What is the global market size of Solar Tracker Market?

Global 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). Read More

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 Insights

Solar Tracker Market size was valued at USD 6.05 billion in 2019 and is poised to grow from USD 6.88 billion in 2023 to USD 16.73 billion by 2031, growing at a CAGR of 13.5% in the forecast period (2024-2031).

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.

Global Solar Tracker Market Report Snapshots

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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. ' SunPower Corporation Soltec Arctech Solar NEXTracker, Inc. Array Technologies, Inc. Convert Italia S.p.A. GameChange Solar Scorpius Trackers Exosun PVH Solar First Solar, Inc. Abengoa Solar, S.A. Sun Action Trackers Mechatron S.A. Powerway Renewable Energy Co., Ltd. STi Norland Grupo Clavijo Ideematec Deutschland GmbH Mahindra Susten Private Limited Titan Tracker SA ', 'SunPower Corporation', 'Soltec', 'Arctech Solar', 'NEXTracker, Inc.', 'Array Technologies, Inc.', 'Convert Italia S.p.A.', 'GameChange Solar', 'Scorpius Trackers', 'Exosun', 'PVH Solar', 'First Solar, Inc.', 'Abengoa Solar, S.A.', 'Sun Action Trackers', 'Mechatron S.A.', 'Powerway Renewable Energy Co., Ltd.', 'STi Norland', 'Grupo Clavijo', 'Ideematec Deutschland GmbH', 'Mahindra Susten Private Limited', 'Titan Tracker SA'

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.

One of the contemporary technologies that is combined with renewable energy offers a number of functional benefits and financial efficiency. By using these technologies, control strategies depending on current weather conditions and real-world terrain conditions may be tracked. For example, at Nextracker, users may collect and analyze data from more than 400,000 sensor-integrated, Internet-connected tracker systems across the world while having access to all the digital asset information at their fingertips. Remote problem detection and management enable them to respond even before their clients do. They can obtain information regarding specific field difficulties, including component- and site-level issues, by gathering historical sensor data such as tracker angles, motor currents, weather-related data, and other inputs. It strikes a compromise between optimizing maintenance and reducing expenses to be able to conduct such predictive analytics in detecting and addressing field issues before they arise.

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.

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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

Global Solar Tracker Market Insights

Global Solar Tracker Market Report Snapshots

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