Enjoy complimentary customisation on priority with our Enterprise License!
The solar PV tracker market size is forecast to increase by USD 15.59 billion at a CAGR of 22.8% between 2023 and 2028. The market's expansion hinges on various factors, notably the wave in investments towards renewable energy sources, bolstered by mounting governmental backing. Additionally, the decreasing costs associated with solar energy play a pivotal role. These dynamics drive heightened adoption rates and propel the market forward. Investments in renewable energy projects, and clean energy, particularly in solar panels, are on the rise due to their sustainable and eco-friendly attributes. Government initiatives further incentivize this trend, fostering a conducive environment for market growth. With solar energy becoming increasingly cost-effective, its accessibility and appeal continue to expand, shaping the trajectory of the market positively.
The market is witnessing rapid expansion with the wave of investments in renewable energy and the mounting global emphasis on reducing reliance on fossil fuels. Factors such as steel prices and design complexity influence installation costs. Single-axis and dual-axis trackers enhance the efficiency of photovoltaic (PV) panels by aligning them with the sun's trajectory. Initiatives like the SunShot Initiative and the Paris Agreement underscore the industry's commitment to sustainable energy solutions. With advancements in solar tracking systems, including actuators, motors, and sensors, the market aims to maximize solar energy capacity and meet the growing demand for clean energy.
Moreover, the renewable energy sector is rapidly evolving with advancements like solar PV installations and innovative tracking systems such as single-axis and dual-axis trackers. Factors like steel prices and maintenance costs influence the feasibility of solar panel projects. These panels, along with photovoltaic cells, harness solar radiation to generate electricity. Space telescopes and solar radiations aid in optimizing solar angles, while actuators, motors, and sensors enhance the efficiency of photovoltaic panels. As the world embraces renewable energy sources, the solar PV tracker market continues to expand, driving the transition towards sustainable power solutions.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The single axis tracker segment is estimated to witness significant growth during the forecast period. The market in the Iberian Peninsula, led by Gransolar Group in Valencia, is experiencing significant growth. Solar trackers, comprised of actuators, motors, and sensors, optimize solar cell absorption of solar radiations. Single-axis trackers, the dominant market share, allow the solar PV panel to follow the sun's movement, increasing electricity generation and cost-effectiveness in solar power. Renewable energy companies like AllEarth Renewables and Solaria also benefit from this trend. The SunShot Initiative and Feed-in Tariff (FIT) incentives further boost demand. While dual-axis trackers offer more efficiency, single-axis trackers remain cost-effective and popular.
Get a glance at the market share of various segments Request Free Sample
The single axis tracker segment was valued at USD 4.26 billion in 2018 and showed a gradual increase during the forecast period.
Europe is estimated to contribute 31% 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.
For more insights on the market share of various regions Request Free Sample
The Photovoltaic (PV) tracker market in the Americas is projected to expand due to rising investments in renewable energy sector and solar installations. Key contributors include the US, Canada, and Brazil. In 2020, solar power generated 3% of U.S. Electricity from all sources. The Solar PV installations are predicted to increase, with solar accounting for 4% and 5% of U.S. Electricity generation in 2021 and 2022, respectively. Approximately 2 million residential PV systems have been installed. Dual-axis trackers, such as those from Arctech Solar and Nextracker, and single-axis trackers, like those from Mahindra Sustain, Array Technologies, Soltec, Trina Solar, and PVHardware, are essential PV hardware components.
Similarly, steel prices impact the manufacturing cost of solar tracking systems. Spain and Poland are significant markets for dual-axis solar tracking. Design complexity and maintenance cost are considerations for tracking systems in the utility PV market. Solar PV installations employ single-axis solar trackers and dual-axis tracking systems to optimize solar angle, energy yield, installed capacity, and solar efficiency for power generation. Fossil fuels continue to dominate the energy sector, but solar energy capacity and solar efficiency are increasing. Companies like Elawan Energy and Electrum are also active in the PV tracker market.
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.
The rise in investments in renewable energy is the key driver of the market. The market is experiencing significant growth, driven by the increasing adoption of renewable energy sources, particularly solar energy. According to the US Energy Information Administration, renewables are projected to contribute 28.15% to global net electricity production by 2030. One key player in this market is Gransolar Group based in Valencia, Spain, in the Iberian Peninsula. Solar trackers, which include actuators, motors, and sensors, play a crucial role in optimizing solar cell efficiency by following solar radiations.
