Making energy from sunshine is called solar tracking. The mechanism that points Fresnel reflectors, heliostat mirrors, and solar panels toward the sun is known as a solar tracker. These solar trackers are used to maximise solar energy throughout the day and boost the production and efficiency of solar panels. Global energy demand growth is what is driving the global solar market. When compared to modules at a fixed angle, solar trackers can enhance the output of solar panels by 25 to 35%.
Solar tracker market was worth USD 6.05 billion in 2021 and is poised to amplify at a CAGR of 13.5% over 2022-2030, thereby amassing USD 16.73 billion by end of the assessment timeframe
Solar Tracker Market: Overview
By aligning the solar panels with the sun's path, a solar tracker increases the productivity of the solar panel system. The expansion of the worldwide solar tracker market is being driven by market participants' increasing initiatives and efforts.
Companies are focusing on producing advanced technology-based products as a result of the rising industrial demand for sophisticated technology for tracking purposes. Manufacturing companies employ a range of organic and inorganic expansion strategies to expand their geographic reach and product line. Large buy orders are the focus of the leading market participants' strategic strategy because doing so enables them to attain economic growth. Research and development on trackers is a crucial distinction for market participants.
Growing worries about energy efficiency and the switch to renewable energy sources are anticipated to drive up demand for solar energy and eventually solar trackers over the projected period at the worldwide level. To position the solar cell for focusing the sun's energy to optimal energy absorption, solar trackers use a variety of electrical components, such as actuators, motors, and sensors. Multiple end-user segments use the electricity produced from the solar radiation that was gathered. Due to the falling cost of solar PV panels, which is anticipated to further boost industry growth, the usage of solar power as a possible source of commercial energy generation has grown in popularity.
One of the renewable energy sources with the quickest growth over the past few years in the United States has been solar photovoltaic technology. The development of PV cells as a sustainable and ongoing source of energy generation is a result of the government's increased focus on renewable energy sources. The levelized cost of electricity has decreased as a result of rising capacity expansions across the United States (LCOE). As a result, solar PV is now on par with other traditional energy sources in the nation. The U.S. government's supportive policies are to blame for the high adoption of solar energy in the nation.
The demand for green and clean energy is being driven by the rising trend of carbon emissions. According to the fast carbon analysis, the UK government plans to generate almost half of its electricity from renewable sources by 2025. Additionally, the market is expanding due to the rising investments in green energy initiatives. As a result, the global market for solar trackers is expanding due to the increase in demand for green energy.
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Solar Tracker Market: Segmental Assessment
By Type:
- Photovoltaic
- Concentrated Solar Power
By Movement:
- Single Axis
- Dual Axis
By Application:
- Residential
- Commercial Industrial
- Utility
Key Market players:
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.
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