Pune, India, July 18, 2022 (GLOBE NEWSWIRE) -- The global solar tracker market size was USD 6.05 billion in 2021. The market size is expected to rise from USD 6.88 billion in 2022 to USD 16.73 billion by 2029 at a CAGR of 13.5% during the projected period. Fortune Business Insights™ publishes this information in a report titled, "Solar Tracker Market, 2022-2029". As per the report, the market is projected to rise during the forecast period due to the growing adoption of renewable sources for power generation.
Key Industry Development:
January 2022: PVHardware supplied 387 MWp of its Monoline 2V bifacial in the South Jeddah Noor PV project, located in the province of Saudi Arabia. With such continuous major projects at a large track record, PVH has surpassed 3GW contracted across the country.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 TO 2029 CAGR | 13.5% |
| 2029 Value Projection | USD 16.73 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 6.05 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 291 |
| Segments covered | Type, Movement, Application, Region |
| Growth Drivers | Green Energy Targets to Fuel Investments in Solar Industry |
| Growing Adoption of Renewable Sources for Power Generation to Boost Market |
Market Drivers-
Rising Adoption for Renewable Energy Sources to Propel Market Growth
The solar tracker demand is expected to rise during the forecast period due to rising green energy targets and increasing investment in the solar energy sector. Also, integrating software technologies such as artificial intelligence and control algorithms with renewable energy are expected to boost the market. Furthermore, increasing renewable power generation source adoption is anticipated to fuel the market growth during the forecast period.
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Highlights of the Report-
The report sheds light on current market trends and recent developments in the industry that affect the market growth. Also, the impact of COVID-19 pandemic on market development and expansion is highlighted further in this report. Furthermore, drivers and restraints affecting the market growth are discussed in this report to elaborate on the possible lucrative opportunities for the key market players. The regional information regarding market share and development is provided further. The report focuses on providing factual information and statistical data regarding the current market state and future development during the forecast period.
COVID-19 Impact:
Restricted Import/Export Activities Amid Pandemic to Hamper Market Growth
The outbreak of COVID-19 pandemic has affected various industries, including the energy and power sectors. The product demand declined during the lockdown due to several restrictions imposed by governments. Transportation and manufacturing operations were halted to restrict the virus spread, which affected the productivity and profitability of key market players. Stringent restrictions were applied on import/export activities to curb the virus spread, which, in turn, affected the solar tracker market growth.
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Regional Segmentation-
North America Dominates Global Market Due to Increasing Adoption of Solar Trackers
North America holds the dominant solar tracker market share due to increasing adoption of solar trackers to ensure operational efficiency. In addition, technological developments in the region are expected to drive the market during the forecast period. North America stood at USD 3.57 billion in 2021. Latin America is expected to hold the second-highest global market share due to high import of solar trackers. Majorly these trackers are imported from North America.
Competitive Landscape-
Contracts with Major Companies Allow Key Players to Strengthen their Position
The companies operating in the market focus on acquiring contracts from different countries in the segmented regions. Also, having a strong supply chain and product portfolio allows companies to attract global customers and expand their business. Furthermore, the key players implement product differentiation and development strategies to enhance their product portfolio.
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List of Key Players Profiled in the Report:
- NEXTracker (U.S.)
- Array Technologies (U.S.)
- Trina Solar (China)
- SunPower Corporation (U.S.)
- ArcelorMittal Projects (Luxemburg)
- Soltec (Spain)
- Convert Italia (Italy)
- PV Hardware (Spain)
- Arctech Solar (U.S.)
- Solar Steel (Spain)
- Ideematec (Germany)
- SunPower (U.S.)
- Scorpius Trackers (India)
- Sun Action Trackers (U.S.)
Solar tracker market Segmentation:
By Type
- Photovoltaic (PV)
- Concentrated Solar Power (CSP)
By Movement
- Single Axis
- Dual Axis
By Application
- Utility
- Non-utility
By Region
- North America (By Type, Movement, Application, Country)
- U.S. (By Application)
- Canada (By Application)
- Europe (By Type, Movement, Application, Country)
- U.K. (By Application)
- Germany (By Application)
- France (By Application)
- Italy (By Application)
- Spain (By Application)
- Rest of Europe (By Application)
- Asia Pacific (By Type, Movement, Application, Country)
- China (By Application)
- India (By Application)
- Japan (By Application)
- Australia (By Application)
- Rest of Asia Pacific (By Application)
- Latin America (By Type, Movement, Application, Country)
- Brazil (By Application)
- Mexico (By Application)
- Rest of Latin America (By Application)
- Middle East and Africa (By Type, Movement, Application, Country)
- GCC (By Application)
- South Africa (By Application)
- Rest of Middle East and Africa (By Application)
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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