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.

Global Solar Tracker Market Trends:

The decreasing costs of solar trackers and photovoltaic (PV) panels due to economies of scale and advancements in manufacturing processes are boosting the market growth.

Additionally, the widespread product utilization to increase the efficiency of solar power systems by optimizing the angle of the panels throughout the day, leading to higher energy yields compared to fixed-tilt systems, is fueling the market growth. Besides this, the increasing electricity prices in various regions, which are encouraging the adoption of solar power solutions, including solar trackers, as a cost-effective alternative, is fostering the market growth.

Factors Affecting the Growth of the Solar Tracker Industry:

·         Increasing Demand for Renewable Energy:

The global demand for renewable energy is rapidly increasing as the world grapples with the urgent need to mitigate climate change and reduce carbon emissions. Governments, corporations, and individuals are recognizing the importance of transitioning from fossil fuels to cleaner energy sources to achieve sustainability goals. Solar power, being one of the most abundant and accessible forms of renewable energy, is at the forefront of this transition. Solar trackers play a crucial role in enhancing the efficiency of solar power systems by ensuring that the solar panels are optimally positioned to capture maximum sunlight throughout the day. This increased efficiency translates to higher energy output and more significant environmental benefits.

·         Government Incentives and Policies:

Supportive government policies and incentives are among the most significant drivers of the solar tracker market. Governments are implementing a range of measures to promote the adoption of renewable energy technologies, including subsidies, tax credits, feed-in tariffs, and grants for solar power projects. These incentives lower the financial barriers associated with the initial investment in solar power systems, making them more accessible to a broader range of consumers and businesses. By lowering the cost of solar installations and improving the return on investment (ROI), these policies significantly boost the market for solar trackers, which are essential for maximizing the efficiency and output of solar power systems.

·         Technological Advancements:

Technological advancements in the field of solar tracking systems are revolutionizing the solar energy industry, making solar trackers more efficient, reliable, and cost-effective. Innovations such as advanced tracking algorithms, improved motor and drive systems, and enhanced materials for tracker components have significantly increased the performance and durability of solar trackers. These advancements enable solar trackers to precisely follow the sun’s trajectory, maximizing the amount of sunlight captured and, consequently, the energy produced by solar panels. 

Furthermore, integration with smart technologies allows for real-time monitoring and optimization of solar tracking systems, ensuring optimal performance under varying weather conditions. These technological improvements not only enhance the efficiency of solar power systems but also reduce maintenance costs and extend the lifespan of the trackers.

Solar Tracker Market Report Segmentation:

By Type:

·         Active Solar Tracker

·         Passive Solar Tracker

Active solar trackers hold the majority of the market share because they offer higher efficiency and energy output compared to passive trackers.

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)

Breakup by Technology:

·         Solar Photovoltaic (PV)

·         Concentrated Solar Power (CSP)

·         Concentrated Photovoltaic (CPV)

Single axis tracking accounted for the largest market share as it is less complex, more cost-effective, and sufficiently improves energy capture for many solar installations.

By Technology:

·         Solar Photovoltaic (PV)

·         Concentrated Solar Power (CSP)

·         Concentrated Photovoltaic (CPV)

Solar photovoltaic (PV) represented the largest segment due to its lower cost, ease of installation, and versatility in different environments.

By Application:

·         Utility Sector

·         Residential Sector

·         Commercial Sector

The utility sector holds the majority of the market share because it involves large-scale solar installations, where solar trackers significantly enhance efficiency and output.

Regional Insights:

·         North America

·         Asia Pacific

·         Europe

·         Latin America

·         Middle East and Africa

North America's dominance in the market is attributed to its extensive solar energy initiatives, favorable government policies, and substantial investments in solar infrastructure.

Competitive Landscape with Key Players:

The competitive landscape of the solar tracker 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.)

Ask Analyst for Customized Report:

https://www.imarcgroup.com/request?type=report&id=2401&flag=C

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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