The Best Ways to Utilize Solar Tracker Market - Nextracker, Convert Italia, Trina Solar, SunPower, MECASOLAR, Mechatron, Schletter

The solar tracker market size was valued at $8.9 billion in 2021, and is estimated to reach $16.0 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.

A solar tracker is a device that automatically follows the movement of the sun to maximize the efficiency of solar panel systems. Solar panels are most efficient when they are directly facing the sun, as this angle maximizes the amount of solar energy that can be captured. Solar trackers are designed to adjust the orientation of solar panels throughout the day, ensuring that they are always facing the sun's optimal angle for maximum energy capture.

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Key players operating in the global solar tracker market analysis include Array Technologies, Inc., Convert Italia, Nextracker Inc., SunPower Corporation, Trina Solar, DEGERENERGIE GMBH & CO. KG, GameChange Solar, STI Norland, Ideematec, PV Hardware, MECASOLAR, Mechatron, OPTIMUM TRACKER, Powerway Renewable Energy Co. Ltd., and Schletter.

The solar tracker market is primarily driven by expanding global demand for energy, growing environmental awareness, and depletion of fossil fuels.

Solar tracker possesses various properties such as it offers minimal wind resistance and provides electrical and thermal stability. Hence, owing to such functionalities, it is extensively used for residential, commercial, agriculture, and other purposes such as in on-grid for roofs of houses, traffic signals, street lights, cottages, and small power plants.

Demand for solar trackers is expected to increase during the forecast period as a result of growing government initiatives in nations such as the U.S., India, and China to shift to solar energy.

It is anticipated that solar tracker companies would benefit from new growth prospects brought on by ongoing product innovations in solar technology as well as growing usage of IoT and artificial intelligence.

Increase in steel costs further raises cost of these tracking systems, which are employed in majority of utility-scale projects. This is one of the main reasons impeding the solar tracker market growth.

By type, the solar axis segment is estimated to display highest growth rate, in terms of revenue, registering a CAGR of 6.3% from 2022 to 2031

By technology, the photovoltaic segment is anticipated to register highest CAGR of 6.3% during the forecast period.

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Solar trackers are commonly used in large-scale solar installations where maximizing energy output is crucial. They are often found in utility-scale solar farms, concentrated solar power (CSP) plants, and some commercial installations. In residential settings, the higher upfront costs and maintenance considerations may make fixed solar panel systems more practical for many homeowners.

By application, the utility segment is anticipated to register highest CAGR of 6.3% during the forecast period.

Steel often accounts for more than 65% of the entire cost of solar tracking systems, making them more expensive.

Development of solar trackers for unusual settings, such as capped landfills, has been identified as the main trend in the global solar trackers market.

Solar trackers are typically fixed on posts that are hammered into the ground or on posts with ballast.

Factors such as growing manufacturing industry, availability of feedstock at reduced prices, and arrival of local players has led manufacturers to offer solar trackers at low prices.

Impact of COVID-19

The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.

The adoption of solar tracker for electricity generation, which was strongly dependent on China and India, as well as the world economy both suffered from the health crisis brought on by the spread of COVID-19.

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Additionally, a labor shortage caused supply chain issues in the United States, which was a dominating country in the solar tracker market, as well as a nation lockdown hampered industrial progress.

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