Report ID : AMR1004235 | Industries : | Published On :December 2023 | Page Count : 183
Global Solar Tracker for Power Generation Market Size, Trends and Growth Opportunity, By Technology (Concentrated PV Tracker, Non-Concentrated PV Tracker), By Type (Active Solar Tracker, Passive Solar Tracker), By Product (Single Axis, Double Axis), By Application (Residential, Commercial, Agricultural, Others), By Region and forecast till 2030.
Global Solar Tracker for Power Generation Market
Global Solar Tracker for Power Generation Market was valued at USD 5.66 billion in 2022 and is slated to reach at USD 15.14 billion by 2030 at a CAGR of 13.10% from 2023-2030.
The process of capturing solar energy is called solar tracking. A solar tracker is the device used to direct Fresnel reflectors, heliostat mirrors, and solar panels towards the sun. These solar trackers are used to increase the output and efficiency of solar panels and capture as much solar energy as possible throughout the day. They also produce power, which is why they are sometimes known as solar trackers for generating electricity. The worldwide solar industry is being driven by the increase in energy consumption on a global scale. A solar panel's output can be increased by 25 to 35 percent when using solar trackers in comparison to modules at a fixed angle.
Market Drivers
The demand for clean and green energy is increasing due to the rising trend in carbon emissions. By 2025, the UK government wants to generate roughly half of its electricity from renewable sources, according to the quick carbon analysis. In addition, the market is growing as a result of rising investments in green energy projects. The increased need for green energy is causing the global market for solar trackers for power generation to grow. A single-axis solar tracker has a capacity increase of 25% to 35%, however fixed PV panel arrangements are 50% more expensive. Its simple design offers a shorter payback period and the maximum PV panel installation per square density. Since they may provide 20–30% more energy without the additional cost and complexity of dual-axis tracking systems, horizontal single-axis trackers (HSAT) are currently the most preferred choice for trackers. Also, the price of single-axis tracking systems is falling, which is driving up demand for these systems and boosting the market for solar trackers for power generation in general. In addition, concerns including environmental deterioration and rising fuel costs will spur business expansion. Together with several supportive government laws that support solar energy projects, increased public awareness of the advantages of renewable energy also hastens the market's expansion.
Market Restraints
The process of installing a solar tracker is costly and time-consuming. Installing solar trackers involves additional expenses for manpower and physical space. Solar trackers' initial, significant financial investment necessary for installation is their main barrier to growth on the global market. Because of this, the high initial cost needed is impeding the use of solar trackers for power generation and hence slowing the growth of the market as a whole. The expansion of the market has been stifled in regions like as Europe and Asia-Pacific due to a lack of awareness and knowledge of the benefits of fixed tilt systems over solar tracker installations. Furthermore, a scarcity of resources is hampering market expansion. As a result, a significant impediment to the global expansion of the solar tracker market is a lack of sufficient infrastructure. This creates additional significant growth obstacles for the solar tracker for power generation market.
Impact of COVID-19
The market for solar trackers for power generation was negatively impacted by the coronavirus outbreak since the pandemic severely damaged the supply chain for the wind power industry. The international economy as well as the usage of solar tracker for energy generation, which was heavily dependent on China and India, both suffered from the health crisis brought on by the spread of COVID-19. Due to supply chain disruptions and a lack of raw materials, these businesses were forced to close during the lockout, which had a negative impact on the market data for solar trackers used for power generation. A national lockout hindered industrial production, and a labour shortage in the United States, a dominant force in the solar tracker market, produced supply chain concerns.
Recent Development
In May 2021, GE Renewable Energy announced the fulfilment of the Turbine Supply, Service, and Warranty contracts for the Dogger Bank solar tracker for the third and final phase of the power producing farm. The Turbine Supply Contract indicates that GE Renewable Energy would deliver 87 Haliade-X 14 MW solar trackers for power production turbines, marking the company's first commercial commitment to this nameplate.
Siemens Gamesa was officially named the preferred provider for the whole 1,044-Megawatt Hai Long solar tracker project in May 2021. Siemens Gamesa Renewable Energy and client Hai Long Solar tracker for power generation Project (Hai Long) have increased their close cooperation to 1,044 MW.
The nacelle of Siemens Gamesa's SG 14-222 DD solar tracker for power generation turbine prototype was erected in May 2020 at its test centre in Sterild, Denmark. Siemens Gamesa claims that the 500-ton lightweight nacelle makes it possible to employ a tower and foundation substructure that is safer than one made of a heavier material.