Also, companies like AllEarth Renewables and Solaria are also making strides in this field. The competitive cost of producing electricity from solar PV panels, coupled with low carbon emissions, has led to increased investments in renewable energy. Feed-in Tariffs (FIT) and initiatives like the SunShot Initiative further incentivize the use of solar power. Both single axis and dual axis trackers are utilized to maximize solar energy absorption.
The increasing conversion efficiency of solar PVs is the upcoming trend in the market. The Gransolar Group, based in Valencia, Spain, is a leading player in the market. Solar trackers, which include actuators, motors, and sensors, are essential for maximizing the efficiency of solar energy conversion. Solar cells convert only approximately 15% of solar radiations into electricity under normal conditions. However, with the integration of solar trackers and energy storage systems, solar power output can exceed 50%. Renewable energy penetration refers to the proportion of renewable power that can be added to the system output.
For instance, a renewable penetration of 20% implies that for every 1 MW of installed generator capacity, 200 kW of renewable power from Solar PV panels can be added. In the Iberian Peninsula, companies like AllEarth Renewables and Solaria are also making strides in the solar energy sector, benefiting from Feed-in Tariffs (FIT) and initiatives like the US Department of Energy's SunShot Initiative. Both single axis and dual axis solar trackers are utilized to optimize solar energy generation.
The intermittency in solar power generation is a key challenge affecting the market growth. The solar tracker market has experienced significant growth, driven in part by supportive government policies such as the Investment Tax Credit (ITC) in the US. This federal initiative, implemented in 2006, offers a 30% tax credit on solar projects for residential and commercial properties, leading to a growth in annual installations. Companies like Gransolar Group in Valencia, Spain, and those in the Iberian Peninsula, are capitalizing on this trend by investing in advanced solar tracking systems. These systems, which include actuators, motors, and sensors, optimize solar cell efficiency by following solar radiations throughout the day.
However, renowned solar technology innovators like AllEarth Renewables, Solaria, and others are developing more cost-effective and reliable technology, fueled by the ITC and similar incentives. The Solar Power and Renewable Energy sectors continue to benefit from policies like the Feed-in Tariff (FIT) and initiatives like the SunShot Initiative, which aim to reduce the cost of Solar PV panels and expand the use of solar energy as a dependable source of electricity. Dual axis and single axis solar trackers are key components of this growing market, enabling the efficient conversion of solar radiations into electricity.
The market forecasting 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 market growth analysis strategies.
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 solar PV trackers such as single-axis trackers.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 market is experiencing significant growth due to the increasing demand for renewable energy sources. Photovoltaic (PV) systems with tracking capabilities offer higher efficiency and energy production compared to fixed systems. The use of Panels and Solid state technologies in Solar Trackers enables them to follow the sun's path throughout the day, maximizing energy generation. The Arctech Solar and Renewable Energy Systems play a crucial role in the Solar Tracker industry. These companies provide solutions for Solid state and Single axis trackers. The design and Engineering of these systems are essential for their effective implementation.
In conclusion, the Dual axis trackers, such as the one marketed by PVH, offer even greater efficiency by following the sun's angle both horizontally and vertically. The Fossil fuel industry's shift towards renewable energy sources and the implementation of government policies promoting the use of Solar PV Trackers are driving market growth. The Utility-scale Solar projects and the integration of these systems into Smart Grids are also contributing factors. The Capacity and efficiency of Solar Trackers continue to improve, making them a cost-effective solution for energy production.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
166 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 22.8% |
|
Market growth 2024-2028 |
USD 15.59 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
17.94 |
|
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
|
Performing market contribution |
Europe at 31% |
|
Key countries |
US, China, India, Germany, and Spain |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Abengoa SA, All Earth Renewables, ArcelorMittal, Arctech Solar Holding Co. Ltd., Array Technologies Inc., BIG SUN Energy Technology Inc., First Solar Inc., Flex Ltd., GameChange Solar, Grupo Gransolar SL, Hanwha Corp., Haosolar Co. Ltd., IDEEMATEC Germany GmbH, Mahindra and Mahindra Ltd., NOV Inc., Scorpius Trackers Pvt. Ltd., Soltec Energias Renovables SL, Sun Action Trackers, SunPower Corp., Trina Solar Co. Ltd., and Valmont Industries Inc. |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our market 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. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Get the report (PDF) sent to your email within minutes.
Complimentary full Excel data with your report purchase.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
