Product ID: SQMIG55F2004
Global Solar Tracker Market Size, Share, Growth Analysis, By Type(Photovoltaic (PV), Concentrated Solar Power (CSP)), By Movement(Single Axis, Dual Axis), By Application(Utility, Non-utility) - Industry Forecast 2024-2031
Report ID:
SQMIG55F2004 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
87 |
Figures:
77
Global Solar Tracker Market Dynamics
Solar Tracker Market Driver
- Solar technology and other clean energy technologies have dramatically improved, allowing for fast deployment expansion and offering affordable solutions for decarbonizing the energy industry. As a modular strategy that is easily scalable for big and small enterprises, the unequal adoption of a solar tracking system has drawn growing attention as an energy justice issue. For instance, Mahindra Sustain chose NEXTracker to be the provider for Sakaka Solar Park. The project is being carried out as a part of Saudi Arabia's national initiative to deploy renewable energy sources. By 2023 and 58.7 GW by 2030, the project is anticipated to have a total capacity of 9.5 GW.
- According to the International Energy Agency (IEA), stronger support from governmental policies and more ambitious clean energy goals are expected to lead to a nearly 95% increase in renewable energy sources' share of the world's power capacity by 2026, with solar PV alone accounting for more than half of that increase. Power generation from renewable sources is growing at a healthy rate and is seen as the greatest feasible substitute for conventional power sources, such as coal and oil products since carbon emissions are reduced. Around 29% of the power produced worldwide comes from renewable sources.
Solar Tracker Market Restraint
- The increase in steel costs, which further raises the cost of the tracking systems employed in the majority of utility-scale projects, is one of the main reasons impeding the growth of the solar tracker market. Steel often accounts for more than 60% of the entire cost of solar tracking systems, making them more costly. Additionally, the solar tracking system's overall cost is higher than setting up standard solar panels, which discourages its use in residential settings where energy consumption is often lower. For comparison, the price of installing 15 ground-mounted solar panels with a power rating of 300 watts is USD 14,625. Each solar module would cost an extra USD 500 for installation. Due to this increase in start-up costs, the global solar tracker market may observe a hindrance.
Global Solar Tracker Market Report Snapshots
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