Solar PV Tracker Market size is set to grow by USD 9,704.31 million from 2022

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31 May, 2023, 06:15 ET

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NEW YORK, May 31, 2023 /PRNewswire/ -- The global solar PV tracker market size is estimated to grow by USD 9,704.31 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 18.1%. However, the growth momentum will be progressing during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 32%. The American solar power tracker market is projected to grow steadily during the forecast period owing to additional solar power capacity and increased investment in solar power systems. The United States, Canada, and Brazil, among other countries, have contributed significantly to the growth of the photovoltaic tracker market in the region. According to the IEA, Mexico installed 2.4GW of utility-scale solar capacity in 2019, making it the second-largest market in the region. Solar power in the country has grown rapidly due to falling module prices and government-supportive policies such as the elimination of 15% tariffs on imports of solar PV modules.

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What's New?

Global solar PV tracker market - segmentation assessmentSegment overviewTechnavio has segmented the market based on Product (Single axis tracker and Dual axis tracker), Technology (Solar PV and CSP), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).

The single-axis tracker segment was worth USD 3,739.06 million in 2017 and continued to grow through 2021. One of the main advantages of these trackers is that the sun can move across the sky, increasing the amount of energy produced by the panels. This improves the overall efficiency and economics of solar power generation. Additionally, single-axis trackers are becoming more affordable and easier to install, and are growing in popularity.

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Global solar PV tracker market – Market DynamicsKey factor driving market growthRise in investment in renewable energy: Low CO2 emissions from renewable sources and competitive power generation costs are driving increased investment in renewable energy around the world. India, for example, announced in November 2019 a target of 175 GW of installed clean energy capacity by March 2022. In September 2018, China's National Development and Reform Commission set a goal of increasing the share of renewable energy from 20% to 35% by 2030. Similarly, in June 2018, the EU also set a target of 32% renewable energy generation by 2030.

Leading trends influencing the market

Increasing conversion efficiency of solar PVs: Solar power converts about 15% of the sunlight that hits the panel into electricity. Technology is constantly evolving, but the conversion rate of solar power cannot be compared with the amount of energy produced by burning fossil fuels.Furthermore, the type of solar power installed plays an important role in the amount of solar energy that is converted into electricity. The most efficient PVs are made from single crystal silicon. This type of PV provides about 15% energy conversion. Polycrystalline silicon panels have efficiencies as high as 12-15%, while amorphous silicon panels (used in thin film technology) have efficiencies of 6-8%.For instance, SunPower is focusing on improving the efficiency of solar panels. The conversion rate for E-series panels for SunPower is around 20.5%. Panasonic also announced his three new PV modules, the N320K, N315K and N310K, to complement Panasonic's existing residential solar modules. According to the company, the conversion efficiency of the new model is 19.1%.Major challenges hindering the market growth

Intermittency in solar power generation: Solar energy competes with other energy sources such as wind, hydropower, and fossil fuels. The use of wind energy for power generation is on the rise, with 7,588 MW of capacity added and USD 11 billion invested in 2018, according to the US Department of Energy. In 2018, wind power contributed 22% of total renewable energy consumption, while solar energy accounted for only 8% of total energy consumption.A drop in global oil prices has made natural gas the preferred fuel for power plants: The average global crude oil price fell from USD 76.41/barrel in October 2018 to USD 61.72/barrel in December 2019. U.S. shale gas exploration is on the rise, reaching a record high. Middle Eastern countries with vast oil and gas reserves have not cut production out of fear of losing market share. These two factors continue to drive oil and gas prices down. Therefore, falling global oil prices are expected to have a negative impact on the demand for photovoltaic systems during the forecast period.

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Solar PV Tracker Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 18.1%

Market growth 2023-2027

USD 9,704.31 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

16.34

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 32%

Key countries

US, China, India, Germany, and Spain, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Abengoa SA, All Earth Renewables, ArcelorMittal, Arctech Solar Holding Co Ltd, Array Technologies Inc., First Solar Inc., Flex Ltd., GameChange Solar, Grupo Gransolar SL, Hanwha Corp., Haosolar Co. Ltd., IDEEMATEC Germany GmbH, Mahindra and Mahindra Ltd., NOV Inc., Scorpius Trackers Pvt. Ltd., Soltec Energias Renovables SL, Sun Action Trackers, SunPower Corp., Trina Solar Co. Ltd., and Valmont Industries Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Technology

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com

SOURCE Technavio