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
1.
Global Solar Tracker Market Introduction
and Market Overview
1.1. Objectives
of the Study
1.2. Solar Tracker Market Definition & Description
1.3. Global
Solar Tracker Market Scope and Market Estimation
1.3.1. Global
Solar Tracker Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023-2033)
1.3.2. Global
Solar Tracker Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019-2033
1.4. Market
Segmentation
1.4.1. Type
of Global Solar Tracker Market
1.4.2. Movement
of Global Solar Tracker Market
1.4.3. Application
of Global Solar Tracker Market
1.4.4. Region
of Global Solar Tracker Market
2.
Executive
Summary
2.1. Global
Solar Tracker Market Industry
Trends under COVID-19 Outbreak
2.1.1. Global
COVID-19 Status Overview
2.1.2. Influence
of COVID-19 Outbreak on Global Solar
Tracker Market Industry Development
2.2. Market
Dynamics
2.2.1. Drivers
2.2.2. Limitations
2.2.3. Opportunities
2.2.4. Impact
Analysis of Drivers and Restraints
2.3. Pricing
Trends Analysis & Average Selling Prices (ASPs)
2.4. Key
Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.
2.5. Porter’s
Five Forces Analysis
2.5.1. Bargaining
Power of Suppliers
2.5.2. Bargaining
Power of Buyers
2.5.3. Threat
of Substitutes
2.5.4. Threat
of New Entrants
2.5.5. Competitive
Rivalry
2.6. Value
Chain / Ecosystem Analysis
2.7. PEST
Analysis
2.8. Russia-Ukraine
War Impacts Analysis
2.9. Economic
Downturn Analysis
2.10. Market
Investment Opportunity Analysis (Top Investment Pockets), By Segments & By
Region
3.
Global
Solar Tracker Market Estimates &
Historical Trend Analysis (2020 - 2022)
4.
Global
Solar Tracker Market Estimates &
Forecast Trend Analysis, By Type
4.1. Global
Solar Tracker Market Revenue (US$ Mn) Estimates and Forecasts, By Type, 2023 to
2033
4.1.1. Photovoltaic
4.1.2. Concentrated
Solar Power
5.
Global
Solar Tracker Market Estimates &
Forecast Trend Analysis, By Movement
5.1. Global
Solar Tracker Market Revenue (US$ Mn) Estimates and Forecasts, By Movement, 2023
to 2033
5.1.1. Single
Axis
5.1.2. Dual
Axis
6.
Global
Solar Tracker Market Estimates &
Forecast Trend Analysis, By Application
6.1. Global
Solar Tracker Market Revenue (US$ Mn) Estimates and Forecasts, By Application, 2023
to 2033
6.1.1. Residential
6.1.2. Commercial
& Industrial
6.1.3. Utility
7.
Global
Solar Tracker Market Estimates &
Forecast Trend Analysis, By Region
7.1. Global
Solar Tracker Market Revenue (US$ Mn) Estimates and Forecasts, By Region, 2023
to 2033
7.1.1. North
America
7.1.2. Europe
7.1.3. Asia
Pacific
7.1.4. Middle
East & Africa
7.1.5. South
America
8.
North
America Solar Tracker Market: Estimates
& Forecast Trend Analysis
8.1. North
America Solar Tracker Market Assessments & Key Findings
8.1.1. North
America Solar Tracker Market Introduction
8.1.2. North America
Solar Tracker Market Size Estimates and Forecast (US$ Million) (2023 to 2033)
8.1.2.1. By Type
8.1.2.2. By Movement
8.1.2.3. By Application
8.1.2.4. By
Country
8.1.2.4.1. The
U.S.
8.1.2.4.2. Canada
8.1.2.4.3. Mexico
9.
