Report ID: UCMIG55F2023 | Region: Global | Published Date: July, 2022 | Pages: 165 | Tables: Figures:Residential Backup Power Market
Report ID: SQMIG55F2004 | Region: Global | Published Date: July, 2022 | Pages: 157 | Tables: 87 | Figures: 69
Solar Tracker Market was valued at USD 6.2 billion in 2021, and it is expected to reach a value of USD 15.32 billion by 2028, at a CAGR of more than 13.8% over the forecast period (2022– 2028).
Positioning photovoltaic (PV) panels such that they remain perpendicular to the Sun's beams is the most popular use for solar trackers. With the development in technology and the rapid shift towards the use of machine learning and artificial intelligence, the global solar tracker is expected to observe a significant growth during the forecast period. For example, Nextracker acquired BrightBox Technologies, a maker of machine learning software, and went on to create and implement its TrueCapture smart tracker control system. They released TrueCapture to the market after more than a year of covert R&D work and trial projects with a small number of clients.
Due to the Covid-19 pandemic, there was a steep rise in the shipment prices across the globe that resulted in the businesses facing losses during the period. Therefore, leading players are exploring different methods of shipment in order to cut down costs. For example, FTC Solar, a producer of US Solar Trackers systems, is looking into breakbulk shipping options to reduce the expenses associated with shipping and logistics and enable the company to resume making a profit. In the second quarter of 2021, shipping and logistics expenses totaled about more than $10 million, which resulted in a deficit.
US Solar Tracker Market is poised to grow at a sustainable CAGR for the next forecast year.
To get more reports on the above market click here to Buy The Report
Global Solar Tracker Market is segmented based on the type, movement, application, and region. Based on the type, the global solar tracker market is segmented as photovoltaic (PV), concentrated solar power (CSP). Based on movement, global solar tracker market is segmented as single-axis and dual-axis. Based on application, Solar Tracker Market is segmented into utility and non-utility. Based on region, Solar Tracker Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Solar Tracker Market Analysis by Type
In 2021, Solar photovoltaic held the largest share in the global solar tracker market, accounting for more than 85.0 percent of all income (PV). The compatibility of PV cells with traditional photovoltaic module technologies is the primary reason for the largest market share of PV technology. The rising cost of power brought on by the supply-demand mismatch will further encourage the adoption of solar PV in utility and non-utility applications.
Following this, CSP may have a variety of positive effects on the environment as a renewable energy technology. In 2019, 73% of the world's power was produced by fossil fuels. The mining and burning of fossil fuels emit a variety of air pollutants, which have local effects like harming the population's health. Increasing the usage of CSP technology can assist nations in achieving their targets for decreasing GHG emissions as well as local air pollution from the burning of fossil fuels. Given that the MENA area has some of the highest per capita emissions rates in the world and that demand for power is rising quickly, the recent commitments made by several MENA nations are particularly significant. Therefore, this segment is also expected to observe significant growth in the global solar tracker market.
Solar Tracker Market Analysis by Application
In 2021, the utility sector held the largest share in the global solar tracker market. This is due to the fall in the price of the various projects that are being set up regarding the PV installation. Along with this, the drop in prices of the levelized cost of electricity (LCOE) is expected to boost the segment in the global solar tracker market during the forecast period. For example, in 2021, projects in CAISO and the non-ISO West will be priced at $20/MWh, while projects in the remainder of the continental United States will be priced between $30 and $40/MWh. As more governments, utilities, and corporations try to meet their clean energy goals, utility-scale solar is still in great demand. Home PV-plus-storage LCOE declined by 13% between 2020 and 2021, compared to a 9% decline for residential stand-alone PV. Commercial and utility-scale PV plus-storage system levelized energy costs fell by 7 and 13 percent, respectively. During the same time span, the LCOE of commercial and utility size PV systems reduced by 9 and 12 percent, respectively. The fall in these prices will boost the growth of the utility segment in the global solar tracker market.
Solar Tracker Market Analysis by Movement
The dual-axis sector, which accounted for more than 50.0% of revenue in 2021, is expected to increase at the highest CAGR over the projection period. Dual-axis trackers are able to absorb the sun's rays to their most potential since they can track the sun both horizontally and vertically. Dual-axis trackers generate around 12% more energy than single-axis trackers. Due to its greater land requirements, advanced technology, and high motor and control system maintenance requirements, dual-axis trackers have high O&M expenses. Dual-axis trackers cannot be used as widely as they could because of this constraint.
Following this, in high isolation locations, single-axis systems can outperform fixed solar PV cells by 20% or more since they track the sun's rays along a single axis. Compared to stationary solar panels, single-axis solar trackers require more space because their movement might cast shadows that reduce the efficiency of nearby panels.
To get detailed analysis on other segments, Request For Sample Report
North America will maintain the top spot in the global market during the forecast period owing to the United States' 2021 deployment of solar trackers, which will surge the demand for goods throughout the region and increase the operational efficiency of the installed panels. Furthermore, the presence of prominent market players in the region and constant mergers and acquisitions taking place among them will boost the global solar tracker market during the forecast period. For example, the master supply agreement (MSA) between Silicon Ranch, one of the biggest independent power producers in the country, and Nextracker LLC, the leading supplier of intelligent, integrated solar tracker and software solutions, will see 1.5 gigawatts (GW) of Nextracker's solar tracker technology delivered to Silicon Ranch projects through 2024, with options to increase as Silicon Ranch's portfolio expands.
Furthermore, the presence of key suppliers in the region is also expected to boost the growth of the global solar trackers market during the forecast period. The top 3 Solar tracker Suppliers are GAMECHANGE SOLAR, AGILITY PROJECTS LOGISTICS, and PV HARDWARE SOLUTIONS S L.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Solar Tracker Market Driver
Solar Tracker Market Restraint
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
The global solar tracker market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, the historic Bethlehem Steel manufacturing facility in nearby Leetsdale has been reopened to produce solar tracker equipment for large-scale solar power plants, according to an announcement made today by Nextracker LLC, the industry leader in utility-scale solar trackers, and BCI Steel, a Pittsburgh-based steel fabricator. Equipment from BCI Steel's new and restored facilities in Brazil and Malaysia will be used in the steel processing facility. Products for the rapidly expanding solar markets in Pennsylvania, Indiana, New York, and Ohio will be made at the facility using solar trackers.
Top Players in the Global Solar Tracker Market
Solar Tracker Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Solar Tracker Market Analysis, in terms of type, the largest share in the global solar tracker market was held by the photovoltaic segment, the main factor behind the biggest share of PV technology is the compatibility of PV cells with conventional photovoltaic module technologies. By movement, the dual-axis segment dominated the global market because dual-axis trackers are able to absorb the sun's rays to their most potential since they can track the sun both horizontally and vertically. By application, the utility segment held the largest share in the global solar tracker market due to the drop in costs of projects and LCOE. And by region, the North American region held the largest share in the global solar tracker market due to the presence of prominent market players in the region.
|Market size value in 2021||USD 6.2 billion|
|Market size value in 2028||USD 15.32 billion|
|Growth Rate||more than 13.8%|
|Forecast period||2022– 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Solar Tracker Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Solar Tracker Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Solar Tracker Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Solar Tracker Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.SPEAK TO AN ANALYST
Get lifetime access to our reportsBasic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOW
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.
Product ID: SQMIG55F2004