Solar Trackers Market to Rise at CAGR of 16.4% during Forecast Period, Notes TMR Study

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Apr 06, 2022, 09:30 ET

Solar tracker firms are gathering steam due to the development of robotic devices that aid in the upkeep of solar trackers while they are in use
Despite unfavorable market attitudes, work-from-home trends, increase in the number of stay-at-home parents, and online learning are expected to generate long-term development potential

ALBANY, N.Y., April 6, 2022 /PRNewswire/ -- The global solar trackers market registered 6,998.8 MW in 2020. The global market is expected to rise at a CAGR of 16.4% during the forecast period, from 2021 to 2031. The global solar trackers market is anticipated to reach 37,196.86 MW by 2031. The growth of the global solar trackers market is supported by rising government incentive programs, rising feed-in tariffs (FIT), and photovoltaic (PV) demand. In addition, rising power prices are likely to boost the demand for photovoltaic, which is expected to fuel the global solar tracker market even more. Additionally, tracking systems are expected to improve the efficacy of solar cells, which is projected to have a favorable influence on the market. On the other side, the market's expansion is expected to be constrained over the next few years due to capital-intensive technologies.

In order to maintain business continuity despite the prevailing coronavirus pandemic, firms in the global solar trackers market are serving mission-critical applications in the utilities as well as non-utility industries. Solar trackers, on the other hand, have been observed to require more servicing than permanent systems.

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Key Findings of Market Report

Each application has its own set of functions, such as reducing the incident angle between the incoming sunlight and photovoltaic panel in PV applications and aligning the optics in CSP and CPV systems. Due to advantages it provides, CPV is now one of the most promising technologies in the solar energy industry. The CPV technology's cheap production cost aids in low-cost energy generation. Due to the use of aluminum and glass as raw materials, solar panels can be reused in the range of 85% to 90%.

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With regard to a product, single axis trackers are more commonly used in solar PV systems than dual axis trackers due to their lower cost and higher power output
Europe dominated the global market in 2020, accounting for more than 60% of the market, depending on the yearly installed capacity. North America followed Europe, representing for 26% of the overall market that year. Solar trackers are most popular in Spain, Greece, Italy, and Germany in Europe. Spain, in Europe, and China, in Asia Pacific, are expected to develop at a rapid pace amongst all countries, due to government assistance for renewable energy production.

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Solar Trackers Market: Growth Drivers

In North America, the non-utility business has been hampered by declining FIT (Feed-in Tariff) tariffs and incentive schemes. This was complemented by government incentives to create huge solar tracker installations in Canada and the US. The growth of the global solar trackers market is projected to be fueled by a change in direction toward utility-scale projects.
Due to considerable improvements in the renewable energy industry, the market in Asia Pacific is predicted to grow tremendously during the forecast period, from 2021 to 2031

Global Solar Trackers Market: Key Players

Some of the key market players are
SmartTrak Solar Systems Pvt. Ltd.
Frontier Technology Group Ltd.
Ideematech Deutschland GmbH
Haosolar Co. Ltd
Energia Ercam S.A.
Amonix, Inc.

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Global Solar Trackers Market: Segmentation

Technology

Solar PV
Concentrated Photovoltaic [CPV]
Concentrated Solar Power [CSP]

Product

Single Axis
Dual Axis
Fixed Solar Systems

Application

Utility
Non-utility

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