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Solar Tracker Market to Exhibit a CAGR of 13.9% between 2023-2030; Arctech Solar Introduces Next-Generation AI Solar Tracking Solutions for Enhanced Performance

July 05, 2023 | Energy & Power

The global solar tracker market was valued at USD 6.94 billion in 2022. The market size is projected to grow from USD 7.88 billion in 2023 to USD 19.61 billion by 2030, exhibiting a CAGR of 13.9% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Solar Tracker Market Size, Share & COVID-19 Impact Analysis, By Type (Photovoltaic (PV) and Concentrated Solar Power (CSP)), By Movement (Single Axis and Dual Axis), By Application (Utility and Non-Utility), and Regional Forecast, 2023-2030”.


The traditional approach of aligning photovoltaic (PV) panels perpendicular to the sun's rays and relying on space telescopes for sun direction determination has been a common practice in solar tracking systems. However, Arctech Solar has revolutionized the industry with its new generation of artificial intelligence (AI) solar tracking solutions. These innovative solutions leverage AI technology to enable PV tracking power plants to adapt to diverse conditions, including weather variations, topographical features, and terrains.


Clean Energy Transition Emerged as a Catalyst for Economic Recovery During Pandemic

Amidst the challenges posed by the COVID-19 pandemic, the clean energy transition emerged as a central focus for economic recovery and stimulus plans globally. This strategic emphasis on renewables paved the way for continuous expansion and installation of clean energy infrastructure during these unprecedented times. Notably, major economies, including China and India, have implemented stringent measures to contain the spread of the virus while actively promoting renewable energy initiatives.


Nextracker Inc. to Expand, Supporting Ambitious Renewable Energy Targets


Nextracker Inc. announced its plans in April 2023 to augment India's solar tracker manufacturing capacity, aiming to double it to 10 gigawatts in the coming years. The company intends to leverage the production-linked incentives scheme to manufacture semiconductors locally and achieve complete indigenous production of their products. This expansion initiative aligns with India's ambitious target of achieving 500 gigawatts of renewable energy capacity by 2030. Nextracker Inc. estimates that around 7-8 gigawatts of projects annually will involve the integration of solar trackers to optimize energy generation and maximize the efficiency of solar installations


Renewable Energy Sources Gain Momentum as Natural Resource Depletion Drive Transition


Among the diverse renewable energy sources available, solar energy stands out as a widely accepted net-zero solution. The abundance of sunlight as an energy source makes solar power an attractive option for generating electricity in an environmentally friendly manner, thus increasing the solar tracker market share.


An example highlighting this is the partnership between Nextracker and Mahindra Sustain. Nextracker was chosen as the supplier for the Sakaka Solar Park project, part of a national program in Saudi Arabia aiming to deploy clean energy assets totaling 9.5 gigawatts by 2023 and an impressive 58.7 gigawatts by 2030.


However, increasing prices of steel may hamper the solar tracker market growth.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/solar-tracker-market-100448


Market Players focus on Partnerships to Increase Global Reach


Market competition intensifies as players such as Solar Steel, Trina Solar, and Array Technologies, expand their customer base and establish a strong market presence. This trend is expected to shape a competitive landscape for sales in the coming years.


An example of this market dynamics is the agreement signed between Gonvarri Solar Steel and Elawan Energy in December 2021. As part of the contract, Gonvarri Solar Steel will supply over 1,000 solar trackers, facilitating the installation of 800,000 solar panels in Torrijos, Escuderos, and Belinchón.



Top of Form



Notable Industry Development: 



  • January 2022 - PVHardware supplied 387 MWp of its Monoline 2V bifacial in the South Jeddah Noor PV project, located in the province of Saudi Arabia. With such continuous major projects at a large track record, PVH has surpassed 3GW contracted across the country.


List of Key Players Profiled in the Report:



  • NEXTracker (U.S.)

  • Array Technologies (U.S.)

  • Trina Solar (China)

  • SunPower Corporation (U.S.)

  • ArcelorMittal Projects (Luxembourg)

  • Soltec (Spain)

  • Convert Italia (Italy)

  • PV Hardware (Spain)

  • Arctech Solar (U.S.)

  • Solar Steel (Spain)

  • Ideematec (Germany)

  • SunPower (U.S.)

  • Scorpius Trackers (India)

  • Sun Action Trackers (U.S.)


Further Report Findings:



  • North America, particularly the U.S., takes the lead in adopting solar trackers to optimize the performance of solar panels. This growing trend in operational efficiency is anticipated to fuel the demand for solar tracking products, establishing North America as a frontrunner in the global market throughout the forecast period.


  • In Latin America, Brazil, and Mexico have emerged as key importers of solar technologies and trackers. The increasing focus on renewable energy in these countries has led to a surge in demand for solar trackers, contributing to the market’s overall growth in the region.


Report Scope & Segmentation























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 13.9% from 2023 to 2030



Unit



Value (USD Billion) and Volume (MW)



Segmentation



By Type, Movement, Application, and Region



Segmentation



By Type



  • Photovoltaic (PV)

  • Concentrated Solar Power (CSP)



By Movement



  • Single Axis

  • Dual Axis



By Application



  • Utility

  • Non-utility



By Region



  • North America (By Type, By Movement, By Application, By Country)

    • U.S. (By Application)

    • Canada (By Application)



  • Europe (By Type, By Movement, By Application, By Country)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Type, By Movement, By Application, By Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Australia (By Application)

    • Rest of Asia Pacific (By Application)



  • Latin America (By Type, By Movement, By Application, By Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)



  • Middle East & Africa By Type, By Movement, By Application, By Country)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of the Middle East & Africa (By Application)




Solar Tracker Market
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