Europe
Solar Tracker Market: Estimates &
Forecast Trend Analysis
9.1. Europe
Solar Tracker Market Assessments & Key Findings
9.1.1. Europe
Solar Tracker Market Introduction
9.1.2. Europe
Solar Tracker Market Size Estimates and Forecast (US$ Million) (2023 to 2033)
9.1.2.1. By Type
9.1.2.2. By Movement
9.1.2.3. By Application
9.1.2.4. By
Country
9.1.2.4.1. Germany
9.1.2.4.2. U.K.
9.1.2.4.3. France
9.1.2.4.4. Italy
9.1.2.4.5. Spain
9.1.2.4.6. Russia
9.1.2.4.7. Rest
of Europe
10. Asia Pacific Solar Tracker Market: Estimates & Forecast
Trend Analysis
10.1. Asia
Pacific Market Assessments & Key Findings
10.1.1. Asia
Pacific Solar Tracker Market Introduction
10.1.2. Asia
Pacific Solar Tracker Market Size Estimates and Forecast (US$ Million) (2023 to
2033)
10.1.2.1. By Type
10.1.2.2. By Movement
10.1.2.3. By Application
10.1.2.4. By
Country
10.1.2.4.1.
China
10.1.2.4.2.
Japan
10.1.2.4.3.
India
10.1.2.4.4.
Australia
10.1.2.4.5.
South Korea
10.1.2.4.6.
ASEAN
10.1.2.4.7.
Rest of Asia Pacific
11. Middle East & Africa Solar Tracker Market: Estimates & Forecast
Trend Analysis
11.1. Middle
East & Africa Market Assessments & Key Findings
11.1.1. Middle
East & Africa Solar Tracker Market
Introduction
11.1.2. Middle
East & Africa Solar Tracker Market Size Estimates and Forecast
(US$ Million) (2023 to 2033)
11.1.2.1. By Type
11.1.2.2. By Movement
11.1.2.3. By Application
11.1.2.4. By
Country
11.1.2.4.1. U.A.E.
11.1.2.4.2. Saudi
Arabia
11.1.2.4.3. Egypt
11.1.2.4.4. South
Africa
11.1.2.4.5. Rest
of Middle East & Africa
12. South America Solar Tracker Market: Estimates & Forecast
Trend Analysis
12.1. South
America Market Assessments & Key Findings
12.1.1. South
America Solar Tracker Market Introduction
12.1.2. South
America Solar Tracker Market Size Estimates and Forecast (US$ Million) (2023 to
2033)
12.1.2.1. By Type
12.1.2.2. By Movement
12.1.2.3. By Application
12.1.2.4. By
Country
12.1.2.4.1. Brazil
12.1.2.4.2. Argentina
12.1.2.4.3. Colombia
12.1.2.4.4. Rest
of South America
13. Competition Landscape
13.1. Global
Solar Tracker Market Competition Matrix & Benchmarking, by Leading Players
/ Innovators / Emerging Players / New Entrants
13.2. Global
Solar Tracker Market Concentration & Company Market Shares (%) Analysis,
2022
14. Company Profiles
14.1. Trina Solar
14.1.1. Company
Overview & Key Stats
14.1.2. Financial
Performance & KPIs
14.1.3. Product
Portfolio
14.1.4. Business
Strategy & Recent Developments
* Similar details would be provided for all the
players mentioned below
14.2. Powerway
14.3. Meca Solar
14.4. SmartTrak Solar Systems (Pvt) Ltd.
14.5. SunPower Corporation
14.6. Abengoa Solar
14.7. Array Technologies
14.8. Haosolar Co. Ltd.
14.9. SOLTEC
14.10. Scorpius Trackers
14.11. Arctech
14.12. Convert Italia
14.13. AllEarth Renewables
14.14. DEGER energie GmbH & Co. KG
14.15. PV Hardware
14.16. STI Norland
14.17. GameChange Solar
14.18. Gonvarri Steel Services
14.19. ArcelorMittal
14.20. Ideematec AG
14.21. EXTracker
14.22. NCLAVE.
14.23. Others**
15. Research Methodology
15.1. External
Transportations / Databases
15.2. Internal
Proprietary Database
15.3. Primary
Research
15.4. Secondary
Research
15.5. Assumptions
15.6. Limitations
15.7. Report
FAQs
16. Research Findings & Conclusion
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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Business Solution
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Conclusion
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