05 September 2019
Visiongain’s new report the Solar Tracker Market Report 2019-2029: Forecasts by Technology (Solar Photovoltaic (PV), Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV)), by Product (Single Axis, Dual Axis), by Application (Utility, Non-Utility), by Type (Active Tracker, Passive Solar Tracker, Chronological Solar Tracker, Single Axis Tracker, Dual Axis Tracker) Plus Leading Company Analysis and Regional and Leading National Market Analysis.
The latest report by business intelligence provider Visiongain assesses that Solar Tracker Market spending will reach $2.87 bn in 2019.
Most Market Players Are Driving The Business By Increasing The Use Of PV Technology To Produce Optimum Solar Energy
The segment of photovoltaic technology was estimated at 6.33 GW in 2018 and is anticipated to grow by 2029 at a CAGR of 15.4% owing to higher compatibility of photovoltaic cells with periodic photovoltaic modules. Rising energy prices are anticipated to drive the segment over the forecast period owing to rising demand and supply gap. Most market players are driving the business by increasing the use of PV technology to produce optimum solar energy. In the near future, growing preference by solar power stations for non-concentrated photovoltaics and focused solar thermal systems is anticipated to boost the demand for the item.
The section of concentrated solar power accounted for 20.69 percent of the worldwide market share and is expected to grow at a CAGR of 17.7 percent over the forecast period due to its ability to provide reliable renewable energy in the lack of sunlight. Growing plant preference for concentrated solar power, eventually boosting the market's adoption rate. Increasing U.S. adoption of concentrated solar power as it controls the solar energy resources of the economy, driving the market particularly in the hotter southeastern regions. In addition, increasing concentrated solar power competition with photovoltaic cell technology is also anticipated to drive its demand in the coming years.
The Utility Segment Is Growing Due To Rising Electricity Prices And Demand For Renewable Power Sources
Due to rising electricity prices and demand for renewable power sources, the utility segment was estimated at 7.13 GW in 2018 and is expected to register a CAGR of 16.8% by 2029. Growing use of solar tracker in solar utility projects also drives development in the segment.
Increasing demand for solar trackers is driving the utility segment, particularly in large-scale solar power projects, rather than small-scale projects. In big fields, the trackers are highly efficient and functional, making them appropriate for use in utility projects compared to non-utility projects, usually set up on rooftops.
Growing Industrialization, Urbanization, And Consumer Expenditure Power Are Driving The Market
Non-use segment accounted for 11.68% of worldwide market share and is anticipated to grow at a CAGR of 17.6% over the forecast era owing to an increasing amount of non-useful solar energy plants in Asia Pacific and Middle East and Africa. Growing industrialization, urbanization, and consumer expenditure power are driving the region's segment development. Increasing public subsidies are anticipated in Europe and North America to increase the use of solar panels as well as non-utility project apps. It is anticipated that the market will drive in the near future with the growing popularity and increasing use of non-utility apps in the business industry.
Solar PV Technology Is One Of Renewable Energy Sources That Is Growing Fastest
Photovoltaic cells are commonly used to produce sunlight electricity that can be used to charge devices or recharge batteries. Photovoltaic systems for enhanced efficiency can possibly maximize productivity during direct sunlight. This factor is anticipated to have a positive impact on market development. Solar PV technology is one of renewable energy sources that is growing fastest. Growth is also fuelled by increased use of this technology due to greater demand from business, residential and utility apps due to multiple variables such as high effectiveness and lower price.
Single-Axis Trackers Enable Systems To Improve Efficiency
In addition, single-axis trackers enable systems to improve efficiency by more than 20 percent in high-resolution fields. This is anticipated to drive the demand for the item again. Using a single axis tracker improves potential output, eventually creating popularity among end customers, driving the market as a result. Trackers with single axes are relatively less costly than trackers with dual axes. In the end, this raises demand from the housing and commercial industries.
The Demand For Dual Axis Trackers Is Driven By Rising Demand For Energy Combined With Growing Amount Of Facilities
Dual axis trackers represented 45.18 percent of the market share and are forecast to grow by 2029 at a CAGR of 14.4 percent as they enable maximum absorption of the sun rays owing to their ability to follow the sun both vertically and horizontally. In addition, increasing use of dual-axis trackers is expected to bode well for development in fields with production-based incentives such as public subsidies and feed-in tariffs. The demand for dual axis trackers is driven by rising demand for energy combined with growing amount of facilities. The demand is also fuelled by increased study operations to develop these trackers and rigid environmental emission regulations.
Other Factors Supporting Growth of Solar Tracker in the Global Market
It is anticipated that the presence of well-established businesses in North America, increasing R&D projects, strict regulations for managing environmental pollution, and increased financing, feed-in tariffs, and government subsidies will further drive the solar tracker market over the forecast period.
Favorable public regulations are anticipated to have a positive impact on market development in most areas around the world. In addition, growing numbers of incentives provided by governments, particularly to promote the significance and use of solar panels as they generate electricity using renewable sources, are also expected to boost development. Significant cost of capital owing to costly technology, however, is a major constraint to worldwide product development. Another barrier, expected to result in high price, is increased operational complexity for smooth product quality, hampering demand.
Leading Regional & National Analysis
The fast rise in the use of solar tracker is another factor driving the industry. Solar tracker directing solar panels or modules in the direction of the sun. The single axis and dual axis are the two types of items used for this purpose. As it is comparatively economical and easy to install, the former product type is widely used. Due to the increasing amount of installed capabilities, Europe and North America had important market share in the past years and are anticipated to expand impressively during the prediction. In addition, one of the main drivers of consumer demand in these areas is favourable laws for installing solar trackers.
the United States and Latin America were the largest geographic tracker technology markets. In 2018 alone, approximately 5.85 GW of PV trackers were delivered across Latin America, strongly followed by the U.S. market. The Middle East, which expanded by 96 percent in 2018, and Australia, where annual shipments jumped by 74 percent, were the world's top growth markets for solar trackers in 2018. Mexico and Brazil are two of the world's fastest growing solar markets, each with tracker deliveries in excess of 1.5 gigawatts in 2017. Due to tariff uncertainty, the U.S. utility market was considerably stunted last year, so it took Latin America back seat
Wuxi HaoSolar Technology
Abengoa Solar S.A.
Array Technologies Inc.
AllEarth Renewables Inc.
Titan Tracker SL
Powerway Renewable Energy Co.
Energia Ercam SL
Mecasolar España SL
First Solar Inc.
Due to low labor and production costs, the major industry players focus on moving their manufacturing bases to the developing markets. In addition, it is anticipated that increasing technological advances aimed at efficient use of materials without disturbing reliability will boost the market in the coming years.
The comprehensive report offers market estimation and forecast for the period ranging 2019 – 2029 for leading national markets and rest of the world. Moreover, the report contains dedicated leading companies covering 10 leading producers in the field of advanced energy storage systems.
The Solar Tracker Market Report 2019-2029 report will be of value to anyone who wants to better understand the energy storage market and its various segments. It will be useful for businesses who wish to better comprehend the part of the market they are already involved in, or those wishing to enter or expand into a different regional or technical part of the energy industry.
Notes for Editors
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Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.
Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.
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