Rise in global demand for energy, growth in environmental awareness, and depletion of fossil fuels drive the growth of the global solar tracker market.
PORTLAND, Ore., Sept. 14, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Solar Tracker Market By Type (Single Axis Tracker, Double Axis Tracker), By Technology (Photovoltaic, Concentrated Solar Tracker), By Application (Residential, Commercial, Utility): Global Opportunity Analysis and Industry Forecast, 2022-2031”. According to the report, the global yogurt industry generated $8.9 billion in 2021, and is anticipated to generate $16.0 billion by 2031, witnessing a CAGR of 6.1% from 2022 to 2031.
Prime determinants of growth
Rise in global demand for energy, growth in environmental awareness, and depletion of fossil fuels drive the growth of the global solar tracker market. However, huge initial investment for installation, complex design requirements, high maintenance costs, and minimal power restrict the market growth. Moreover, increase in government initiatives in nations such as the U.S., India, and China to shift to solar energy present new opportunities in the coming years.
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The adoption of solar tracker for electricity generation, which was strongly dependent on China and India, suffered from a huge loss of revenue during the outbreak of the COVID-19 pandemic.
Due to disruptions in the supply chain, shortage in labor force, and lack of raw materials, manufacturing units were forced to shut down in 2020, which had negatively impacted the global solar tracker market.
In addition, disruptions in transport and logistics due to strict government regulations as well as nationwide lockdown led to a significant pause in delivering the products. This led to a significant rise in shipment cost and increase in prices of fuel, taxes, workforce, and shipping facilities.
However, it is anticipated that the sales of solar trackers for power generation will increase in the next few years due to supportive government policies and initiatives to fulfill expanding energy demand using renewable energy sources.
The single axis tracker segment to maintain its leadership status throughout the forecast period
Based on type, the single axis tracker segment held the highest market share in 2021, accounting for nearly four-fifths of the global solar tracker market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.3% from 2022 to 2031. Single axis trackers are less expensive and easier to construct than dual-axis trackers, which drives the segment. The report also identifies the double axis trackers segment.
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The photovoltaic segment to maintain its leadership status throughout the forecast period
Based on technology, the photovoltaic segment held the highest market share in 2021, accounting for more than four-fifths of the global solar tracker market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.3% from 2022 to 2031. Photovoltaic technology tracker is simple to manufacture, has cost-effective installation and low maintenance costs, owing to which it is widely preferred across the globe. The report also identifies the PV tracker segment.
The utility segment to maintain its lead position during the forecast period
Based on application, the utility segment accounted for the largest share in 2021, contributing to nearly four-fifths of the global solar tracker market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 6.3% from 2022 to 2031, owing to the fact that solar trackers help increase electricity production by around one-third, and by 40% in some regions depending upon sunlight, compared with modules at a fixed angle. The report also analyzes segments including residential and commercial.
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Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global solar tracker market, and is likely to dominate the market during the forecast period. Moreover, the same region is expected to witness the fastest CAGR of 6.5% from 2022 to 2031. This is attributed to rapid industrialization and urbanization which is expected to greatly raise the energy demand and improve the outlook for the industry. Governments in the Asia-Pacific region is adopting stringent regulations and laws to reduce greenhouse gas emissions which is further boosting the market growth. Other regions discussed in the report include North America, Europe, and LAMEA.
Leading Market Players: –
Array Technologies, Inc.
DEGERENERGIE GMBH & CO. KG
Powerway Renewable Energy Co. Ltd.
The report analyzes these key players of the global solar tracker market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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