Market Segmentation
Global Solar Tracker for Power Generation Market is segmented into Technology, Type, Product and Application. By Technology such as Concentrated PV Tracker, Non-Concentrated PV Tracker. By Type such as Active Solar Tracker, Passive Solar Tracker. By Product such as Single Axis, Double Axis. By Application such as Residential, Commercial, Agricultural, Others.
Regional Analysis
Global Solar Tracker for Power Generation Market is segmented into five regions Americas, Europe, Asia-Pacific, and the Middle East & Africa. In terms of market share and revenue, Europe now dominates the solar tracker for power generation industry, and this dominance will only grow throughout the projection period. The increase in investments and the promotion of power generation from renewable energy sources by regional governments are credited with driving the market growth in this area. As a result of China's extensive use of solar trackers for electricity generation, Asia-Pacific is predicted to have profitable growth throughout the course of the projected period. It is also predicted that favourable government measures will stimulate regional growth.
Key Players
This report includes a list of numerous Key Players, namely Signify Holding (Netherlands), Eaton (Ireland), SEPCO (U.S.), Sol by Sunna (U.S.), Saur Energy (India), Clear Blue Technologies Inc., (Canada)
SunMaster Solar Lighting Co.,Ltd. (China), SolarOne Solutions, Inc. (U.S.), Best Solar Street Lights USA (U.S.), Solar Lighting International, Inc. (U.S.).
Market Taxonomy
By Technology
• Concentrated PV Tracker
• Non-Concentrated PV Tracker
By Type
• Active Solar Tracker
• Passive Solar Tracker
By Product
• Single Axis
• Horizontal
• Vertical
• Polar Aligned
• Titled
• Double Axis
• Tip-Tilt
• Azimuth-Altitude
By Application
• Residential
• Commercial
• Agricultural
• Others
By Region
• North America
o U.S.
o Canada
o Mexico
• Latin America
o Brazil
o Argentina
o Colombia
o Peru
o Chile
o Venezuela
o Rest of Latin America
• Europe
o Germany
o France
o UK
o Russia
o Italy
o Spain
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Australia
o New Zealand
o Singapore
o Malaysia
o Rest of Asia Pacific
• Middle East & Africa
o Saudi Arabia
o UAE
o Egypt
o Kuwait
o South Africa
o Rest Middle East & Africa
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Global Solar Tracker for Power Generation Market
1 Introduction
1.1 Objective of the Study
1.2 Market Definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Solar Tracker for Power Generation Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to Recent Energy Crisis
4.2.5 Cumulative Impact due to Nearing Economic Downturn
4.2.6 Post Covid-19 World Supply & Demand Conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Solar Tracker for Power Generation Market, By Technology
