Evolve Business Intelligence has published a research report on the Global Solar Tracker Market, 2023–2033. The global Solar Tracker market is projected to exhibit a CAGR of around 26.36% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Solar Tracker Market: Abengoa Solar S.A., AllEarth Renewables, Array Technologies Inc., DEGERenergie GmbH & Co. KG, Nclave, Powerway Renewable Energy Co. Ltd., Soltec Tracker, SunPower Corporation, Titan Tracker, Trina Solar Limited.
Market Highlights
The Solar Tracker market is projected to be valued at USD 21.28 Billion by 2033, recording a CAGR of around 26.36% during the forecast period. A solar tracker is a device or system designed to automatically orient solar panels or solar collectors toward the sun to maximize their exposure to sunlight. Solar trackers are used in photovoltaic (PV) and concentrating solar power (CSP) systems to improve energy efficiency and increase the amount of electricity or thermal energy generated by solar installations. There are various types of solar trackers, but the primary goal of all of them is to follow the sun’s path across the sky throughout the day. This tracking allows solar panels to capture more sunlight, which can significantly increase their energy output compared to fixed solar installations.
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The COVID-19 pandemic had a moderate impact on the Solar Tracker market. While the global solar industry faced disruptions in supply chains and construction due to lockdowns and restrictions, the impact was generally moderate compared to some other sectors. Delays in project timelines and logistical challenges did affect the installation of solar trackers, but the industry showed resilience as it rebounded with increased adoption of renewable energy solutions, stimulated by the need for sustainable and resilient energy sources in the face of the pandemic and long-term environmental concerns. Additionally, government incentives and policies aimed at promoting renewable energy played a role in sustaining demand for solar trackers, leading to a recovery in the market over time.
Segmental Analysis
The global Solar Tracker market has been segmented based on Technology, Type, Application, and region.
Based on the Technology, the Solar Tracker market is segmented based on Solar Photovoltaic (PV), Concentrated Solar Power (CSP), and Concentrated Photovoltaic (CPV). Solar Photovoltaic (PV) is expected to have the largest market share throughout the forecast period, while Concentrated Solar Power (CSP) is expected to grow at the fastest rate.
Based on the Type, the global Solar Tracker market has been divided into Single Axis and dual Axis. The Single Axis segments are anticipated to dominate the market.
Based on the Application, the global Elbow sleeve market has been divided into Utility and non-utility. The Utility segments are anticipated to dominate the market.
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Regional Analysis
The Solar Tracker market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America has seen significant growth in solar tracker installations, driven by favorable government policies, incentives, and a growing interest in renewable energy sources. Europe has a mature solar tracker market, with countries like Spain and Germany at the forefront of solar energy adoption. The Asia-Pacific region, particularly China and India, has shown substantial growth in the solar tracker market due to increasing energy demand and environmental concerns. Latin America is also experiencing a rise in solar tracker installations, while the Middle East and Africa are tapping into their solar potential to diversify their energy mix and reduce reliance on fossil fuels, with the latter region showcasing considerable untapped potential for solar energy development.