Solar Tracker Market Share and Size, Rising Trends, Revenue, Growth Drivers, Key Manufacturers, Challenges, Opportunities and Forecast Analysis 2033: SPER Market Research
The solar tracker is a mechanical device that maximizes energy capture throughout the day by aligning mirrors or solar panels with the sun. Trackers increase the efficiency of solar power systems in comparison to permanent installations by modifying the angle of solar modules to follow the course of the sun. Due to its ability to move, solar trackers are typically categorized as either single-axis or dual-axis devices. For accurate sun alignment, dual-axis trackers move in two planes, whereas single-axis trackers shift along a single plane, usually horizontal or vertical. Both some commercial installations and utility-scale solar farms make extensive use of these systems. Solar trackers are a crucial technology for maximizing the generation of renewable energy.
According to SPER Market Research, ‘Solar Tracker Market Size- By Technology, By Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Global Solar Tracker Market is estimated to reach USD 58.18 billion by 2033 with a CAGR of 26.43%.
Rapid deployment expansion and cost-effective solutions for decarbonizing the energy sector are made possible by the significant advancements in solar and other clean energy technologies. The unequal adoption of a solar tracking system has gained increasing attention as an energy justice issue because it is a modular solution that is easily adaptable for both large and small organizations. The use of renewable energy, like solar electricity, has expanded significantly as a result of the aggressive targets and goals set by governments throughout the world to shift away from fossil fuels and reduce carbon emissions. Additionally, the number of solar PV installations has expanded due to tax incentives and other tax benefits provided to solar energy projects.
The increase in steel costs is a significant element impeding market expansion and raising the cost of tracking systems, which are utilized in the majority of utility-scale projects. The solar tracking system is also more expensive overall than installing standard solar panels, which discourages its use in homes with typically lower energy consumption. Fewer solar tracking systems are being adopted as a result of this initial cost increase. Additionally, moving parts and outside factors cause issues with durability and maintenance. The other reason that slows down market investment is the absence of essential infrastructure. Moreover, sunshine’s erratic nature, which is controlled by meteorological variables, limits the amount of energy that can be produced.
The United States dominates the solar tracker market because of its substantial expenditures in renewable energy infrastructure, supporting government policies, and extensive solar energy projects. Some of the key players are – Abengoa Solar S.A., AllEarth Renewables, Array Technologies Inc. and DEGERenergie GmbH & Co.
Solar Tracker Market Segmentation:
By Technology: Based on the Technology, Global Solar Tracker Market is segmented as; Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV).
By Type: Based on the Type, Global Solar Tracker Market is segmented as; Single Axis, Dual Axis.
By Application: Based on the Application, Global Solar Tracker Market is segmented as; Utility, Non-utility.
By Region: This report also provides the data for key regional segments of Europe, Asia-Pacific, Middle East, Africa, and North America, Latin America.
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