(MENAFN- Straits Research) Solar tracker installation is a crucial step in harnessing the full potential of solar energy. Solar panels can continuously adjust their position to face the sun by implementing solar tracking systems, maximizing energy generation throughout the day. This technology is particularly beneficial in regions with significant variations in sunlight intensity and direction as it allows panels to maintain an optimal angle and orientation towards the sun. Various components and equipment are carefully assembled and configured during solar tracker installation. This includes mounting the solar panels onto the trackers, equipped with sensors and motors to track the sun's movement.
The trackers are typically installed on a solid foundation or support structure, ensuring stability and durability in various weather conditions. Proper planning and site assessment are essential for effective solar tracker installation. Factors such as the site's geography, shading conditions, and local climate need to be considered to choose the trackers' best location and orientation. Additionally, the electrical connections between the solar panels, trackers, and the overall solar power system must be carefully installed and tested to ensure efficient energy transmission.
Market Dynamics
Growth in Demand for Renewable Energy Drive the Global Market
The increasing energy demand and the need for energy security drive the adoption of solar tracker installation. As the global population grows and urbanization increases, the electricity demand also rises. Solar power, with its ability to generate electricity locally, provides a decentralized and reliable energy source. Solar tracker installation allows for optimized energy production by tracking the sun's movement throughout the day, maximizing the energy output of solar panels. This makes solar power attractive for individuals, businesses, and even utility-scale solar projects.
The global solar tracker installation market is experiencing expansion as a result of rising demand for renewable energy sources, government support and incentives, declining costs of solar technology, and the need for energy security. As the world continues to prioritize sustainability and the transition to clean energy, installing solar trackers will play an important role in harnessing the sun's power and meeting the growing energy needs of the future.
Rise in Government Initiatives and Programs Creates Tremendous Opportunities
Governments are implementing net metering and feed-in tariff programs that allow solar power system owners to resell any extra power produced by their solar panels to the grid. These programs create an additional revenue stream for solar tracker installations, making them even more attractive to consumers and businesses. By leveraging these government initiatives, solar tracker installation companies can tap into a growing market and drive the adoption of solar power systems.
Another opportunity arises from government-led renewable energy targets and regulations. Many countries have set ambitious targets for renewable energy generation, aiming to increase the share of renewable sources in their energy mix. To achieve these targets, governments are implementing favorable regulations and policies prioritizing integrating solar power systems with solar trackers. This creates a favorable market environment for solar tracker installation companies, as they can align their offerings with government requirements and participate in tenders or projects to meet renewable energy goals.
Regional Analysis
North America is the most significant global solar tracker installation market shareholder and is estimated to grow at a CAGR of 10.8% over the forecast period. Several reasons are responsible for this rise, contributing to the development and adoption of solar tracker systems. One of the key drivers of North America's solar tracker installation market is the increasing demand for renewable energy sources. The region has witnessed a growing emphasis on generating sustainable energy to cut carbon gas emissions and mitigate the environmental impact of traditional energy sources. Solar power has gained significant traction due to its abundant availability and sustainability. Solar trackers play a crucial role in enhancing the efficiency and output of solar power systems, making them an attractive choice for renewable energy projects in North America.
Moreover, supportive government policies and regulations have been instrumental in driving the solar tracker installation market in the region. Federal, state, and local governments have implemented various incentives, grants, and tax credits to promote the adoption of solar power systems with solar trackers. These incentives encourage individual homeowners and facilitate utility-scale solar projects, making solar energy more accessible and economically viable for various stakeholders.
Europe is anticipated to exhibit a CAGR of 11.7% over the forecast period. The area is expected to increase significantly and offers excellent solar tracker system adoption and installation chances. One of the key factors driving the solar tracker installation market in Europe is the strong emphasis on renewable energy sources and sustainability. European countries have set ambitious renewable energy targets and have been actively transitioning to cleaner energy alternatives to reduce carbon emissions and combat climate change. Solar power has gained considerable traction in the region due to its environmental benefits and potential for energy self-sufficiency. Solar trackers, with their ability to optimize energy production by tracking the sun's movement, enhance the efficiency of solar power systems and make them more attractive for implementation.
Key Highlights
The
global solar tracker installation market size
was valued at
USD 88 billion in 2022. It is estimated to reach
USD 608.83 billion by 2031, growing at a
CAGR of 10.5%
during the forecast period (2023–2031).
Based on type, the global solar tracker installation market is bifurcated into single-axis and dual-axis. The single-axis segment dominates the global market and is projected to reveal a CAGR of 10.5% over the forecast period.
Based on application, the global solar tracker installation market is bifurcated into residential, commercial, and industrial. The residential segment dominates the global market and is projected to exhibit a CAGR of 9.1% over the forecast period.
North America is the most significant global solar tracker installation market shareholder and is estimated to grow at a CAGR of 10.8% over the forecast period.
Competitive Players
The key players in the global solar tracker installation market are Abengoa SE, First Solar, Inc., Tata Power Solar Systems Limited, Trina Solar Co. Ltd., BrightSource Energy, Inc., Siemens AG, PVHardware, Arctech Solar, and NEXTracker.
Market News
In May 2023, Array Technologies announced the launch of its new DuraTrack HZ v3 solar tracker new tracker is designed to be more efficient and easier to install than previous models.
In April 2023, NEXTracker announced the launch of its new NX Navigator controller system new control system uses artificial intelligence and machine learning to optimize the performance of solar trackers.
Global Solar Tracker Installation Market: Segmentation
By Type
Single axis
Dual axis
By Application
Residential
Commercial
Industrial
By Region
North America
Europe
Asia-Pacific
LAMEA
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