Solar Tracker Market Growth, Size, Trends, Revenue, Challenges and Future Competition Till 2033
Solar Tracker Market Size- By Technology, By Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: May-2023 | Report ID: POAE2333 | Pages: 1 - 240 | Formats*: |
| Category : Power & Energy | |||
Global Solar Tracker Market Overview
According to SPER Market Research, the Global Solar Tracker Market is estimated to reach USD 58.18 billion by 2033 with a CAGR of 26.43%.
The global solar tracker market is an industry that focuses on a specific type of technology that is used in solar power generation. Solar power is a type of renewable energy that uses the energy of the sun to generate electricity. Solar trackers are devices that aid in the movement and tracking of solar panels throughout the day. This movement allows the panels to capture as much sunlight as possible, increasing their efficiency in converting sunlight to electricity. The solar tracker market revolves around the creation, manufacture, and sale of these unique devices. Solar trackers use sensors and motors to move solar panels so that they are always directly facing the sun. This technology aids in the optimisation of the energy output of solar power systems.
Exploring the Growth Drivers of the Global Solar Tracker Industry.
Several factors are driving the global solar tracker market's growth and expansion. The market is being boosted by rising demand for clean energy, which is being driven by environmental concerns. Solar trackers increase the efficiency of solar panels, making them appealing to both individuals and businesses. As solar power technology costs less, solar trackers become more affordable as advancements and economies of scale occur. Government policies that provide financial incentives and subsidies encourage the use of renewable energy. Energy independence is desired, and solar power provides a decentralised solution, with solar trackers optimising energy output. Technological advancements and innovation improve tracker efficiency and affordability, allowing for increased energy generation and adaptation to environmental conditions.
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What challenges does the Global Solar Tracker Market face?
The global solar tracker market is confronted with obstacles to growth. Some people may be put off by the high initial cost of solar tracker systems. Adequate installation space is another issue, particularly in congested areas. Additionally, the intermittent nature of sunlight, which is influenced by weather conditions, limits energy production. Also, due to moving parts and environmental factors, maintenance and durability are issues. Furthermore, It can be difficult to find and pay for skilled labour for installation and maintenance. Despite these obstacles, advancements and increased awareness are propelling the industry forward.
In what ways has the COVID-19 pandemic affected Global Solar Tracker Market?
The COVID-19 pandemic has had a significant impact on the global solar tracker market. Delays and shortages of critical components have hampered solar tracker production and availability due to supply chain disruptions. Due to economic uncertainty and financial challenges, project delays and cancellations have occurred, affecting demand for solar trackers. Social distancing measures and travel restrictions have reduced workforce availability, affecting construction activities and potentially increasing costs. Furthermore, lower energy consumption and investment uncertainty have resulted in a drop in global energy demand, affecting the solar power and solar tracker markets.
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Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Technology, By Type, By Application |
| Regions covered | Asia-Pacific, Europe, Middle East and Africa, North America, Latin America |
| Companies Covered | Abengoa Solar S.A., AllEarth Renewables, Array Technologies Inc., DEGERenergie GmbH & Co. KG, Nclave, Powerway Renewable Energy Co. Ltd., Soltec Tracker, SunPower Corporation, Titan Tracker, Trina Solar Limited |
Key Target Audience
- Solar panel manufacturers
- Solar power project developers
- Solar installation companies
- Renewable energy investors
- Energy utilities
Global Solar Tracker Market Segmentation:
1. By Technology:
- Global Solar Tracker Market Value Share and Forecast, By Technology, 2023-2033
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
- Concentrated Photovoltaic (CPV)
2. By Type:
- Global Solar Tracker Market Value Share and Forecast, By Type, 2023-2033
- Single Axis
- Dual Axis
3. By Application:
- Global Solar Tracker Market Value Share and Forecast, By Application, 2023-2033
- Utility
- Non-utility
4. By Region:
- Asia-Pacific
- Europe
- Middle East & Africa
- North America
- Latin America
Key Topics Covered in the Report
- Global Solar Tracker Market Size (FY’2023-FY’2033)
- Overview of Global Solar Tracker Market
- Segmentation of Global Solar Tracker Market By Technology {Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV)}
- Segmentation of Global Solar Tracker Market By Type (Single Axis, Dual Axis)
- Segmentation of Global Solar Tracker Market By Application (Utility, Non-utility)
- Statistical Snap of Global Solar Tracker Market
- Growth Analysis of Global Solar Tracker Market
