Solar Tracker Market Outlook, Industry Size, Growth Factors, Investment Opportunity 2024-2032
IMARC Group has recently released a new research study titled “Solar Tracker Market Report by Type (Active Solar Tracker, Passive Solar Tracker), Tracking Type (Single Axis Tracking, Dual Axis Tracking), Technology (Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV)), Application (Utility Sector, Residential Sector, Commercial Sector), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
The global solar tracker market size reached US$ 6.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 30.2 Billion by 2032, exhibiting a growth rate (CAGR) of 17.9% during 2024-2032.
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Global Solar Tracker Market Trends:
The increasing incorporation of blockchain technology in solar energy management, as it provides a decentralized platform for secure and transparent energy transactions, facilitating peer-to-peer energy trading and enhancing grid efficiency., is fueling the market growth. Apart from this, the growing adoption of hybrid solar systems, which combine solar energy with other renewable sources like wind or energy storage solutions, is catalyzing the market growth.
Additionally, the rise of agrivoltaics, where solar trackers are installed on agricultural land to allow for simultaneous crop production and energy generation, thereby optimizing land use and creating additional revenue streams for farmers, is stimulating the market growth.
Factors Affecting the Growth of the Solar Tracker Industry:
- Growing Demand for Renewable Energy:
The increasing focus on renewable energy across the globe is one of the major factors bolstering the market growth. Besides this imposition of various government policies and incentives to reduce carbon emissions and promote clean energy, is acting as a growth-inducing factor. Solar trackers improve the efficiency of solar panels by following the sun’s path, thereby playing a crucial role in maximizing energy output. Moreover, the higher return on investment (ROI) due to enhanced efficiency makes solar trackers an attractive option for large-scale solar projects.
Furthermore, rapid technological advancements in solar trackers, such as improved durability, reduced maintenance costs, and increased accuracy, which make them more cost-effective and accessible to a broader range of applications, are fostering the market growth.
- Rapid Technological Advancements and Innovation:
The development of modern solar trackers that are equipped with sophisticated sensors, automated control systems, and robust tracking algorithms to enhance their performance and reliability is catalyzing the market growth. Moreover, rapid innovations, such as dual-axis trackers that offer higher energy yields compared to single-axis trackers, are enhancing the market growth.
Additionally, the burgeoning integration of the Internet of Things (IoT) and artificial intelligence (AI) in solar tracker systems that enable real-time monitoring and data analytics, allowing for predictive maintenance and operational efficiency, is stimulating the market growth. Besides this, the introduction of improved materials and designs that contribute to a longer lifespan and better resistance to environmental factors is boosting the market growth.
- Rising Focus on Economic and Environmental Benefits:
The economic and environmental benefits associated with solar trackers are substantial drivers boosting the market growth. They offer a higher energy yield compared to fixed-tilt systems, resulting in greater revenue generation for solar power projects. Moreover, the increasing efficiency, which translates to fewer panels needing to produce the same amount of energy, thereby leading to savings in land use and installation costs, is catalyzing the market growth.
Additionally, the ability to generate more energy during peak sunlight hours can reduce the reliance on backup power sources and lower overall energy costs. Besides this, they contribute to reducing greenhouse gas (GHG) emissions by enhancing the efficiency of solar energy systems.
Solar Tracker Market Report Segmentation:
By Type:
- Active Solar Tracker
- Passive Solar Tracker
Active solar tracker represented the largest segment due to its ability to provide higher energy efficiency by continuously adjusting to the sun’s position.
By Tracking Type:
Single Axis Tracking
- HSAT (Horizontal Single Axis Trackers)
- VSAT (Vertical Single Axis Trackers)
- TSAT (Titled Single Axis Trackers)
- PSAT (Polar Aligned Single Axis Trackers)
Dual Axis Tracking
- TTDAT (Tip-Tilt Dual Axis Trackers)
- AADAT (Azimuth-Altitude Dual Axis Trackers)
Single axis tracking accounted for the largest market share as it offers a cost-effective solution with improved energy output compared to fixed systems.
By Technology:
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
- Concentrated Photovoltaic (CPV)
Solar photovoltaic (PV) represented the largest segment, driven by its widespread adoption, decreasing costs, and versatility in various applications.
By Application:
- Utility Sector
- Residential Sector
- Commercial Sector
The utility sector constituted the largest segment owing to the increasing deployment of large-scale solar power plants to meet rising energy demands.
Regional Insights:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
North America’s dominance in the solar tracker market is attributed to the supportive government policies, significant investments in renewable energy, and high adoption rates of advanced solar technologies.
Competitive Landscape with Key Players:
The competitive landscape of the NoSQL market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
- Arctech Solar Holding Co. Ltd.
- Array Technologies Inc.
- Convert Italia SpA (Valmont Industries Inc.)
- DEGER energie GmbH & Co KG
- First Solar Inc.
- Nextracker Inc. (Flex Ltd.)
- Powerway Renewable Energy Co. (SinoTech Power Group)
- Soltec Energias Renovables S.L.
- Sunpower Corporation (Total S.A.)
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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