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Global Solar Tracker Market Analysis by Type, Movement, Application, Region and segments forecast till 2033
Market Overview
The global solar tracker market was worth USD 6,050 million in 2022 and is poised to amplify at a CAGR of 13.5% over 2023-2033, thereby amassing USD 16,730 million by end of the assessment timeframe.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 6,050 Million |
Market Forecast in 2033 | USD 16,730 Million |
CAGR % 2023-2033 | 13.5% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | Type, Movement, Application |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Trina Solar, Powerway, Meca Solar, SmartTrak Solar Systems (Pvt) Ltd., SunPower Corporation, Abengoa Solar, Array Technologies, Inc., Haosolar Co. Ltd., SOLTEC, Scorpius Trackers, Arctech, Convert Italia, AllEarth Renewables, DEGER energie GmbH & Co. KG, PV Hardware, STI Norland, GameChange Solar, Gonvarri Steel Services, ArcelorMittal, Ideematec AG, EXTracker, Inc., and NCLAVE. Notably, in April 2021, Array Technologies, Inc. inked a contract deal with Primoris Services Corporation to manufacture and supply 4 GW of solar trackers. |
Solar tracker is referred to as a type of device that is equipped with the ability to direct payloads such as solar panels, lenses, Fresnel reflectors, or parabolic troughs towards the sun. These devices are predominantly used to aid payloads in absorbing more energy by ensuring that they remain perpendicular to the sun rays. These trackers use a wide array of drivers, software, and theories to track the exact position of the sun.
Escalating energy demand across the globe, rising cognizance about the importance of clean energy adoption coupled with the increasing pollution levels are primarily aiding the expansion of this industry vertical. Furthermore, rising focus on utility scale projects, stringent emission regulations, and elevating demand for off grid electricity are positively swaying the dynamics of this business sphere. Besides, integration of advanced technologies such as IOT, Big Data, and AI in the field along with increasing green energy investments worldwide are creating lucrative opportunities for the industry to prosper.
Moreover, widespread industrialization and decreasing complexities pertaining to the design of solar trackers are adding momentum to the progression of this market sphere. On the contrary, high maintenance charges and fluctuations in the raw material prices are hindering the remuneration scope of this industry vertical.
With widespread industrialization and urbanization, there has been rising instances of fossil fuel depletion and surge in carbon emission rates. This in turn has increased the focus of various governments onto promoting the adoption of clean energy. It is evident that solar energy is one of the most sustainable, affordable, efficient, and easily available entity for power generation. Therefore, governments of major nations have increased their investments to boost the development of the solar industry.
There has been an escalating demand for continuous power supply driven by factors such as population growth, industrialization, and urbanization. But with the rising prevalence of fossil fuel depletion along with the surging environmental consciousness of the masses, various nations are adopting renewable energy sources such as wind, water, and solar power for electricity generation. This is turn is adding traction to the development of this industry.
Type Insights
The Photovoltaic segment is expected to amass notable gains of more than 55% market share over the stipulated timeline due to the precision and consistency of photovoltaic solar trackers.
Movement Insights
The Single Axis segment is slated to generate significant returns over 45% market share in the estimated timeframe owing to its affordability, efficiency, and operational simplicity.
Application Insights
The Commercial & Industrial segment is projected to grow considerably over the analysis duration ascribing to the rise in industrial activities across the globe.
Regional Insights
North America, Middle East & Africa, Europe, Latin America, and Asia Pacific are the major regions constituting the geographical landscape of this business vertical. Among these, North America is poised to capture a substantial volume share. This is credited to the rapid industrialization, increasing energy needs, and stringent regulations mandating the use of energy efficient power generation sources.
Competitive Analysis
The prominent players characterizing the geographical terrain of this industry sphere are Trina Solar, Powerway, Meca Solar, SmartTrak Solar Systems (Pvt) Ltd., SunPower Corporation, Abengoa Solar, Array Technologies, Inc., Haosolar Co. Ltd., SOLTEC, Scorpius Trackers, Arctech, Convert Italia, AllEarth Renewables, DEGER energie GmbH & Co. KG, PV Hardware, STI Norland, GameChange Solar, Gonvarri Steel Services, ArcelorMittal, Ideematec AG, EXTracker, Inc., and NCLAVE.
Notably, in April 2021, Array Technologies, Inc. inked a contract deal with Primoris Services Corporation to manufacture and supply 4 GW of solar trackers.
Global Solar Tracker Market- Segmental Analysis
By Type:
Photovoltaic
Concentrated Solar Power
By Movement:
Single Axis
Dual Axis
By Application:
Residential
Commercial & Industrial
Utility
Why to buy this Report?
The report provides quantitative and qualitative aspect for Global Solar Tracker Market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in Global Solar Tracker Market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:
Business Model
Production Capacity, Revenue, Sales, Gross Margin
Key Business Strategy
SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the Card Type in taking a key decision within the business:
Company Share Analysis from 2020-2022
Company Analysis by Revenue and Sales
Company Production Capacity, Gross Margin
Company Share Analysis by Card Type/Card Type
Company Share Analysis by Product/Specification
