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The single axis solar photovoltaic (PV) tracker market size is estimated to grow at a CAGR of 19.07% between 2024 and 2028. The market size is forecast to increase by USD 10,718.63 million. The growth of the market depends on several factors such as the declining costs of solar power generation, supportive government policies and regulations, and the rise in solar PV panel installations.
This single axis solar PV tracker market report extensively covers market segmentation by application (utility and distributed generation), type (horizontal type and vertical type), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the single axis solar PV tracker market growth is the rise in solar PV panel installations. There has been a significant rise in the number of solar PV panel installations globally due to the tax credits provided by the governments of all nations, clean energy initiatives such as the Paris Agreement on Climate Change in 2015, as well as the declining cost of solar PV panels. In addition, according to the IEA, in 2019, solar PV panel prices for large-scale utility systems fell significantly compared to that in 2010
For example, in 2015, the US Government extended the solar ITC till 2023, thus benefitting residential and commercial solar PV panel owners. Therefore, due to such factors, solar energy is less expensive than fossil fuel-powered power generation which in turn has become a popular choice for electricity generation. Hence, such factors are positively impacting the single axis solar photovoltaic tracker market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the single axis solar PV tracker market growth is the increased adoption of microgrids. Microgrids are essentially small-scale power grids that have their own generation and storage resources. In addition, microgrids can function independently or collaboratively with other small electricity grids. Furthermore, microgrid can connect and disconnect from the main power grid to operate in both grid-connected modes as well as in island mode.
Moreover, when integrated with the main power grid, it is referred to as a hybrid microgrid. These hybrid microgrids are able to shift to island mode when there is an outage in the main power grid or if the system is disconnected from the main grid intentionally. Furthermore, solar-based microgrids are gaining traction due to their low operational and electricity generation costs and are being widely adopted by various companies. Hence, such factors are positively impacting the single axis solar PV tracker market. Therefore, it is expected to drive the market growth during the forecast period.
Competition from alternatives of single axis trackers is one of the key challenges hindering the single axis solar PV tracker market growth. There is an increasing preference for single-axis trackers among solar PV trackers over dual axis trackers as the former is comparatively cheaper and has fewer moving parts, resulting in lower maintenance costs. On the other hand, dual axis solar PV trackers have a higher degree of flexibility and accuracy in directional pointing as they can move both horizontally and vertically to achieve the optimum angle.
Moreover, dual axis solar PV trackers work better in all weather conditions, which is a major factor spurring the adoption of these trackers. Furthermore, single axis solar PV trackers face major competition from fixed-tilt installations, which form the basic balance structure and do not include any additional costs for installation. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Single Axis Solar PV Tracker Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abengoa SA: The company offers single axis solar PV trackers which use a single axis to rotate and tilts to maintain a standard angle between the solar panel and the sun.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The utility segment is estimated to witness significant growth during the forecast period. There is an increasing deployment of single axis solar PV trackers in utility-scale solar projects. In addition, solar-based utility-scale projects have gained significant traction in recent years as the world moves toward cleaner and more sustainable forms of energy generation in light of the Paris Agreement on Climate Change. Therefore, the growth in the global population is increasing the demand for electricity which is signficantly contributing to the growth of this segment.
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The utility segment segment was the largest segment and was valued at USD 3,655.54 million in 2018. Moreover, solar energy, being a low-cost source of energy generation, has been a primary investment focus for both public and investor-owned utilities. For example, as per the US Energy Information Administration (EIA), electricity generation is witnessing a significant y-o-y increase from solar PV and solar thermal at utility-scale facilities. The utility segment comprises single axis solar PV trackers used in large-scale solar PV systems, concentrated PVs, and CSPs. CSPs are a rising trend in the solar energy industry, especially in emerging economies such as Morocco, China, and South Africa. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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Europe is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Another region offering significant growth opportunities to market players is North America. Some of the main countries in North America which are significant contributors to the growth of the single axis solar photovoltaic tracker market in the region are the US and Canada. In addition, The reduction in the prices of solar PV modules and the increase in government support for the development of renewable energy are positively impacting the market in the region. Furthermore, in the US, federal policies such as the Solar Investment Tax Credit (ITC) support solar installations. Moreover, factors such as increased government support and the declining prices of solar power generation will fuel the demand for solar PV modules as well as single axis solar PV trackers in the region. Furthermore, factors such as the reduction in the prices of solar PV modules, as well as the increase in government support for the development of renewable energy are expected to drive the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global single axis solar PV tracker witnessed a significant slowdown due to the temporary closure of various manufacturing units in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in manufacturing units. Such factors are expected to drive the market during the forecast period.
The single axis solar PV tracker market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Single Axis Solar PV Tracker Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 19.07% |
Market Growth 2024-2028 |
USD 10,718.63 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
17.22 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 43% |
Key countries |
US, China, India, UK, and Brazil |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abengoa SA, All Earth Renewables, ArcelorMittal SA, Arctech Solar Holding Co Ltd, Array Technologies Inc., First Solar Inc., GameChange Solar, Gensol Engineering Ltd., Grupo Gransolar SL, Hanwha Corp., Haosolar Co. Ltd., IDEEMATEC Germany GmbH, MECANIZADOS SOLARES SL, NOV Inc., Soltec Energias Renovables SL, Sun Action Trackers, Trina Solar Co. Ltd., Valmont Industries Inc., and Flex Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
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