5.1 Y-o-Y Growth Comparison, By Technology
5.2 Global Solar Tracker for Power Generation Market Share Analysis, By Technology
5.3 Global Solar Tracker for Power Generation Market Size and Forecast, By Technology
5.3.1 Concentrated PV Tracker
5.3.2 Non-Concentrated PV Tracker
6 Global Solar Tracker for Power Generation Market, By Type
6.1 Y-o-Y Growth Comparison, By Type
6.2 Global Solar Tracker for Power Generation Market Share Analysis, By Type
6.3 Global Solar Tracker for Power Generation Market Size and Forecast, By Type
6.3.1 Active Solar Tracker
6.3.2 Passive Solar Tracker
7 Global Solar Tracker for Power Generation Market, By Product
7.1 Y-o-Y Growth Comparison, By Product
7.2 Global Solar Tracker for Power Generation Market Share Analysis, By Product
7.3 Global Solar Tracker for Power Generation Market Size and Forecast, By Product
7.3.1 Single Axis
7.3.2 Horizontal
7.3.3 Vertical
7.3.4 Polar Aligned
7.3.5 Titled
7.3.6 Double Axis
7.3.7 Tip-Tilt
7.3.8 Azimuth-Altitude
8 Global Solar Tracker for Power Generation Market, By Application
8.1 Y-o-Y Growth Comparison, By Application
8.2 Global Solar Tracker for Power Generation Market Share Analysis, By Application
8.3 Global Solar Tracker for Power Generation Market Size and Forecast, By Application
8.3.1 Residential
8.3.2 Commercial
8.3.3 Agricultural
8.3.4 Others
9 Global Solar Tracker for Power Generation Market, By Region
9.1 Global Solar Tracker for Power Generation Market Share Analysis, By Region
9.2 Global Solar Tracker for Power Generation Market Size and Forecast, By Region
9.3 Global Solar Tracker for Power Generation Market Trends and Forecast, By Region
10 North America Solar Tracker for Power Generation Market Analysis and Forecast (2023-2030)
10.1 Introduction
10.2 North America Solar Tracker for Power Generation Market Size and Forecast, By Technology
10.3 North America Solar Tracker for Power Generation Market Size and Forecast, By Type
10.4 North America Solar Tracker for Power Generation Market Size and Forecast, By Product
10.5 North America Solar Tracker for Power Generation Market Size and Forecast, By Application
10.6 North America Solar Tracker for Power Generation Market Size and Forecast, By Country
10.6.1 U.S.
10.6.1.1 Market Size and Forecast, By Technology
10.6.1.2 Market Size and Forecast, By Type
10.6.1.3 Market Size and Forecast, By Product
10.6.1.4 Market Size and Forecast, By Application
10.6.2 Canada
10.6.2.1 Market Size and Forecast, By Technology
10.6.2.2 Market Size and Forecast, By Type
10.6.2.3 Market Size and Forecast, By Product
10.6.2.4 Market Size and Forecast, By Application
10.6.3 Mexico
10.6.3.1 Market Size and Forecast, By Technology
10.6.3.2 Market Size and Forecast, By Type
10.6.3.3 Market Size and Forecast, By Product
10.6.3.4 Market Size and Forecast, By Application
11 Europe Solar Tracker for Power Generation Market Analysis and Forecast (2023-2030)
11.1 Introduction
11.2 Europe Solar Tracker for Power Generation Market Size and Forecast, By Technology
11.3 Europe Solar Tracker for Power Generation Market Size and Forecast, By Type
11.4 Europe Solar Tracker for Power Generation Market Size and Forecast, By Product
11.5 Europe Solar Tracker for Power Generation Market Size and Forecast, By Application
11.6 Europe Solar Tracker for Power Generation Market Size and Forecast, By Country
11.6.1 Germany
11.6.1.1 Market Size and Forecast, By Technology
11.6.1.2 Market Size and Forecast, By Type
11.6.1.3 Market Size and Forecast, By Product
11.6.1.4 Market Size and Forecast, By Application
11.6.2 France
11.6.2.1 Market Size and Forecast, By Technology
11.6.2.2 Market Size and Forecast, By Type
11.6.2.3 Market Size and Forecast, By Product
11.6.2.4 Market Size and Forecast, By Application
11.6.3 UK
11.6.3.1 Market Size and Forecast, By Technology
11.6.3.2 Market Size and Forecast, By Type
11.6.3.3 Market Size and Forecast, By Product
11.6.3.4 Market Size and Forecast, By Application
11.6.4 Russia
11.6.4.1 Market Size and Forecast, By Technology
11.6.4.2 Market Size and Forecast, By Type
11.6.4.3 Market Size and Forecast, By Product
11.6.4.4 Market Size and Forecast, By Application
11.6.5 Italy
11.6.5.1 Market Size and Forecast, By Technology
11.6.5.2 Market Size and Forecast, By Type
11.6.5.3 Market Size and Forecast, By Product
11.6.5.4 Market Size and Forecast, By Application
