Growing market adoption of solar trackers for renewable energy sources
The growing focus on clean and green energy is propelling the global solar tracker market forward. The global solar tracker market size was estimated at USD 22.72 billion in 2022.
– Rising emphasis on clean and green energy is propelling the global solar tracker market forward.
– The global solar tracker market is also expanding as people become more aware of environmental issues.
– A surge in the number of solar panel installations globally is one of the major growth factors for the solar tracker industry.
– Additionally, the solar tracker industry is booming as a result of new government rules that encourage the development of various solar power projects. Companies are focusing on developing products based on advanced technology due to the increasing industry demand for sophisticated technology for tracking reasons.
– Manufacturing companies use a combination of organic and inorganic expansion strategies to expand their geographic reach and product portfolio.
Precedence Research predicts that the world solar tracker market is expected to reach approximately USD 64.6 billion by 2030 and grow at a CAGR of 15.6% from 2022 to 2030.
Growing adoption of renewable energy sources to propel market growth
The demand for solar trackers is expected to rise over the forecast period owing to rising green energy targets and increasing investment in the solar energy sector. Additionally, the integration of software technologies such as artificial intelligence and control algorithms with renewable energy is expected to drive the market. Furthermore, increasing adoption of renewable energy generation sources is expected to fuel the market growth over the forecast period.
Restricted Import/Export Activities During Pandemic to Hamper Market Growth
The outbreak of the COVID-19 pandemic has affected various industries, including the energy and electricity sectors. The demand for products has decreased during the lockdown due to several restrictions imposed by governments. Transportation and manufacturing operations have been halted to limit the spread of the virus, which has affected the productivity and profitability of major market players. Strict restrictions have been applied on import/export activities to curb the spread of the virus, which in turn has affected the growth of the solar tracker market.
Why North America Region Dominated the Market?
North America is the largest segment of the solar tracker market in terms of region. The United States dominates the solar tracker market in the North America region. Partnerships, joint ventures, product launches, and collaboration are some of the strategies used by market players. These techniques contribute to the expansion of the regional market. For example, the US Department of Energy launched the SunShot initiative in 2011 with the goal of making solar energy cost competitive with conventional energy sources by 2020 by reducing prices to less than $1/watt. The initiative has provided funding for more than 350 projects.
Why is the Europe region growing faster?
The Europe region is the fastest growing region in the solar tracker market. The UK holds the highest market share in the European solar tracker market. Increased investment by government entities is credited with driving the expansion of the European solar tracker business. The expansion of the solar tracker market in Europe is supported by technical improvements. Additionally, the increasing use of solar trackers to deploy solar panels is propelling the European solar tracker industry forward.
Based on product, the single axis tracker segment holds the largest market share in the global solar tracker market. Single-axis solar trackers take up more space than fixed panels because their movement can cast shadows on surrounding panels, reducing their effectiveness.
Based on technology, the solar photovoltaic (PV) segment holds the largest market share in the global solar tracker market. The increased use of solar photovoltaic (PV) in non-utility and utility applications will be aided by the rising cost of electricity due to the gap between demand and supply.
Based on application, the utility segment holds the largest market share in the global solar tracker market. The use of trackers in utility applications is likely to increase as electricity costs increase in relation to demand for renewable energy sources.
Industry key development:
January 2022: PVHardware has supplied 387 MWp of its bifacial Monoline 2V in the South Jeddah Noor PV project, located in the province of Saudi Arabia. With such major projects continuing at a significant track record, PVH has surpassed 3 GW contracted across the country.
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