of their ability to follow the sun both horizontally and vertically, thus generating 8% to 10% more energy than single axis trackers.

Solar PV technology held the largest revenue share in 2021. The simple design and cost-effectiveness of these trackers make them ideally suited for most PV applications at the utility level. In addition to cost-effectiveness, trackers installed on PV modules occupy less space as compared to the CPV and CSP technologies. The PV technology trackers do not require any additional lenses, mirrors, or sterling energy to generate electricity, thereby making them suitable for use in non-utility applications.

North America accounted for the largest share in terms of volume and revenue in 2021 and is expected to witness significant growth over the forecast period, considering the growing demand from the U.S., Canada, and Mexico. However, high initial investment and low cost of conventional sources of energy are likely to restrain market growth in North America.

Solar Tracker Market Segmentation

Grand View Research has segmented the global solar tracker market based on technology, type, application, and region:

Solar Tracker Market - Technology Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

Solar photovoltaic
Concentrated solar power (CSP)
Concentrated photovoltaic (CPV)

Solar Tracker Market - Type Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

Single Axis
Dual Axis

Solar Tracker Market - Application Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

Utility
Non-utility

Solar Tracker Market - Regional Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

North America

U.S.
Canada
Mexico

Europe

Germany
Italy
Spain
France

Asia Pacific

China
India
Japan

Central & South America (CSA)

Brazil
Chile

Middle East & Africa

Saudi Arabia
UAE

List of Key Players of Solar Tracker Market

Abengoa Solar S.A.
AllEarth Renewables
Array Technologies Inc.
DEGERenergie GmbH & Co. KG
Nclave
Powerway Renewable Energy Co. Ltd.
Soltec Tracker
SunPower Corporation
Titan Tracker
Trina Solar Limited

Check out more related studies published by Grand View Research:

Concentrated Solar Power Market - The global concentrated solar power market size is expected to reach USD 9.5 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 9.7% from 2020 to 2027. Growing awareness about renewable sources of energy, along with government regulations to reduce the carbon footprint, is driving the market.
Solar PV Glass Market - The global solar PV glass market is expected to be valued at USD 33.7 billion by 2025, according to a report by Grand View Research, Inc. Growing social and political consensus aimed at adopting clean energy sources is expected to drive the market in the coming years.
Dye Sensitized Solar Cell Market - The global dye sensitized solar cell market size is expected to reach USD 231.1 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 12.4% from 2020 to 2027. Increasing concerns regarding the negative environmental impacts, along with fossil fuel-based electricity generation farms, are projected to drive the global market.

Browse through Grand View Research's Renewable Energy Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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