11.6.6 Spain
11.6.6.1 Market Size and Forecast, By Technology
11.6.6.2 Market Size and Forecast, By Type
11.6.6.3 Market Size and Forecast, By Product
11.6.6.4 Market Size and Forecast, By Application
11.6.7 Rest of Europe
11.6.7.1 Market Size and Forecast, By Technology
11.6.7.2 Market Size and Forecast, By Type
11.6.7.3 Market Size and Forecast, By Product
11.6.7.4 Market Size and Forecast, By Application
12 Asia Pacific Solar Tracker for Power Generation Market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 Asia Pacific Solar Tracker for Power Generation Market Size and Forecast, By Technology
12.3 Asia Pacific Solar Tracker for Power Generation Market Size and Forecast, By Type
12.4 Asia Pacific Solar Tracker for Power Generation Market Size and Forecast, By Product
12.5 Asia Pacific Solar Tracker for Power Generation Market Size and Forecast, By Application
12.6 Asia Pacific Solar Tracker for Power Generation Market Size and Forecast, By Country
12.6.1 China
12.6.1.1 Market Size and Forecast, By Technology
12.6.1.2 Market Size and Forecast, By Type
12.6.1.3 Market Size and Forecast, By Product
12.6.1.4 Market Size and Forecast, By Application
12.6.2 Japan
12.6.2.1 Market Size and Forecast, By Technology
12.6.2.2 Market Size and Forecast, By Type
12.6.2.3 Market Size and Forecast, By Product
12.6.2.4 Market Size and Forecast, By Application
12.6.3 India
12.6.3.1 Market Size and Forecast, By Technology
12.6.3.2 Market Size and Forecast, By Type
12.6.3.3 Market Size and Forecast, By Product
12.6.3.4 Market Size and Forecast, By Application
12.6.4 South Korea
12.6.4.1 Market Size and Forecast, By Technology
12.6.4.2 Market Size and Forecast, By Type
12.6.4.3 Market Size and Forecast, By Product
12.6.4.4 Market Size and Forecast, By Application
12.6.5 Australia
12.6.5.1 Market Size and Forecast, By Technology
12.6.5.2 Market Size and Forecast, By Type
12.6.5.3 Market Size and Forecast, By Product
12.6.5.4 Market Size and Forecast, By Application
12.6.6 New Zealand
12.6.6.1 Market Size and Forecast, By Technology
12.6.6.2 Market Size and Forecast, By Type
12.6.6.3 Market Size and Forecast, By Product
12.6.6.4 Market Size and Forecast, By Application
12.6.7 Singapore
12.6.7.1 Market Size and Forecast, By Technology
12.6.7.2 Market Size and Forecast, By Type
12.6.7.3 Market Size and Forecast, By Product
12.6.7.4 Market Size and Forecast, By Application
12.6.8 Malaysia
12.6.8.1 Market Size and Forecast, By Technology
12.6.8.2 Market Size and Forecast, By Type
12.6.8.3 Market Size and Forecast, By Product
12.6.8.4 Market Size and Forecast, By Application
12.6.9 Rest of Asia
12.6.9.1 Market Size and Forecast, By Technology
12.6.9.2 Market Size and Forecast, By Type
12.6.9.3 Market Size and Forecast, By Product
12.6.9.4 Market Size and Forecast, By Application
13 Latin America Solar Tracker for Power Generation Market Analysis and Forecast (2023-2030)
13.1 Introduction
13.2 Latin America Solar Tracker for Power Generation Market Size and Forecast, By Technology
13.3 Latin America Solar Tracker for Power Generation Market Size and Forecast, By Type
13.4 Latin America Solar Tracker for Power Generation Market Size and Forecast, By Product
13.5 Latin America Solar Tracker for Power Generation Market Size and Forecast, By Application
13.6 Latin America Solar Tracker for Power Generation Market Size and Forecast, By Country
13.6.1 Brazil
13.6.1.1 Market Size and Forecast, By Technology
13.6.1.2 Market Size and Forecast, By Type
13.6.1.3 Market Size and Forecast, By Product
13.6.1.4 Market Size and Forecast, By Application
13.6.2 Argentina
13.6.2.1 Market Size and Forecast, By Technology
13.6.2.2 Market Size and Forecast, By Type
13.6.2.3 Market Size and Forecast, By Product
13.6.2.4 Market Size and Forecast, By Application
13.6.3 Colombia
13.6.3.1 Market Size and Forecast, By Technology
13.6.3.2 Market Size and Forecast, By Type
13.6.3.3 Market Size and Forecast, By Product
13.6.3.4 Market Size and Forecast, By Application
13.6.4 Peru
13.6.4.1 Market Size and Forecast, By Technology
13.6.4.2 Market Size and Forecast, By Type
13.6.4.3 Market Size and Forecast, By Product
13.6.4.4 Market Size and Forecast, By Application
13.6.5 Chile
13.6.5.1 Market Size and Forecast, By Technology
13.6.5.2 Market Size and Forecast, By Type
13.6.5.3 Market Size and Forecast, By Product
