North America solar tracker market is expected to expand at 5% CAGR during 2022 to 2028 on the account of large-scale integration of clean energy resources in the energy mix. The provision of fiscal incentives, federal tax credits, leveraging schemes coupled with transforming renewable power grid interconnection guidelines will impel the industry scenario. Ongoing government mandates to meet the surging energy demand have created a positive momentum for the solar products, which in turn will stimulate the product penetration.
The leading market leaders are aiming on research, design and development activities to provide advanced and improved tracking solutions to increase their industry presence. Inorganic growth ventures including strategic alliances, ventures and mergers & acquisitions are some of the prime tools utilized by the industry participants to gain a competitive edge in the industry. Technological and modern advancements, innovations and new product developments is set to further sway the product demand.
COVID-19 is an incomparable global public health emergency that has affected almost every industry, and the long-term effects are projected to impact the industry growth during the forecast period. Our ongoing research amplifies our research framework to ensure the inclusion of underlying COVID-19 issues and potential paths forward. The report delivers insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. The updated study provides insights, analysis, estimations, and forecasts, considering the COVID-19 impact on the market.
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.
Key segments, including types and applications, were detailed in this report. Market reports studied all segments and used historical data to provide market size. They also talked about the growth opportunities the segment could pose in the future. The study provides production and revenue data by type and application during the past period (2016-2021) and forecast period (2022-2028).
In exploring the most recent market and policy developments as of April 2022, our Renewable Energy Market Update forecasts new global renewable power capacity additions and biofuel demand for 2022 and 2023. It also discusses key uncertainties and policy-related implications that may affect projections for 2023 and beyond.
To position the solar cell for focusing the sunlight on maximizing the amount of energy captured, Solar Trackers use a variety of electrical components, including actuators, motors, and sensors. The solar radiations caught are then turned into electricity, used by different end-user segments. The popularity of solar energy as a viable source for commercial power has increased because of the falling cost of solar PV panels, which is anticipated to boost the market growth further. In the recent few years, one of the renewable energy sources with the quickest development has been solar PV technology. The Global Solar Tracker Market is anticipated to expand because of environmental degradation, rising fuel prices, and raising public awareness of clean energy sources. The reasons hindering the global market for Solar Trackers are anticipated high maintenance demand, increased cost compared to stationary competitors, and a complex system vs. fixed racking.
The market for Solar Trackers is expected to develop because of opportunities such as government efforts, a reduction in design complexity, and Solar Tracker research. The share of solar in the mix of renewable energy sources will rise because of rising investments in several utility-scale projects throughout developing countries, which is expected to stimulate market growth. Major corporations are now concentrating on extending their supply networks to meet the post-pandemic demand because, despite the pandemic crisis, global shipments have significantly increased.
Solar Trackers are anticipated to be used more frequently in utility applications due to rising electricity costs and growing demand for renewable energy sources. Throughout the predicted period, this tendency is expected to persist. Since solar utility installations are ground mounted, and Single-Axis trackers may be used to follow the sun all day, they are the most popular solar tracking system in the utility industry. Due to growing government subsidies, feed-in tariff programs, and other factors, trackers are widely utilized in utility applications. The high cost of trackers is one of the primary constraints preventing their use in non-utility applications. Although installing Solar Trackers can be very expensive, it produces 25% to 30% more solar power than a fixed solar panel. Due to the impossibility of using trackers because of land restrictions, non-utility applications have a lower market share than utility applications.
The global solar tracker market was valued at USD 22.72 billion in 2021 and it is expected to reach around USD 64.60 billion by 2030, expanding growth at a compound annual growth rate (CAGR) of 15.6% from 2022 to 2030.
Solar tracking is the process of generating power from sunlight. A solar tracker is the device that directs solar panels, mirrors of heliostat, and Fresnel reflectors toward the sun. These solar trackers are used to capture the maximum solar energy throughout the day and increase solar panel output and efficiency. The global solar market is driven by increasing energy demand worldwide. Solar trackers can increase the output of solar panels by 25 to 35% compared to modules at fixed angle.
Rising concerns over energy conservation and transition from non-renewable energy to renewable energy are expected to surge the demand for solar energy and eventually solar trackers over the forecast period at the global level. Solar tracker utilizes various electrical components including actuators, motors, and sensors to orient the solar cell for concentrating the sunlight in order to maximize the energy captured. The captured solar radiations are further converted into electricity, which is utilized by various end-user segments. The rising use of solar power as a potential source of commercial energy generation has gained popularity due to the decreasing solar PV panel cost, which is excepted to further augment market growth.
Technological innovations aimed at the development of new methods in tracking systems by companies such as NEXTracker, Array Technologies, AllEarth Renewables, and Solaria are expected to fuel the market growth during the forecast period. The market is price competitive so the solar tracker manufacturers have to be operationally efficient and extremely strategic to be successful.
The single axis type segment is predicted to witness significant growth from 2022 to 2030. Single axis trackers are more economical than dual axis trackers and easy to maintain. Single axis trackers are less expensive compared to dual axis trackers, therefore, are widely employed in residential and commercial applications. Reduced non-renewable energy consumption, improved efficiency, and lower CO2 emissions are likely to drive the solar power generation market, and thus the market is expected to witness significant growth over the forecast period.
The Role of Concentrating Solar-Thermal Power Technologies in a Decarbonized U.S. Grid: Examines the future of concentrating solar-thermal technologies and markets. The report also discusses likely research directions and considers markets beyond electricity generation.
\"We looked at the challenges and solutions of using more solar for transportation, including some of the broader possibilities,\" said Ardani, who coauthored the transportation report. \"With the Solar Futures Study's scenarios to guide us, we performed modeling around EV market demand and electricity demand. Our results fed straight into the main study, showing the complete set of solutions available and how they shape solar growth.\"
The rising demand for renewable energy sources to reduce carbon emissions is driving the solar tracker market growth. In the present situation, renewable sources account for around 29% of the total electricity generation across the globe. This is expected to see a considerable rise in the upcoming years. For instance, in 2015, global solar energy accounted for 217.34GW, increasing to 578.55 GW in just four years.
The solar tracker demand is expected to rise during the forecast period due to rising green energy targets and increasing investment in the solar energy sector. Also, integrating software technologies such as artificial intelligence and control algorithms with renewable energy are expected to boost the market. Furthermore, increasing renewable power generation source adoption is anticipated to fuel the market growth during the forecast period.
The outbreak of COVID-19 pandemic has affected various industries, including the energy and power sectors. The product demand declined during the lockdown due to several restrictions imposed by governments. Transportation and manufacturing operations were halted to restrict the virus spread, which affected the productivity and profitability of key market players. Stringent restrictions were applied on import/export activities to curb the virus spread, which, in turn, affected the solar tracker market growth.
The global solar tracker market size reached US$ 4.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 13.8 Billion by 2027, exhibiting a growth rate (CAGR) of 20.5% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor. 153554b96e