Global Solar Tracker for Power Generation Market – Industry Trends and Forecast to 2029

Solar Tracker for Power Generation Market Analysis and Size

According to the survey, 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. Additionally, the massive increase in population across the globe over the last decade has further boosted the demand for power generation. Consequently, these determinants are projected to significantly aid the market traction even during the forecast timeframe.

Global solar tracker for power generation market was valued at USD 6,260.00 million in 2021 and is expected to reach USD 11586.82 million by 2029, registering a CAGR of 8.0% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes technological advancements, regulatory framework, PESTEL, porter's five forces analysis, industry standards-at a glance, raw material costs/ operational expenditure-overview, supply chain analysis, vendor selection criteria, pricing analysis, production analysis, and climate chain scenario.

Market Definition

Solar tracking is the method of harnessing solar energy. The tool that points solar panels, heliostat mirrors, and Fresnel reflectors toward the sun is called a solar tracker. These solar trackers are employed to maximize solar panels' output and efficiency and catch the most solar energy possible throughout the day. They further generate power, which is why they are called as solar tracker for power generation. The rising energy demand around the world is what is driving the global solar business. Compared to modules at a fixed angle, solar trackers can boost a solar panel's output by 25 to 35 percent.

Solar Tracker for Power Generation Market Scope and Segmentation

Solar Tracker for Power Generation Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Heightened Demand of Green Energy

The rising trend of carbon emissions is driving the global demand for green and clean energy. 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 tracker for power generation is expanding due to the increase in demand for green energy.

• Various Benefits of Single-Axis Solar Tracker

A fixed PV panel arrangement costs 50% more than a single-axis solar tracker, increasing capacity by 25% to 35%. Its straightforward construction has a quicker payback period and delivers the highest PV panel placement per square density. At the moment, horizontal single-axis trackers (HSAT) are the most popular option for trackers since they can offer 20–30% more energy without the additional expense and complexity of dual–axis tracking systems. Additionally, the cost of single-axis tracking systems is declining, which is increasing the demand for single-axis tracking systems largely, thus boosting the overall demand for the solar tracker for power generation market.

Furthermore the factors such as the environmental degradation coupled with the rising fuel prices will drive industry growth. Moreover, the public awareness of the benefits of renewable energy along with the numerous favorable government policies that promote solar energy projects also accelerates the market growth.

Opportunities

• Surging Demand for Renewable Energy Sources

Furthermore, the rising demand for renewable energy sources further extends profitable opportunities to the worldwide solar tracker for power generation market in the forecast period of 2022 to 2029. Currently, over 29% of the electricity produced worldwide comes from renewable sources. It is anticipated to increase significantly during the ensuing years, increasing the industry. For instance, the installed capacity of solar energy increased from 217.34 GW in 2015 to 578.55 GW in just four years.

• Increasing Product Development and Innovations

The increasing product development and innovations are largely offering growth prospects to the manufacturers within the market. For instance, In September 2021, STI Control unveiled their brand-new system. With the help of this technology, you can fully regulate your solar power generation. Included are three parts: an intelligent weather controller, a system network controller, and a tracker smart controller.

Restraints/Challenges

• High Capital Costs

Solar tracker installation is expensive and time-consuming. The cost of labor and physical space are added to installing solar trackers. The primary restraint on the global market for solar trackers is the initial, substantial financial outlay required to install these devices. Therefore, the high capital cost required is preventing the implementation of solar tracker for power generation and thus hampering the overall market’s growth.

• Dearth of Proper Infrastructure

The market’s growth has been hampered in areas such as Europe and Asia-Pacific due to a lack of awareness and knowledge of the advantages of fixed tilt systems over solar tracker installations. Additionally, a shortage of resources is impeding market expansion. As a result, a significant obstacle to the growth of the worldwide solar tracker market is a lack of a proper infrastructure. This is further creating serious growth challenges for the solar tracker for power generation market.

This solar tracker for power generation market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the solar tracker for power generation market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Solar Tracker for Power Generation Market

The recent outbreak of coronavirus had a negative impact on the solar tracker for power generation market, as the pandemic has had a significant impact on wind power industry's supply chain. The use of solar tracker for electricity generation, which was strongly dependent on China and India, as well as the world economy both suffered from the health crisis brought on by the spread of COVID-19. These companies had to close during the lockout due to supply chain interruptions and a shortage of raw materials, which severely affected the market statistics for solar tracker for power generation. Additionally, a labor shortage caused supply chain issues in the United States, which was a dominating power in the solar tracker market, and a national lockout hampered industrial progress.

On the brighter side, it is anticipated that sales of solar trackers for power generation will increase in the next years due to elements including benevolent government policies and initiatives to fulfil expanding energy demand using renewable energy sources.

Recent Development

• In May 2021, GE Renewable Energy announced the completion of the Turbine Supply, Service, and Warranty contracts for the Dogger Bank solar tracker for power generation farm's third and final phase. The Turbine Supply Contract confirms that GE Renewable Energy will supply 87 Haliade-X 14 MW solar tracker for power generation turbines, marking the first commercial commitment for this nameplate.
• In May 2021, Siemens Gamesa has been confirmed as the preferred supplier for the entire 1,044 MW Hai Long solar tracker for power generation project. Siemens Gamesa Renewable Energy and customer Hai Long Solar tracker for power generation Project (Hai Long) have expanded their strong collaboration to 1,044 MW.
• In May 2020, Siemens Gamesa has installed the nacelle of its SG 14-222 DD solar tracker for power generation turbine prototype at its test facility in sterild, Denmark. The lightweight nacelle, weighing 500 tonnes, is said to allow Siemens Gamesa to use a safer tower and foundation substructure than a heavier nacelle.

Global Solar Tracker for Power Generation Market Scope

The solar tracker for power generation market is segmented on the basis of technology, type, product and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology

• Concentrated PV Tracker
• Non-Concentrated PV Tracker

Type

• Active Solar Tracker
• Passive Solar Tracker

 Product

• Single Axis
• Horizontal
• Vertical
• Polar Aligned
• Titled
• Double Axis
• Tip-Tilt
• Azimuth-Altitude

 Application

• Residential
• Commercial
• Agricultural
• Others

Solar Tracker for Power Generation Market Regional Analysis/Insights

The solar tracker for power generation market is analyzed and market size insights and trends are provided by country, technology, type, product and application as referenced above.

The countries covered in the solar tracker for power generation market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Poland, Norway, Finland, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Europe dominates the solar tracker for power generation market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the growing in investments coupled with the promotion of power generation through renewable energy sources by the governments within the region.

Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the high installations of solar tracker for power generation power in China. Favorable government policies are also estimated to boost regional growth.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Solar Tracker for Power Generation Market Share Analysis

The solar tracker for power generation market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to solar tracker for power generation market.

Some of the major players operating in the solar tracker for power generation market are

• Signify Holding (Netherlands)
• Eaton (Ireland)
• SEPCO (U.S.)
• Sol by Sunna  (U.S.)
• Saur Energy (India)
• Clear Blue Technologies Inc., (Canada)
• SunMaster Solar Lighting Co.,Ltd. (China)
• SolarOne Solutions, Inc. (U.S.)
• Best Solar Street Lights USA (U.S.)
• Solar Lighting International, Inc. (U.S.)
• Solutions B.V. (Netherlands)
• Azuri Technologies Ltd (Kenya)
• Sunna Design SA (France)
• Solektra (Africa) 

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