13.6.5.4 Market Size and Forecast, By Application
13.6.6 Venezuela
13.6.6.1 Market Size and Forecast, By Technology
13.6.6.2 Market Size and Forecast, By Type
13.6.6.3 Market Size and Forecast, By Product
13.6.6.4 Market Size and Forecast, By Application
13.6.7 Rest of Latin America
13.6.7.1 Market Size and Forecast, By Technology
13.6.7.2 Market Size and Forecast, By Type
13.6.7.3 Market Size and Forecast, By Product
13.6.7.4 Market Size and Forecast, By Application
14 Middle East Solar Tracker for Power Generation Market Analysis and Forecast (2023-2030)
14.1 Introduction
14.2 Middle East Solar Tracker for Power Generation Market Size and Forecast, By Technology
14.3 Middle East Solar Tracker for Power Generation Market Size and Forecast, By Type
14.4 Middle East Solar Tracker for Power Generation Market Size and Forecast, By Product
14.5 Middle East Solar Tracker for Power Generation Market Size and Forecast, By Application
14.6 Middle East Solar Tracker for Power Generation Market Size and Forecast, By Country
14.6.1 Saudi Arabia
14.6.1.1 Market Size and Forecast, By Technology
14.6.1.2 Market Size and Forecast, By Type
14.6.1.3 Market Size and Forecast, By Product
14.6.1.4 Market Size and Forecast, By Application
14.6.2 UAE
14.6.2.1 Market Size and Forecast, By Technology
14.6.2.2 Market Size and Forecast, By Type
14.6.2.3 Market Size and Forecast, By Product
14.6.2.4 Market Size and Forecast, By Application
14.6.3 Egypt
14.6.3.1 Market Size and Forecast, By Technology
14.6.3.2 Market Size and Forecast, By Type
14.6.3.3 Market Size and Forecast, By Product
14.6.3.4 Market Size and Forecast, By Application
14.6.4 Kuwait
14.6.4.1 Market Size and Forecast, By Technology
14.6.4.2 Market Size and Forecast, By Type
14.6.4.3 Market Size and Forecast, By Product
14.6.4.4 Market Size and Forecast, By Application
14.6.5 South Africa
14.6.5.1 Market Size and Forecast, By Technology
14.6.5.2 Market Size and Forecast, By Type
14.6.5.3 Market Size and Forecast, By Product
14.6.5.4 Market Size and Forecast, By Application
14.6.6 Rest of Middle East & Africa
14.6.6.1 Market Size and Forecast, By Technology
14.6.6.2 Market Size and Forecast, By Type
14.6.6.3 Market Size and Forecast, By Product
14.6.6.4 Market Size and Forecast, By Application
15 Competitive Analysis
15.1 Competition Dashboard
15.2 Market share Analysis of Top Vendors
15.3 Key Development Strategies
16 Company Profiles
16.1 Signify Holding (Netherlands)
16.1.2 Offerings
16.1.3 Key Financials
16.1.4 Business Segment & Geographic Overview
16.1.5 Key Market Developments
16.1.6 Key Strategies
16.2 Eaton (Ireland)
16.2.1 Overview
16.2.2 Offerings
16.2.3 Key Financials
16.2.4 Business Segment & Geographic Overview
16.2.5 Key Market Developments
16.2.6 Key Strategies
16.3 SEPCO (U.S.)
16.3.1 Overview
16.3.2 Offerings
16.3.3 Key Financials
16.3.4 Business Segment & Geographic Overview
16.3.5 Key Market Developments
16.3.6 Key Strategies
16.4 BioArctic AB (Sweden)
16.4.1 Overview
16.4.1 Overview
16.4.2 Offerings
16.4.3 Key Financials
16.4.4 Business Segment & Geographic Overview
16.4.5 Key Market Developments
16.4.6 Key Strategies
16.5 Sol by Sunna (U.S.)
16.5.1 Overview
16.5.2 Offerings
16.5.3 Key Financials
16.5.4 Business Segment & Geographic Overview
16.5.5 Key Market Developments
16.5.6 Key Strategies
16.6 Clear Blue Technologies Inc., (Canada)
16.6.1 Overview
16.6.2 Offerings
16.6.3 Key Financials
16.6.4 Business Segment & Geographic Overview
16.6.5 Key Market Developments
16.6.6 Key Strategies
16.7 SunMaster Solar Lighting Co.,Ltd. (China)
16.7.1 Overview
16.7.2 Offerings
16.7.3 Key Financials
16.7.4 Business Segment & Geographic Overview
16.7.5 Key Market Developments
16.7.6 Key Strategies
16.8 SolarOne Solutions, Inc. (U.S.)
16.8.1 Overview
16.8.2 Offerings
16.8.3 Key Financials
16.8.4 Business Segment & Geographic Overview
16.8.5 Key Market Developments
16.8.6 Key Strategies
16.9 Best Solar Street Lights USA (U.S.)
16.9.1 Overview
16.9.2 Offerings
16.9.3 Key Financials
16.9.4 Business Segment & Geographic Overview
16.9.5 Key Market Developments
16.9.6 Key Strategies
16.10 Solar Lighting International, Inc. (U.S.)
16.10.1 Overview
16.10.2 Offerings
16.10.3 Key Financials
16.10.4 Business Segment & Geographic Overview
16.10.5 Key Market Developments
16.10.6 Key Strategies
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