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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.
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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
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By Movement
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By Application
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By Region
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