Solar Tracker (Single Axis And Dual Axis) Market Size / Numbers
With a compound annual growth rate (CAGR) of roughly 12.44% between the years 2023 and 2030, it is predicted that the global market for solar trackers (single axis and dual axis) would increase to about USD 19.06 billion by the year 2030. This is a significant increase from the current level of around USD 19.06 billion. In the year 2022, it was anticipated that the market would be worth around 7.46 billion USD.
Definition of Solar Tracker (Single Axis And Dual Axis) Market?
A solar tracker is a device or system that automatically orients solar panels, mirrors, or other optical devices toward the sun in order to maximize the amount of solar energy that is absorbed by the system. The major objective of solar trackers is to enhance the effectiveness of solar power generation. This is accomplished by ensuring that solar modules are always oriented in a manner that is directly facing the sun. This maximizes the quantity of sunlight that the modules receive throughout the day.
There are two main types of solar trackers: single-axis and dual-axis.
Single-axis solar tracker:
Only one axis of rotation is used by a single-axis solar tracker to rotate solar panels or reflectors around for tracking purposes. The single-axis tracker that is most commonly used is one that follows the movement of the sun from east to west and adjusts the tilt angle of the solar panels or mirrors in order to maximize the amount of sunlight that arrives at the system.
Single-axis trackers can be configured in a variety of different ways, including horizontal-axis trackers and tilted-axis trackers by way of example. Tilted-axis trackers tilt along an inclined axis, whereas horizontal-axis trackers spin around a horizontal axis while tilting along an inclined axis.
Dual-axis solar tracker:
Solar panels or mirrors are adjusted along two axes of rotation using a dual-axis solar tracker, which enables tracking in both azimuth (from east to west) and elevation (from up to down). Consequently, this makes it possible for the system to track the movement of the sun in a more thorough manner, so optimizing the amount of sunshine exposure throughout the day and across the different seasons.
Dual-axis trackers are typically more complicated and expensive than single-axis trackers; nevertheless, because to their enhanced accuracy in aligning with the sun, they are able to deliver better energy yields.
The industry that is engaged in the design, manufacturing, and deployment of these tracking devices is referred to as the solar tracker market. The potential for higher energy production efficiency in solar power plants has contributed to the expansion of this business. As a result, solar trackers have become an appealing alternative for utility-scale solar installations. When deciding between single-axis and dual-axis trackers, it is important to take into consideration a number of aspects, including the location, size, and budget of the project, as well as the particular energy production requirements.
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Solar Tracker (Single Axis And Dual Axis) Market: Growth Factors
The growth of the solar tracker market, encompassing both single-axis and dual-axis trackers, can be attributed to several key factors:
- Increased Energy Efficiency:Solar trackers are able to continuously align solar panels or mirrors with the position of the sun, which results in a significant increase in the efficiency of solar energy harvesting. A better energy yield is achieved as a result of this optimization in comparison to solar arrays that are fixed.
- Improved Energy Output and Cost Savings:There is a direct correlation between the improved energy capture from solar trackers and the increased generation of power. As a result of this higher output, solar trackers can result in cost savings over the long run, which makes them an attractive investment for developers of solar power plants.
- Technological Advancements:Ongoing developments in solar tracker technology, including as enhanced sensors, control algorithms, and communication systems, lead to improvements in the accuracy and dependability of the technology. As a result of these technological advancements, solar tracker solutions have improved in terms of both their overall performance and their appeal.
- Growing Solar Power Installations:There has been a substantial rise in the number of solar installations as a result of the worldwide push toward sustainable energy sources, which includes solar power. It is probable that the implementation of solar trackers will follow suit as the demand for solar energy continues to increase, particularly in utility-scale solar projects.
- Reduction in LCOE (Levelized Cost of Energy):Through the process of maximizing the amount of electricity generated by solar installations, solar trackers have the potential to lower the levelized cost of energy. Because of the decreasing cost of solar tracker technology and the increasing efficiency of solar power generation, the overall cost of solar power generation is becoming more competitive with the cost of other energy sources.
- Government Incentives and Policies:It is possible for market expansion to be driven by laws, incentives, and subsidies offered by the government to renewable energy projects. These projects include solar power plants that are equipped with tracking devices. It is possible that these incentives will consist of tax credits, feed-in tariffs, and other financial benefits that will make investments in solar trackers more appealing.
- Environmental Concerns and Sustainability:The growth of solar power is being driven by a growing awareness of environmental issues as well as a growing emphasis on renewable energy sources. The employment of solar trackers helps to maximize the consumption of sunshine and reduces the dependency on fossil fuels, both of which contribute to the environmental appealing nature of solar energy.
- Scale of Solar Installations:Large-scale solar systems, like as utility-scale solar farms, frequently reap large benefits from the utilization of solar trackers. The capacity of solar tracker solutions to be scaled up makes them an excellent choice for large-scale solar projects, which further contributes to the expansion of the industry.
