Upsurge in Solar Panel Installations across the World to Boost Solar PV Tracker Market Growth
New York, US, Nov. 23, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Solar PV Tracker Market Research Report by Solar Power Type, by Tracking type, Drive system, By End-User, Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 17 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 18.51% during the assessment timeframe.
Solar PV Tracker Market Key Players
Eminent market players profiled in the global solar PV tracker market report include-
- Arctech Solar (India)
- Convert Italia (Italy)
- Exosun (U.S.)
- First Solar (U.S.)
- Grupo Clavijo (Spain)
- Ideematec (Germany)
- Mahindra Susten (India)
- NClave (Spain)
- NEXTracker (U.S.)
- PV Hardware (U.S.)
- Scorpius Trackers (India)
- Solar Steel(Spain)
- STi Norland (Spain)
- Sun Action Trackers (U.S.)
- SunLink (U.S.)
- SunPower (U.S.).
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|Revenue forecast in 2028||USD 17 Billion|
|Growth Rate||CAGR of 18.51% from 2022 to 2030|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||Increased solar power installations around the world|
Browse In-depth Market Research Report (185 Pages) on Solar PV Tracker Market:
Upsurge in Solar Panel Installations across the World to Boost Market Growth
One of the major drivers of the solar tracker market’s growth is the sharp rise in solar panel installations around the world. The market for solar trackers is also growing as a result of the passing of helpful laws by the government that aids numerous solar energy projects.
Rising Emphasis on Clean and Green Energy to offer Robust Opportunities
The demand for green and clean energy is driving growth in the global market for solar trackers. The total number of people that care about the environment is increasing, and this is reflected in the global market growth for solar trackers.
Restraints and Challenges
High Installation Price to act as Market Restraint
The high installation price, high maintenance expense, minimal power, and complex design needs to act as market restraints over the forecast period.
Solar PV Tracker Market Segmentation
The global solar PV tracker market has been bifurcated based on end use, drive system, tracking type, and system type.
By system type, the solar PV tracker market is segmented into IDish/engine type, linear fresne, power towers, and parabolic through.
By tracking type, single axis will lead the market over the forecast period.
By drive system, the solar PV tracker market is segmented into passive systems and active systems.
By end use, utilities will domineer this market during the assessment period.
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The novel coronavirus is an unmatched global pandemic that has affected over 180 countries and resulted in significant losses in both human life and the global economy. Both the global economy and the adoption of solar tracker for electricity generation—which was heavily dependent on China and India—were harmed by the health crisis brought on by the spread of COVID-19. Manufacturing facilities were forced to shut down during the lockdown due to supply chain disruption and a shortage of raw materials, which has a negative effect on the market statistics for solar trackers for power generation. Additionally, a labor shortage hampered industrial production in the United States, a leading nation in the solar tracker market, and a nation lockdown hindered supply chains. Additionally, the delays in product delivery caused by the tight government regulations and the nationwide lockdown resulted in rising shipment costs and fuel prices, increased taxes and workforce costs, and disruptions to shipping facilities. However, it is anticipated that sales of solar trackers for power generation will rise over the coming years due to factors like encouraging government policies and initiatives to meet the rising demand for energy with renewable sources.
APAC to Head Solar PV Tracker Market
Numerous opportunities for market growth in the Asia Pacific region’s booming energy sector are anticipated for the solar PV tracker market. As the demand for alternative energy sources rises, the depletion of natural energy resources like coal and oil is creating enormous growth potential. The market’s growth can be supported by the rising demand for solar PV systems in the APAC region. In terms of revenue share, the Asia Pacific region led the world market in 2016 with over 35.0%. Due to rising demand for solar trackers from China & Japan, the region is predicted to uphold its dominance over the forecast period. Some of the leading drivers of growth in this area are rising government subsidies, falling PV module prices, and rising public awareness of renewable energy sources. The region with the fastest projected growth is Asia-Pacific. Due to rapid industrialization and commercialization, as well as rising solar technology installation, the product’s demand is on the rise. The market environment will also be improved by favorable regulatory policies, plans, and tax incentives to integrate cutting-edge software across all installed PV systems.
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North America to Have Admirable Growth in Solar PV Tracker Market
The solar PV tracker market is anticipated to grow quickly in the North American region in the coming years. The development of the solar PV tracker market in this region is likely to be supported by technological advancements in this region. The region’s market may expand due to the high number of solar PV system installations. A sizeable portion of the world’s installations were in North America, where nearly 1,400 MW worth of installation projects had been announced by 2015 end dates alone (excluding ground-mounted systems). This is due to the increased attention being paid to lowering carbon emissions as well as the growing demand for sustainable electricity generation methods that do not involve burning fossil fuels. The Paris Agreement on Climate Change, which urges the use of renewable energy as the country’s primary source of energy, and the growing emphasis on renewable energy are primarily responsible for the growth. The U.S. government seeks to expand the economic use of solar energy through a number of initiatives. The SunShot Initiative was started by the DOE (U.S. Department of Energy) in 2011 with the goal of making solar energy cost-competitive with other energy sources by 2020 by bringing costs down to less than $1 USD per watt. Over 350 projects, including those from businesses, private universities, and national laboratories, have been supported by the initiative.
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