The Solar Tracker For The Power Generation Market is likely to capture a valuation of USD 7.2 billion in 2023 and is predicted to reach USD 14.5 billion by 2033. The market is registering a CAGR of 7.2% during the forecast period.
The market is driven by several influencing factors, including:
Growing Demand for Renewable Energy: The demand for renewable energy pushes ahead due to climate changes and concerns about environmental impact. Solar energy increases the productivity and efficiency of solar trackers for power generation.
Better Performance: Solar trackers consume more solar energy, leading to an increase in solar power generation performance.
Low Prices: The price of solar trackers for power generation has continuously decreased in recent years. The manufacturers develop cost-effective, affordable, and convenient solar trackers for power generation.
Government Supports: Government increases and promotes solar trackers and provides subsidies increasing the adoption of renewable energy sources.
Technical Advancements: The solar tracker for power generation has become more efficient and reliable with technological advancements. It has rises the demand for solar trackers.
Increases Off-grid Power Solutions: The popularity of off-grid solar tracker for power generation is rapidly growing as it doesn't require grid electricity. It helps to generate power in no electricity areas.
Maintenance Cost Limit the Global Market Growth
Solar trackers for power generation are popularly growing the market size due to their efficient consumption of sunlight to develop renewable energy. Several factors may restrain the market growth, including:
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 7.2% |
| Market Valuation (2023) | USD 7.2 billion |
| Market Valuation (2033) | USD 14.5 billion |
The market was valued at USD 5.2 billion in 2018 and is estimated to reach USD 14.5 billion by 2033. Solar tracker devices are widely used to improve efficiency for generating electricity from sunlight. The rising consumer demand for renewable energy and reduced costs are increasing the adoption of solar trackers for power generation.
The government also initiatives plans to support renewable energy. The rising demand for solar power in end-use industries such as industrial, commercial, and residential are driving the market size.
Based on product type, single axis dominates the global market by securing a share of 45% during the forecast period. The increasing demand for cost-effective and improved solar energy performance is increasing the adoption of the single-axis solar tracker. Single-axis solar trackers move in a single direction, such as vertically or horizontally.
The single-axis solar tracker enhances energy generation and maintains alignment with sunlight. However, the dual-axis solar tracker can move rotational, horizontally, and vertically to track sunlight more accurately.
It is expensive and requires excellent maintenance work compared to single-axis solar trackers. Between both, the single-axis solar tracker is leading the global market due to its easy installation and budget-friendly.
Based on application, the residential sector is leading the global market by capturing a share of 38% during the forecast period. The rising demand for electricity, renewable energy, and solar installation is upsurging the market growth. The rising demand for renewable energy by residential owners to perform better results ultimately drives the residential industry.
Solar trackers increase power generation performance with the availability of sunlight. The solar tracker can be installed on the roof, vacant land, and surfaces with excess sunlight. It is suitable for a homeowner to save their electricity costs with excellent energy production. Conversely, the commercial and industrial sectors also contribute to securing a relevant global market share.
Consumers are installing this solar tracker according to their daily budget, space, and energy consumption. Therefore, the residential sector is leading in the market due to the growing demand for renewable energy.
Country-wise Insights:
| Countries | Projected Share (2023 to 2033) |
|---|---|
| USA | 20.9% |
| United Kingdom | 5.3% |
| China | 8.4% |
| Japan | 4.1% |
| Australia | 1.7% |
| India | 8.8% |
| Germany | 2.6% |
The United States of America is a prior leader in the global market by securing a share of 20.9% by 2033. The United States of America is a leading country in growing the demand for renewable energy and solar tracker for better performance. Key companies in the United States of America are launching new and advanced solar trackers to expand the market growth.
These companies include NEXTracker, GameChange Solar, and Array Technologies. These prominent companies highlight the market at the international level with their innovations and research activities.
The United States of America solar tracker for the power generation market is highly competitive and estimated to remain the same in the coming years.
India is one of the significant global markets estimated to capture a share of 8.8% by 2033. The government of India has a target to achieve its goal of promoting solar energy and generating more solar plant installations in the coming years. The growing population, lack of electricity cut-offs, and increasing demand for renewable energy drive the Indian market.
Solar trackers' growing popularity and innovative new products with advanced technologies for better and more efficient performance upsurge the market size. The key companies in the Indian Market are Scorpio Trackers, Mahindra Susten, and NEXTracker.
The manufacturers are adopting strategic plans such as product innovation, brand awareness, and advertising to reach relevant audiences and increase sales. The increasing demand for clean energy and growing solar projects fuel the Indian solar tracker for the power generation market during the forecast period.
China is a significant consumer and producer of solar energy globally, registering a share of 8.4% by 2033. The increasing demand for solar trackers due to the decline in the cost of solar technology is rising in China's market growth. The government of China provides subsidies and promotes renewable and clean energy in the country.
In the coming years, China aims to produce 70% energy from non-fossil fuel to support natural energy. China's government is implementing several solar projects to reduce pollution and promote sustainability. Several key companies in China are developing unique and innovative solar trackers as per end-users' requirements. These companies are installing solar trackers, control systems, and maintenance services.
A few key companies in China include Nextracker, Soltec, Arctech Solar, and others. The rising government favor, key manufacturers, research and development activities, and reduced costs are advancing China's solar tracker for the power generation market.
The United Kingdom is estimated to capture a share of 5.3% in the global market by 2033. The rising consumers demand solar tracker devices and increasing investment fuel the market growth in the United Kingdom.
The growing demand for electricity, renewable and clean energy in end-use industries. These industrial, commercial, and residential industries are propelling the market size in the country.
Solar panels generate around 25% of clean energy efficiency in the United Kingdom. In 2020, the country reached 13.5 GW generating electricity. The government is estimated to promote zero carbon emissions and 100% renewable energy in the country by 2050.
These factors are estimated to upsurge the United Kingdom solar tracker for the power generation market during the forecast period.
The manufacturers play a vital role in the market growth through their efforts and dedication. They develop new product launches, improve technology and increase production capacity to expand the market growth. Here are a few steps on which these manufacturers are growing the market:
The prominent players are performing a crucial role in the global market. They are launching, promoting, advertising, and investing in research and development activities. The essential players are adopting several marketing methodologies to uplift market growth. Their marketing strategies are acquisitions, partnerships, product launches, agreements, and collaborations.
Other Essential Players in the Market are:
Recent Development in the Global Market are:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | United States, United Kingdom, Japan, India, China, Germany |
| Key Segments Covered | Product Type, Application, Technology, Region |
| Key Companies Profiled | Array Technologies Inc; SunPower Corporation; NEXTracker Inc; GameChange Solar; Soltec Energias Renovables, S.L.; Mahindra Susten Pvt. Ltd.; Scorpius Trackers Pvt Ltd; Covert Italia S.p.A.; Abengoa Solar, S.A.; Arctech Solar Holding Co., Ltd |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
In 2023, the market has the potential to garner a valuation of USD 7.2 billion.
Single axis commands the global market by product type, encompassing 45% of the market during the forecast period.
The market is anticipated to develop at a CAGR of 7.2% through 2033.
The size of the global market is predicted to be USD 14.5 billion by 2033.
The United States market to hold a market share of 20.9% by 2033.
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Solar Tracker for Power Generation Market
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