Solar Trackers Market Size Worth US$ 25.2 Bn by 2031

The market solar trackers has been expanding significantly off late due to the increasing number of government subsidies in countries around the world. The market in Asia Pacific is expected to grow exponentially, owing to major developments in the renewable energy sector.

Wilmington, Delaware, United States, June 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global solar trackers market was valued at 5.1 US$ Bn in 2020. It is estimated to expand at a CAGR of 15.6% from 2021 to 2031. The global solar trackers' industry is expected to reach the value of 25.2 US$ Bn by the end of 2031.

Advantages of low installation cost and high efficiency support adoption of single-axis solar tracker systems

Advent of robot-assisted solar trackers is attracting companies to enter into profitable tracker deals in order to gain competitive advantage

Geographical advantage of high Direct Normal Irradiance (DNI) in Europe leading to development of solar energy drives demand

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Market Snapshot:

Report Coverage

Details

Market Revenue

5.1 US$ Bn

Estimated Value

25.2 US$ Bn

Growth Rate - CAGR

15.6%

Forecast Period

2021-2031

No. of Pages

216 Pages

Market Segmentation

Technology Analysis, Product Analysis, Application Analysis,

Regions Covered

North America, Europe, Asia Pacific, Middle East & Africa, Latin America

Companies Covered

Abengoa Solar, SunPower, Mecasolar, Energia Ercam, First Solar, Qbotix

Solar tracking technology has considerable economic advantages. The technology allows solar panels to track the movement of the sun and improve their output by 20% to 40% in comparison to fixed solar PV systems. The increased output efficiency is due to the unique functionalities of solar trackers for each application.

Competitive Analysis

The solar trackers market is fragmented, with the presence of both large and mid-size companies. However, a few companies enjoy brand equity through their geographical presence. Haosolar stood as the leading manufacturer of solar trackers in 2020 and held more than 23% market share by annual installed capacity.

Prominent players in the solar trackers market include Abengoa, SunPower, Mecasolar, Energia, First Solar, Ercam, and Qbotix.

Growth Drivers

Initiatives by governments for the development of solar energy is fueling the solar trackers market

Role of manufacturers in creating awareness about advantages of solar trackers is augmenting market growth

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Key Findings of Report

Advantages of High Output of CPV Boosts Adoption – Based on technology, the solar trackers market has been divided into concentrated photovoltaics (CPV), solar photovoltaics, and concentrated solar power (CSP). CPV is a key segment of the solar trackers market, as it enables high output of the payload. Low manufacturing cost of CPV systems assists in producing energy at low costs. However, it must be facing the sun for maximal output of the system.

On the other hand, in CSP, solar radiations are limited to a small surface that gets heated. The heat from the surface is then converted into electrical energy using either a sterling engine or a fluid.

Integration of Next-gen Technologies Fueling Market Development – Product innovation, wherein robotic devices assist in the maintenance of solar trackers during operations is anticipated to create lucrative business opportunities in the next few years. Companies in the global industry are engaging in lucrative tracker deals for competitive advantage. For instance, recent announcement of successful completion of some of the largest tracker deals by companies in the U.S. entails shipment of smart products of 3.4 GW capacities to a number of solar energy development projects undertaken by 174 Power Global across the U.S.

Cost-efficiency and High Output Favor Adoption of Single Axis Trackers – In terms of product type, the solar trackers market has been divided into single-axis, dual-axis, and fixed solar systems. Single-axis trackers are gaining popularity owing to cost-efficiency and high electrical energy output over dual-axis trackers.

In terms of function, single-axis trackers rotate on a single axis. Single-axis trackers are polar, vertical, tilted, or horizontally aligned, rotating from east to west during the course of the day. Dual-axis trackers include two axes for rotation and are vertically aligned to trap solar radiation maximally.

Regional Landscape

According to recent solar trackers market analysis, Europe dominated the global market in 2020. Germany, Spain, Italy, and Greece are key countries in the solar trackers market in Europe, these countries accounted for more than 60% annual installed solar tracking capacity in Europe in 2020.

China and Spain are anticipated to record the fastest growth in the next few years, owing to the incentives offered by their governments for energy generation using renewable sources.

In India, the solar trackers market is expected to expand with substantial annual installation of solar tracking systems in Rajasthan and Gujarat in the near future.

The global solar trackers market is segmented as follows;

Global Solar Trackers Market, by Technology

Solar PV

Concentrated Photovoltaic (CPV)

Concentrated Solar Power (CSP)

Global Solar Trackers Market, by Product

Single Axis

Dual Axis

Fixed Solar Systems

Global Solar Trackers Market, by Application

Utility

Non-utility

Global Solar Trackers Market, by Region

Europe

Asia Pacific

Latin America

North America

Middle East & Africa

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