- Problems and Challenges in Global Solar Tracker Market
- Competitive Landscape in the Global Solar Tracker Market
- Impact of COVID-19 and Demonetization on Global Solar Tracker Market
- Details on Recent Investment in Global Solar Tracker Market
- Competitive Analysis of Global Solar Tracker Market
- Key Players in the Global Solar Tracker Market
- SWOT Analysis of Global Solar Tracker Market
- Global Solar Tracker Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Global Solar Tracker Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Solar Tracker Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Solar Tracker Market
7. Global Solar Tracker Market, By Technology (USD Million)
7.1. Global Solar Tracker Market Value Share and Forecast, By Technology, 2023-20337.2. Solar Photovoltaic (PV)7.3. Concentrated Solar Power (CSP)7.4. Concentrated Photovoltaic (CPV)
8. Global Solar Tracker Market, By Type (USD Million)
8.1. Global Solar Tracker Market Value Share and Forecast, By Type, 2023-20338.2. Single Axis8.3. Dual Axis
9. Global Solar Tracker Market, By Application (USD Million)
9.1. Global Solar Tracker Market Value Share and Forecast, By Application, 2023-20339.2. Utility9.3. Non-utility
10. Global Solar Tracker Market Forecast, 2019-2033 (USD Million)
10.1. Global Solar Tracker Market Size and Market Share
11. Global Solar Tracker Market, By Technology, 2019-2033 (USD Million)
11.1. Global Solar Tracker Market Size and Market Share By Technology (2019-2026)11.2. Global Solar Tracker Market Size and Market Share By Technology (2027-2033)
12. Global Solar Tracker Market, By Type, 2019-2033 (USD Million)
12.1. Global Solar Tracker Market Size and Market Share By Type (2019-2026)12.2. Global Solar Tracker Market Size and Market Share By Type (2027-2033)
13. Global Solar Tracker Market, By Application, 2019-2033 (USD Million)
13.1. Global Solar Tracker Market Size and Market Share By Application (2019-2026)13.2. Global Solar Tracker Market Size and Market Share By Application (2027-2033)
14. Global Solar Tracker Market, By Region, 2019-2033 (USD Million)
14.1. Global Solar Tracker Market Size and Market Share By Region (2019-2026)14.2. Global Solar Tracker Market Size and Market Share By Region (2027-2033)14.3. Asia-Pacific
14.3.1. Australia14.3.2. China14.3.3. India14.3.4. Japan14.3.5. South Korea14.3.6. Rest of Asia-Pacific
14.4. Europe
14.4.1. France14.4.2. Germany14.4.3. Italy14.4.4. Spain14.4.5. United Kingdom14.4.6. Rest of Europe
14.5. Middle East and Africa
14.5.1. Kingdom of Saudi Arabia14.5.2. United Arab Emirates14.5.3. Rest of Middle East & Africa
14.6. North America
14.6.1. Canada14.6.2. Mexico14.6.3. United States
14.7. Latin America
14.7.1. Argentina14.7.2. Brazil14.7.3. Rest of Latin America
15. Company Profile
15.1. Abengoa Solar S.A.
15.1.1. Company details15.1.2. Financial outlook15.1.3. Product summary15.1.4. Recent developments
15.2. AllEarth Renewables
15.2.1. Company details15.2.2. Financial outlook15.2.3. Product summary15.2.4. Recent developments
15.3. Array Technologies Inc
15.3.1. Company details15.3.2. Financial outlook15.3.3. Product summary15.3.4. Recent developments.
15.4. DEGERenergie GmbH & Co. KG
15.4.1. Company details15.4.2. Financial outlook15.4.3. Product summary15.4.4. Recent developments
15.5. Nclave
15.5.1. Company details15.5.2. Financial outlook15.5.3. Product summary15.5.4. Recent developments
15.6. Powerway Renewable Energy Co. Ltd.
15.6.1. Company details15.6.2. Financial outlook15.6.3. Product summary15.6.4. Recent developments
15.7. Soltec Tracker
15.7.1. Company details15.7.2. Financial outlook15.7.3. Product summary15.7.4. Recent developments
15.8. SunPower Corporation
15.8.1. Company details15.8.2. Financial outlook15.8.3. Product summary15.8.4. Recent developments
15.9. Titan Tracker
15.9.1. Company details15.9.2. Financial outlook15.9.3. Product summary15.9.4. Recent developments
15.10. Trina Solar Limited
15.10.1. Company details15.10.2. Financial outlook15.10.3. Product summary15.10.4. Recent developments
15.11. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
The key players in the market include Companies Covered Abengoa Solar S.A., AllEarth Renewables, Array Technologies Inc., DEGERenergie GmbH & Co. KG, Nclave, Powerway Renewable Energy Co. Ltd., Soltec Tracker, SunPower Corporation, Titan Tracker, Trina Solar Limited.
Solar trackers are devices that aid in the movement and tracking of solar panels throughout the day. This movement allows the panels to capture as much sunlight as possible, increasing their efficiency in converting sunlight to electricity.
Solar Tracker Market is projected to reach USD 58.18 billion by 2033, growing at a CAGR of 26.43% during the forecast period.
Solar Tracker Market grew in market size from 2022. The Market is expected to reach USD 58.18 billion by 2033, at a CAGR of 26.43% during the forecast period.
Solar Tracker Market System Market CAGR of 26.43% during the forecast period.
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Solar Tracker Market size is USD 58.18 billion from 2023 to 2033.
Solar Tracker Market Segment is covered By Component, By Deployment, By Type of Tier, By Distribution Channel, By End User.
The North America region is anticipated to have the highest market share in the Solar Tracker Market.
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