Solar energy is increasingly becoming a crucial element in the energy portfolios of many nations. To maximize the efficiency of harnessing this renewable resource, solar trackers are utilized to align photovoltaic panels, reflectors, and optical components with the movement of the sun. These trackers play a crucial role in optimizing energy output by adapting to the sun's changing position throughout the day and across seasons, considering factors such as solar radiation, feed-in tariffs, installation and operational costs, and geographic location. There are two main types of solar trackers: single-axis and dual-axis, each catering to specific applications. Single-axis trackers find use in concentrated solar power systems, particularly with parabolic and linear Fresnel mirror designs.
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The increasing demand for renewable energy is a key driver of market growth. The global population's growth has led to a tremendous increase in energy demand, and conventional power generation methods have proven unsustainable, causing environmental issues such as global warming. To address this, various renewable energy sources, with solar energy being one of the most affordable and abundant, are being employed globally. According to the International Energy Agency (IEA), solar PV generation witnessed a significant increase from 823.8 TWh in 2020 to 1002.9 TWh in 2021. Strong government support further propels market demand, with initiatives like India's Ministry of New & Renewable Energy rolling out schemes to develop solar parks, providing financial assistance and incentives for power plant setup.
However, the high initial investment requirement poses a constraint to market growth. On the positive side, technological advancements and new product innovations in the industry present opportunities for growth, as solar tracker companies invest heavily in developing appealing and technologically advanced products.
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Key Market Players:
Array Technologies, Inc.
PVHardware
Arctech Solar Holding Co., Ltd
Nextracker Inc.
Soltec Power Holdings S.A.
FTC Solar
Valmont Solar
Ideematec
GameChange Solar
Trina Solar Acquired by (Nclave)
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The solar tracker market is segmented into various regions, including North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to hold a significant market share due to the increasing focus on renewable energy. The growing energy demand in the U.S. and the emphasis on renewable energy sources are key drivers of market expansion. Additionally, the intervention by the U.S. government to promote the use of solar trackers further contributes to the region's market dominance. The Asia Pacific region is anticipated to hold a significant share in the global solar tracker market, driven by emerging economies like India, China, and Japan, which are becoming production hubs for trackers. Furthermore, the demand for solar power in Europe, especially in countries like Italy, the U.K., and Germany, fuels the market's growth in the region.
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