Solar Tracker Market: Current Analysis and Forecast (2021-2027)

The global solar tracker market is experiencing significant growth due to increasing environmental concerns over carbon emission, policy support from governments to adopt renewable technologies, and rise in energy demand along with their inherent thermal storage capacity. Typically, a solar tracking system adjusts the face of the solar panel or reflective surfaces to follow the movement of the Sun.. Solar trackers are increasingly used in both utility and residential and commercial-grade solar panels due to improved and more efficient solar trapping technology. Furthermore, major players are focusing on developing technologically advance products. For instance, in October 2021, Arctech Solar Holding Co. Ltd. and BIPV solutions provider, announced the global launch of its latest horizontal single-axis solar tracking system SkyLine II, the first 1P (one-in-portrait) tracker designed with pentagonal torque tube and synchronous multi-point drive mechanism. As per the company, Due to the design, SkyLine II utilizes the fewest posts per MW in the industry (180 posts/MW), which consequently decreases Engineering Procurement Construction 's cost by about 2%.

Thus, global solar tracker market is expected to register a CAGR of around 15% over the period of 2021-2027. This is mainly due to factors such as environmental pollution, rising price of fuels, and growing awareness among people toward clean energy are expected to drive the growth of the global solar tracker market. Solar Trackers are used to keep solar collectors/solar panels oriented directly towards the sun as it moves through the sky every day. Solar Trackers can increase the output of Solar Panels by 20-30% which improves the economics of the solar panel project. In addition to this, the changing government policies, and awareness about the benefits of sustainable energy is also influencing the market growth. If 8,500 GW of solar energy can be produced, this will generate more than 25% of the electricity requirement by 2050 and mitigate 4.9 Gt of CO2 emissions. Furthermore, with the increasing demand for electricity and low maintenance cost of solar panels, they are cheaper in the long run which makes them a good investment in private households. In the long run one can save up to US$ 43,735 on electricity by using solar panels for 20 years. Apart from this, the efficiency of solar panels has also significantly increased over time.

Valmont Industries Inc., NEXTracker Inc., Array Technologies Inc., PV Hardware Solutions SLU, Arctech Solar Holding Co. Ltd., Soltec Energias Renovables SL, Nclave Renewable SL, Ideematec Deutschland GmbH, Gonvarri Industries, and GameChange Solar. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

"Amongst Technology, concentrated solar power (CSP) category to witness significant growth during the forecast period"

Based on technology, the market is divided into photovoltaic and concentrated solar power (CSP). CSP is expected to witness significant growth during the forecast period. Furthermore, concentrating solar power (CSP) plants help develop existing local industries and fulfilling renewable energy goals. Together with the potential for niche applications like absorption chilling, CSP becomes a rational choice in tackling the energy crisis. With its increased power generation capacity, the market is projected to garner significant growth over the years to come. Another major advantage that CSP has over solar PV is its storage capabilities. With CSP, engines have high heating capacities, allowing the heat transfer fluid to retain heat for a long period. Also, other factor such as the declining cost of CSP components, is further expected to drive the market during the forecast period.

"Amongst Type, Single axis solar tracker dominated the global market in 2020"

Based on type, the global solar tracker market is categorized into single axis and dual axis. In 2020, single axis accounted for the majority share in the market. This is mainly due to the factors such as single-axis has a longer lifespan than dual-axis trackers and are cheaper than dual-axis trackers because they have a simple mechanism and operate at a low cost. Single-axis trackers have a single degree of flexibility that serves as an axis of rotation, which is generally aligned along a North-South path. In addition, major renewable energy companies are installing the single axis tracker in solar power plants across regions. For instance, in April 2022, Tata Power arm Tata Power Renewables has commissioned a 300 MW solar plant in Gujarat, India with single-axis solar tracker system. It is India's largest single-axis solar tracker system. The project will generate 774 MUs annually. Along with this, it will reduce approximately 704340 MT/year of carbon emission. The installation entails 873012 numbers of Monocrystalline PV Modules.

"Amongst Application, Utility to leas market growth during the forecast period"

Based on application, the market is categorized into utility and non-utility. The utility segment is expected to lead the market due to rising solar grid integrations that have become common in many countries. A utility-scale solar facility is one which generates solar power and feeds it into the grid, supplying a utility with energy. Furthermore, solar deployment has skyrocketed in recent years due to factors such as increased energy requirements, increased availability of incentives, lower costs coupled with improved technology and continuous rise in investment for ambitious climate targets. Thus, as the world aims to reduce its reliance on fossil fuels amid the energy transition, several major economies are now looking to ramp up their share of solar power. For instance, Bhadla Solar Park (India) was commissioned in March 2020 with an installed capacity of 2.25GW and it spans 14,000 acres.

"APAC to witness significant growth during the forecast period"

Asia-Pacific is expected to show the highest CAGR growth in the solar tracker market. Factors such as rising environmental concerns and government policies for incentives and tax benefits for solar panel installation, high cost of grid expansion are expected to be major drivers driving the market. Also, advancement in technology leading to cost reduction and increase in efficiency have been a major factor for the growth of Asia-Pacific market. For instance, solar cells prices have reduced nearly 65% between 2010 and 2019. Most of the countries in Asia-Pacific have less per capita electricity consumption than Europe and America which gives a good room for renewable energy growth. Moreover, commercial and industrial sectors are increasingly interested in distributed solar power generation due to the numerous economic benefits and consistent source of energy that eliminates downtime and equipment damage caused by voltage fluctuations in traditional power grids.

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