- Competitive Landscape and Innovation:The intense competition that exists between makers of solar trackers encourages innovation and the creation of solutions that are both more cost-effective and more efficient respectively. The expansion of the market is being driven by the strong competition that exists between companies, which are constantly working to improve their features and performance.
- Global Energy Transition:A significant factor that is driving the market for solar trackers is the ongoing transformation that is taking place all over the world toward cleaner and more sustainable energy sources. Solar trackers are an essential component in the achievement of the aims of countries and regions all over the world, which are to decrease their carbon emissions and increase their reliance on renewable energy.
With the combination of these elements, a favorable atmosphere has been created for the expansion of the solar tracker market. In the years to come, it is anticipated that there will be continued developments and an increase in the number of people using solar trackers.
Solar Tracker (Single Axis and Dual Axis) Market: Competitive Analysis
The global solar tracker (single axis and dual axis) market is led by players like:
- Soltec
- Array Technologies Inc.
- Mahindra Susten
- NEXTracker
- a Flex Company
- STI Norland
- PVH
- First Solar
- Exosun
- Arctech Solar
- Solaria
- Scorpius Trackers
- FTC Solar
- DEGER
- Convert Italia
- And Others
Solar Tracker (Single Axis And Dual Axis) Market: Opportunities
The market for solar trackers has a number of opportunities that are driven by the continuous evolution of industry trends, the progression of technological developments, and the growing demand for solar energy. In the market for solar trackers, some of the most important opportunities include:
- Rising Demand for Renewable Energy:The market for solar trackers is presented with a significant opportunity as a result of the worldwide trend toward sustainable energy sources, which currently includes solar power. Solar trackers have the potential to play a crucial role in enhancing the efficiency of solar power generation, which is becoming increasingly important as nations and industry seek out cleaner and more sustainable energy alternatives.
- Utility-Scale Solar Projects:Utility-scale solar projects, which involve massive solar systems for the purpose of supplying power to the grid, present substantial prospects for the adoption of solar trackers. As a result of its scalability and greater efficiency, solar trackers are an excellent choice for undertaking projects of this magnitude.
- Emerging Markets:Manufacturers of solar trackers have chances that have not yet been used thanks to the growth of economies and growing markets. There is a possibility that solar trackers will become more widely used in new solar systems as these regions continue to build their energy infrastructure.
- Hybrid Energy Systems:The creation of hybrid energy solutions is possible through the integration of solar trackers with other renewable energy technologies, such as energy storage systems and wind power. As a result of this integration, energy reliability and grid stability are improved, and opportunities for solar tracker makers to engage with other sectors of the renewable energy industry are presented.
- Technological Innovation:In the realm of tracking technologies, materials, and control systems, ongoing improvements present potential for innovation. Companies that are able to create and implement cutting-edge solutions, such as enhanced tracking algorithms or more durable materials, have the potential to acquire a competitive advantage in the market.
- IoT and Smart Technologies:Remote monitoring, predictive maintenance, and performance optimization are all made possible by the incorporation of Internet of Things (IoT) and smart technology into solar tracker systems. It is possible for manufacturers to make use of these technologies in order to improve the functionality and aesthetic appeal of their solar tracker goods.
- Adoption in Residential and Commercial Sectors:Solar trackers have the potential to be utilized in residential and commercial solar installations, despite the fact that utility-scale projects constitute a substantial portion of the industry. If the price of solar trackers continues to fall, it is possible that they may become more affordable for projects of a smaller scale, which will increase their market penetration.
- Focus on Environmental Sustainability:There is a growing awareness and attention on environmental sustainability, which creates prospects for solar trackers. Solar trackers contribute to the reduction of carbon emissions and the dependence on energy sources that do not replenish themselves or replenish themselves. enterprises that link their products with sustainability goals have the potential to attract consumers and enterprises who are consciously concerned about the environment.
- Collaboration and Partnerships:Synergies and the sharing of expertise are two potential outcomes that might result from collaborations between solar tracker makers, solar panel manufacturers, and other players in the solar infrastructure business. Partnerships have the potential to stimulate innovation, cut costs, and give rise to new opportunities in the market.
- Government Initiatives and Incentives:The creation of favorable market conditions can be accomplished by the implementation of government regulations, incentives, and subsidies that are supportive of solar energy projects, particularly those that incorporate solar trackers. The alignment of the goals of manufacturers with initiatives driven by the government is one way for manufacturers to profit on these opportunities.
- Off-Grid Applications:Solar trackers have the potential to be utilized in off-grid applications, such as delivering energy for specific industrial operations or powering places that are not connected to another grid. When it comes to commercial potential, exploring and developing solutions for off-grid settings presents new options.
Companies who carefully position themselves to capitalize on these opportunities are likely to flourish in the dynamic and expanding environment of renewable energy. This is because the solar tracker market is continuing to evolve.
See Also – https://techsolutionmaster.com/powering-the-future-the-surge-of-green-hydrogen-in-the-global-energy-landscape/