Solar Tracker Market Growth: Insights into Size, Share, Trends, and Forecast for the Global Market
The global solar tracker market is poised for significant growth in the coming years, fueled by the expanding adoption of sustainable energy solutions. Solar trackers, devices that orient solar panels to maximize energy capture by following the sun’s path, are set to revolutionize the renewable energy landscape.
One of the key drivers behind this surge in demand is the remarkable impact solar trackers have on energy production. These devices can increase electricity generation by up to one-third, significantly improving efficiency and overall yield. This boost in energy output can make a substantial difference, particularly for large-scale solar installations.
Choosing the Right Tracker for Optimal Results
Selecting the appropriate solar tracker depends on various factors, including system size, electric rates, land constraints, government incentives, latitude, and weather conditions. Two primary types of solar trackers are prevalent in the market:
- Single-Axis Solar Trackers: These trackers move back and forth along a single axis, typically following the sun’s path from east to west. While they offer a 20% improvement in system performance, they may require more land and come with higher capital and operating expenditures.
- Dual-Axis Solar Trackers: These trackers continually adjust their orientation to face the sun in both vertical and horizontal directions, maximizing solar energy generation.
Challenges Ahead for the Solar Tracker Market
Despite the promising outlook, the global solar tracker market faces certain challenges that may temper its growth. High installation costs and the need for complex technology to move parts contribute to the higher expense of solar tracking systems compared to their fixed counterparts. Additionally, solar trackers require regular maintenance and may be more susceptible to damage in extreme weather conditions, affecting their long-term reliability.
Government Support Boosts North America’s Market Dominance
North America is poised to dominate the global solar tracker market, with the United States leading the way. Increased installations of solar energy systems and government initiatives supporting renewable energy have propelled the demand for solar trackers in the region. In 2019, the United States accounted for 50 percent of global tracker shipments, experiencing a remarkable 226 percent year-over-year growth.
Government incentives, subsidies, rebates, and tax benefits have played a pivotal role in promoting renewable energy systems across North America. Initiatives like the U.S. Department of Energy’s SunShot Initiative have furthered the goal of making the solar industry cost-competitive, stimulating the solar tracker market’s growth.
Global Players and Partnerships
Several key players dominate the global solar tracker market, with the top 10 vendors representing over 85% of the market share. Among them, NEXTracker stands as the leading global solar tracker company. These industry leaders offer diverse product portfolios and are highly integrated across the value chain.
Advancements in technology and enhanced reliability in electronics and mechanics have substantially reduced long-term maintenance concerns for tracking systems, making solar trackers a viable option for both large and small-scale projects.
As the world embraces sustainable energy solutions, partnerships and technological innovations are expected to drive further growth in the global solar tracker market.
Key Market Players: NEXTracker, Amonix, Inc., Energia Ercam, Abengoa Solar S.A., Powerway Renewable Energy Co. Ltd., NClave, Artech Solar, PV Hardware, Array Technologies, Inc., DEGERenergie GmbH & Co. KG, Haosolar Co. Ltd., Mechatron, SunPower Corporation, Titan Tracker SL, SmartTrak Solar Systems Pvt. Ltd, Mecasolar España SL, First Solar, Soitec, CM Tracker, and Optimum Tracker.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/solar-tracker-market
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This press release first seen on Brilad