Single Axis Solar Tracker Market Top Trends, Future Analysis & Forecast 2023-2032
Single Axis Solar Tracker Market size surpassed USD 18.4 billion in 2022 and is anticipated to grow at 18.9% CAGR from 2023 to 2032
The government initiatives and regulations play a significant role in promoting the product adoption and industry growth. For instance, governments have allocated funds for research and development in the solar energy sector, including advancements in solar tracking technology. These investments help spur innovation and improve the efficiency and effectiveness of solar trackers.
To browse this report titled, “Single Axis Solar Tracker Market Size - By Product (Horizontal, Vertical), By Application (Residential, Commercial & Industrial, Utility) & Global Forecast, 2023 – 2032” .
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The pandemic caused disruptions in global supply chains, including the solar industry. Restrictions on manufacturing and transportation, as well as temporary closures of factories and mines, resulted in delays in the production & delivery of components needed for these trackers and lead to increased costs for manufacturers. However, the renewable energy sector including solar energy, showed resilience, and was recognized as a key driver for economic recovery. Governments and international organizations have emphasized the importance of investing in clean energy owing to their stimulus and recovery plans, which has further driven the single axis solar tracker market growth.
The horizontal single axis solar tracker industry accounted for USD 76.4 million by 2032. Growing awareness on environmental issues and rising requirement to reduce carbon emissions have led to increased interest in solar energy. Further, these units support to generate clean and sustainable electricity, thereby contributing to the global transition towards a low-carbon economy and mitigating climate change.
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Commercial & industrial single axis solar tracker market is expected to witness 6.5% growth during 2023-2032 owing to technological advancements along with improved performance and cost optimizing potential of the unit will sway the business scenario. For instance, in April 2022, Tata Power commissioned a solar plant with largest single-axis solar tracker system in India. The project is built customized near coastline of Gujarat with uncertain whether conditions and aims to reduce 704340 MT of CO2 emissions annually. Hence, technical expertise and project management skills will further consolidate the solar tracker market.
The demand for renewable energy is increasing due to the need to reduce carbon emissions and combat climate change. Moreover, large enterprises are focused on construction of efficient PV tracker systems to reduce residential electricity bills, which will facilitate the product adoption. Given adequate location and site circumstances, these items are highly efficient and ideal for both big and small-scale projects. It produces more electrical power than stationary counterparts due to its enhanced direct exposure to sunlight.
North America single axis solar tracker market crossed a valuation of USD 3.7 Million in 2022. Extreme weather conditions along with challenging locations will fuel the demand for advanced single axis solar trackers to meet renewable energy demand in the region. These trackers, with their ability to increase energy production, often qualify for additional incentives and preferential treatment, further driving the product adoption.
Single Axis Solar Tracker Industry Leaders
The major players operating across single axis solar tracker industry includes Nextracker Inc., H2-Trina Solar, Powerway Renewable Energy Co., Ltd, MECASOLAR, SunPower Corporation, Abengoa, Array Technologies, Inc., Haosolar Co. Ltd, SOLTEC, SmartTrak Solar Systems (Pvt) Ltd., Scorpius Trackers, All Earth Renewables, DEGERENERGIE GMBH & CO. KG, Arctech, Valmont Industries, Inc., PVHardware, STI Norland, GameChange Solar, Gonvarri Solar Steel, ArcelorMittal, IDEEMATEC, and NCLAVE.
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