Solar Tracker Market is estimated to hit US$ 16 billion by 2031
OREGON, PORTLAND, UNITED STATES, September 5, 2023/EINPresswire.com/ —
The solar tracker market size was valued at $8.9 billion in 2021, and is estimated to reach $16.0 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031. A solar tracker is a device or system used in solar energy systems to follow the movement of the sun as it traverses the sky. The primary purpose of a solar tracker is to orient solar panels or solar collectors in such a way that they continuously face the sun, maximizing the amount of sunlight they can capture throughout the day. Solar trackers are commonly used in photovoltaic (PV) solar arrays and concentrated solar power (CSP) systems.
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Increased Energy Production: Solar trackers significantly enhance the energy output of solar installations by continuously optimizing the angle of the solar panels or mirrors to face the sun’s rays directly. This results in a higher daily and annual energy yield compared to fixed-mount solar systems.
Key players operating in the global solar tracker market analysis include
Array Technologies, Inc.
DEGERENERGIE GMBH & CO. KG
Powerway Renewable Energy Co. Ltd.
The solar tracker market is primarily driven by expanding global demand for energy, growing environmental awareness, and depletion of fossil fuels.
Demand for solar trackers is expected to increase during the forecast period as a result of growing government initiatives in nations such as the U.S., India, and China to shift to solar energy.
It is anticipated that solar tracker companies would benefit from new growth prospects brought on by ongoing product innovations in solar technology as well as growing usage of IoT and artificial intelligence.
Increase in steel costs further raises cost of these tracking systems, which are employed in majority of utility-scale projects. This is one of the main reasons impeding the solar tracker market growth.
Steel often accounts for more than 65% of the entire cost of solar tracking systems, making them more expensive.
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Improved Morning and Evening Performance: Solar trackers enable panels to capture sunlight in the morning and evening hours when the sun is at lower angles in the sky, increasing the total daily energy production.
Compatibility: Solar trackers can be used with various types of solar technologies, including photovoltaic panels, concentrating solar collectors, and solar thermal systems.
Cost-Effective Energy Production: Although solar trackers come with additional upfront costs compared to fixed-mount systems, their increased energy production can make them cost-effective in certain applications, such as utility-scale solar farms and commercial solar installations.
Environmental Benefits: Solar trackers help reduce the environmental footprint of solar energy production by generating more electricity from a given amount of solar panels or collectors, which can result in fewer resources required for the same energy output.
Maintenance: Solar trackers typically require regular maintenance to ensure their proper operation. This includes inspections, cleaning, and lubrication of moving parts.
Tracking Technologies: Solar trackers use various technologies for tracking the sun, including astronomical algorithms, light sensors, and GPS-based systems. These technologies help ensure accurate sun tracking.
Solar tracker possesses various properties such as it offers minimal wind resistance and provides electrical and thermal stability. Hence, owing to such functionalities, it is extensively used for residential, commercial, agriculture, and other purposes such as in on-grid for roofs of houses, traffic signals, street lights, cottages, and small power plants.
By type, the solar axis segment is estimated to display highest growth rate, in terms of revenue, registering a CAGR of 6.3% from 2022 to 2031
By technology, the photovoltaic segment is anticipated to register highest CAGR of 6.3% during the forecast period.
By application, the utility segment is anticipated to register highest CAGR of 6.3% during the forecast period.
Development of solar trackers for unusual settings, such as capped landfills, has been identified as the main trend in the global solar trackers market.
Solar trackers are typically fixed on posts that are hammered into the ground or on posts with ballast.
Factors such as growing manufacturing industry, availability of feedstock at reduced prices, and arrival of local players has led manufacturers to offer solar trackers at low prices.
Impact of COVID-19
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.
The adoption 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.
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Additionally, a labor shortage caused supply chain issues in the United States, which was a dominating country in the solar tracker market, as well as a nation lockdown hampered industrial progress.
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