The solar tracker for the power generation market is projected to register a CAGR of 7.5% during the forecast period 2022-2032, from a valuation of US$ 6 Bn in 2021.
“Due to the efficiency of the solar tracking system and other technologies when compared to solar panels without tracking systems, rising demand for solar trackers fuels the overall solar tracker for power generation market growth.”
Solar PV has been one of the fastest-growing renewable energy sources in the United States in recent years. The same has been developed as a sustainable and continuous source of energy generation. The solar tracker for power generation market is likely to advance to a considerable extent.
What Changes has the Solar Tracker for Power Generation Market undergone due to COVID-19?
The global health crisis brought on by the spread of COVID-19 had a negative impact on the global economy as well as on the adoption of solar tracker for power generation, which was heavily reliant on China and India.
Due to supply chain disruptions and a lack of raw materials, these businesses were forced to close during the lockdown and, in turn, negatively impacting the solar tracker for power generation market statistics.
Furthermore, the United States, which stood out as a dominant force in the solar tracker industry, experienced supply chain disruptions due to a labor shortage, and a nationwide lockdown slowed manufacturing velocity.
In the coming years, however, factors such as favorable government policies and efforts to meet rising power demand with renewable energy sources are expected to favor higher sales of solar trackers for power generation.
What are the Factors Contributing to the Solar Tracker for Power Generation Market?
The massive increase in population over the last decade has directly impacted the amount of power demanded and generated. The capacity of each country’s power generation has increased at a healthy rate.
Renewable energy sources are considered the best possible replacement for conventional power sources. They help reduce carbon emissions while also being a cost-effective source of everyday power, thereby fueling the demand for solar trackers for power generation.
Simple solar installations are less efficient than solar farms and individual solar installations with tracking systems.
Furthermore, the solar tracker for power generation market growth is also propelled by features such as the better utilization of space, which is necessary for both fixed-tilt and moving systems.
These factors, along with the availability of single-axis and dual-axis trackers, provide customers with a range of options and are expected to drive global market growth.
The rising use of solar power as a potential source of commercial energy generation has gained popularity as the cost of PV panels has decreased, and the same is anticipated to augur well for a solar tracker for power generation market trends and forecasts.
What is the Region-Wise Outlook of the Solar Tracker for Power Generation Market?
By region, the solar tracker for the power generation market is segmented into North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
North America is expected to remain at the forefront of the global solar tracker for power generation market during the forecast period.
The United States, which has the highest solar tracker deployment for operational efficiency of installed panels, is projected to provide impetus to the solar tracker for power generation market future trends.
Countries in Latin America, such as Brazil and Mexico, have emerged as major importers of solar trackers.
In Europe, demand for solar energy has grown at a healthy rate, and countries such as Italy, the United Kingdom, Germany, and Spain have been leading the solar penetration in their overall power mix, thereby positively impacting the solar tracker for power generation market outlook.
This trend, combined with aggressive green energy goals, presents an enormous solar tracker for power generation market opportunities for the region.
China manufactures 40% of the world’s tracker capacity, making the Asia Pacific the production hub for trackers. In the near future, some Southeast Asian countries, China and India, are expected to increase their renewable energy capacity, creating a huge demand for solar trackers for power generation.
South Africa holds a large solar tracker for power generation market size of the Middle East and Africa market, which is expected to grow steadily over the forecast period as solar power contracts are completed.
How Strong is the Competition in the Solar Tracker for Power Generation Market?
The market for solar trackers is fairly consolidated. This market is dominated by solar tracker manufacturers such as NEXTracker, Soltec, and Arctech Solar, according to the competitive landscape.
NEXTracker has the largest solar tracker for power generation market share in the world, with contracts from countries all over the world. The company’s success has been attributed to a well-established supply chain, customer preference, and a well-known brand name.
A wide array of solar tracker for power generation market opportunities likely opens up as companies are focusing on the development of advanced technology-based products as a result of demand for advanced technology for tracking purposes.
Manufacturing firms are pursuing a variety of organic and inorganic growth strategies in order to broaden their geographical reach and product portfolio thereby coming up with various emerging trends in the solar tracker for power generation market in the recent times.
The strategy framework of major tracker manufacturers is centred on bagging large purchase orders in order to achieve economies of scale. Tracker research and development is a key differentiator for manufacturers in the market.
A few recent developments in the solar tracker for power generation market are as follows:
Trina Solar introduced the TrinaTracker Agile 1P Dual Row, a dual-row, one-in-portrait, single-axis tracker compatible with modules ranging from 400 W to 670 W. After the Vanguard series debuted in December, the Agile series has joined the TrinaTracker family.
NEXTracker announced the successful completion of its largest tracker deal, billed as the industry’s largest of its kind, with 174 Power Global. The contract called for the delivery of smart solar trackers with 3.4 GW capacities to seven 174 Power projects across the United States.
Lyubar, Zhytomyr region, has become home to Ukraine’s largest solar tracking plant, with a capacity of 33 MW. SolControl, Soltigua’s cloud-based SCADA that was designed from the start to be optimised for remote assistance and monitoring of the solar plant, was used to carry out the commissioning.
