$7.7+ Billion Worldwide Solar Tracker Industry Report to 2031 – Increasing Number of Solar Panel Installations Across the Globe is Expected to Propel Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The "Solar Tracker Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global solar tracker market.
The global solar tracker market is expected to grow from $6.73 billion in 2021 to $7.72 billion in 2022 at a compound annual growth rate (CAGR) of 14.69%. The solar tracker market is expected to grow to $13.58 billion in 2026 at a compound annual growth rate (CAGR) of 15.15%.
- NEXTracker Inc.
- Array Technologies Inc.
- Arctech Solar
- Soltec Trackers
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Major players in the solar tracker market are NEXTracker Inc, Array Technologies Inc, PVHardware, Arctech Solar, Soltec Trackers, Nclave Renewable, Convert Italia, STI Norland, Soluciones Tecnicas Integrales Norland SL, Nextracker Inc (Flex Ltd), Scorpius Trackers, Gonvarri Steel Services, GameChange Solar, Solar Steel, and Abengoa Solar.
The solar tracker market consists of sales of the solar tracker by entities (organizations, sole traders, and partnerships) that refer to a system that positions solar panels at an angle relative to the sun to absorb more sunlight and generate more electricity. Active solar tracking systems utilize powered machineries such as gears and motors to move solar panels, whereas passive tracker attains motion by heating compressed liquid by the sun.
The main axis type of solar tracker includes a single axis and dual axis. A single-axis solar tracking system moves a PV panel on an approximate trajectory relative to the Sun's position using a tilted PV panel mount and one electric motor. The axis of rotation can be horizontal, vertical, or oblique. The solar tracker is deployed on different technologies which include solar photovoltaic (PV), concentrated solar power (CSP), and concentrated photovoltaic (CPV). They are widely used in residential, commercial & industrial, and utility applications.
North America was the largest region in the solar tracker market in 2021. The regions covered in the solar tracker market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The solar tracker market research report is one of a series of new reports that provides solar tracker market statistics, including solar tracker industry global market size, regional shares, competitors with a solar tracker market share, detailed solar tracker market segments, market trends and opportunities, and any further data you may need to thrive in the solar tracker industry. This solar tracker market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
An increase in the number of solar panel installations across the globe is expected to propel the growth of the solar tracker market. Increasing government shift toward renewable energy projects and growing investment by residential customers towards environmentally friendly energy sources have contributed to strong growth in solar panel installations across the globe.
The rapid growth in solar panel installations is expected to boost demand for solar trackers, as they are widely used to enhance the energy output and efficiency in new installations.
According to the International Energy Agency (IEA) Solar PV tracking report published in 2021, In 2020, overall, 133 GW of solar PV were installed globally. Additionally, the solar power generation across the globe increased from 665.0TWh in 2019 to 821.0TWh in 2020, at a year-on-year growth rate of 23%. Thus, an increase in the number of solar panel installations is expected to boost demand for solar trackers during the forecast period.
New product developments are the key trend gaining popularity in the solar tracker market. Major companies operating in the solar tracker market are focused on developing innovative products to meet industry-specific technical demands and strengthen their market position across the globe.
In January 2022, Array, a USA-based manufacturer of solar trackers, acquired STI Norland for $652.16 million. With this acquisition, STI Norland will be part of the Array, and this deal is an essential first step in Array's expansion strategy, to increase its business presence across the globe. The merging of Array and STI Norland is predicted to have dominant positions in the solar market outside China and India. It also allows the company to continue relationships with key international customers and create access to a lower-cost, proven product. STI Norland is a Spanish-based manufacturer of solar trackers.
The countries covered in the solar tracker market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
For more information about this report visit https://www.researchandmarkets.com/r/w78pqh
Laura Wood, Senior Press Manager
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