New York, US, May 25, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Solar PV Tracker Market Information by System Type, Tracking Type, Drive System, End-Use and Region – Forecast till 2030”, Solar PV Tracker Market could thrive at a rate of 18.5% between 2022 and 2030. The market size will be reaching around USD 17021.01 Million by the end of the year 2030
Solar PV Tracker Market Overview
A Solar PV Tracker is a device that increases the efficiency of solar panels by automatically adjusting their orientation and tilt to follow the path of the sun. This allows the solar panels to receive maximum sunlight throughout the day, resulting in higher energy output. Solar PV trackers are typically used in large-scale solar power plants, but they can also be used in smaller installations, such as residential and commercial rooftops.
Solar PV Trackers are used to increase the efficiency of solar power generation by optimizing the angle and orientation of solar panels. They are commonly used in utility-scale solar power plants, where higher efficiency translates to more energy output and cost savings. Additionally, Solar PV Trackers are used in residential and commercial installations, where they can improve the performance of rooftop solar panels.
Market Competitive Landscape:
The affluent companies in the Solar PV Tracker industry include
- Arctech Solar
- Convert Italia
- Exosun
- First Solar
- Grupo Clavijo
- Ideematec
- Mahindra Susten
- NClave
- NEXTracker
- PV Hardware
- Scorpius Trackers
- Solar Steel
- Soltec
- STI Norland
- Sun Action Trackers
- SunLink
- Among others.
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April 2021
NEXTracker, a leading Solar PV Tracker manufacturer, announced the launch of its new single-axis solar tracker, NX Gemini. The new tracker is designed to deliver superior performance and reliability while reducing the installation time and cost.
Solar PV Tracker Market USP Covered:
Market Drivers:
The Solar PV Tracker Market is being driven by the increasing demand for renewable energy sources, the declining cost of solar PV systems, and the need to improve energy efficiency. Additionally, the increasing adoption of solar power in developing countries and the government incentives and policies to promote solar power generation are also contributing to the growth of the Solar PV Tracker Market. The use of solar trackers in large-scale solar power plants is becoming increasingly common due to their ability to maximize energy output and reduce installation and maintenance costs.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 17021.01 Million |
| CAGR during 2022-2030 | 18.5% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | System Type, Tracking Type, Drive System, and End-Use |
| Key Market Opportunities | Integrating software technologies |
| Key Market Drivers | Green energy targets to fuel investments in the solar industry |
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Market Restraints:
The high initial cost of Solar PV Trackers is a significant restraint on the market. The additional cost of trackers may not always be economically viable, especially in smaller installations. Moreover, the need for regular maintenance and repair of Solar PV Trackers can add to the overall cost of solar power generation. Additionally, the high cost of solar PV trackers is a major concern for small and medium-scale solar power projects.
COVID 19 Analysis
The Solar PV Tracker Market has been impacted by the COVID-19 pandemic, with supply chain disruptions and reduced demand for solar power generation due to the economic slowdown. However, the market is expected to recover as countries focus on increasing their renewable energy capacity to meet their climate change goals. The post-COVID scenario is expected to see a surge in demand for Solar PV Trackers as governments and businesses invest in renewable energy sources.
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Solar PV Tracker Market Segmentation
By System Type
The System Types in the market include Parabolic Troughs, Power Towers, Linear Fresnel, and Dish/Engine Types.
By Tracking Type
By Tracking Type, the segment includes Fixed Tilt, Single Axis, and Dual Axis
By Drive System
By Drive System, the segment includes Active Systems and Passive Systems.
By End-use
By End-use, the segment includes Residential, Commercial, and Utilities.
Solar PV Tracker Market Regional Insights
North America is currently the largest market for solar trackers. This is primarily due to the increasing adoption of solar power in the region, driven by government initiatives to promote renewable energy and the rising electricity demand. The United States is the largest market in North America, accounting for the majority of the region’s revenue. The country’s increasing focus on renewable energy and the decreasing cost of solar panels and solar trackers have also contributed to the growth of the solar PV tracker market in North America.
Europe is another significant market for solar trackers, with a market share of over 25%. The region has a strong focus on renewable energy sources and sustainable development, which has led to the growth of the solar tracker market. The increasing adoption of solar power and the availability of government incentives have also contributed to the growth of the market. Germany, France, and Spain are the largest markets in Europe for solar trackers, with Germany accounting for the majority of the revenue.
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The Asia-Pacific region is expected to witness significant growth in the solar PV tracker market. This growth is primarily driven by the increasing demand for electricity in the region and the need to reduce carbon emissions. China, Japan, and India are the largest markets in the region for solar trackers, with China being the largest market, accounting for the majority of the revenue. The country’s increasing focus on renewable energy and the decreasing cost of solar panels and solar trackers have contributed to the growth of the market.
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